sebi:Order/MC/DPS/2019-20/4615
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Facts / Headnote
Penalty imposed on Noticee for violation of Regulation 13(3) of PIT Regulations and Regulation 29(2) read with Regulation 29(3) of SAST Regulations, 2011; allegations under Regulation 7(1) r/w 7(2) of SAST Regulations, 1997 and Regulation 13(1) of PIT Regulations not sustained
Provisions invoked
- s. 15A
- s. 15I
- s. 15J
Regulations
- Reg. 7(1)
- Reg. 199
- Reg. 13(1)
- Reg. 7
- Reg. 13(3)
- Reg. 29(2)
- Reg. 29(3)
- Reg. 29
- Reg. 7(2)
Parties
- M/s Odyssey Corporation Limited
Holding
The Noticee was held not in violation of Regulation 7(1) read with 7(3) of SAST Regulations 1997 and Regulation 13(1) of PIT Regulations regarding the February 25, 2011 allotment, but was found in violation of Regulation 29(2) of SAST Regulations, 2011 and Regulation 13(3) of PIT Regulations for failure to make timely disclosure of the January 17, 2014 sale of 4.50 lakh shares. A penalty of Rs. 1,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Adjudication Order in the matter of M/s Odyssey Corporation Limited Page 2 of 13 APPOINTMENT OF ADJUDICATING OFFICER 2. SEBI appointed the undersigned as Adjudicating Officer (hereinafter referred to as “AO”) vide order dated May 31, 2019 to inquire into and adjudge under section 15A(b) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as 'SEBI Act'), the aforesaid alleged violations against the Noticee. The appointment of the AO was communicated vide order dated June 4, 2019.
Adjudication Order in the matter of M/s Odyssey Corporation Limited Page 3 of 13 6. Further, it was also observed that Noticee’s shareholding changed from 8.07% as on August 27, 2013 to 5.93% as on June 30, 2014, the details of which are given below:- Date of transaction Total Purchase Total Sale Closing Holding Share Capital % of share capital 27.08.2013
Adjudication Order in the matter of M/s Odyssey Corporation Limited Page 4 of 13 8. In view of the above, Noticee failed to disclose change in its shareholding to the BSE as well as to the Company; in alleged violation of Regulation 7(1) r/w 7(2) of SAST Regulations, 1997, Regulation 29(2) of SAST Regulations, 2011 and Regulation 13(1) and 13(3) of PIT Regulations. The aforesaid regulations are reproduced as under; PIT Regulations Disclosure of interest or holding in listed companies by certain persons - Initial Disclosure 13(1) Any person who holds more than 5% shares or voting rights in any listed company shall disclose to the company in Form A, the number of shares or voting rights held by such person, on becoming such holder, within 2 working days of :— (a) the receipt of intimation of allotment of shares; or (b) the acquisition of shares or voting rights, as the case may be.
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Source: SecMarx — sebi:Order/MC/DPS/2019-20/4615. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.