sebi:Order/MC/DS/2019-20/6954-6963
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Facts / Headnote
Penalty of Rs. 5,00,000 imposed jointly and severally upon Noticees 1 to 10 under Section 15A(b) of the SEBI Act for violation of Regulation 29(2) read with Regulation 29(3) of SAST Regulations, 2011.
Provisions invoked
- s. 15A
- s. 15I
- s. 15J
Regulations
- Reg. 29
- Reg. 29(2)
- Reg. 29(3)
- Reg. 2(1)(l)
- Reg. 2(1)(q)(2)
- Reg. 2(q)
Parties
- Bharat Jayantilal Patel
- Minal Bharat Patel
- Hardik Bharat Patel
- Ruchit Bharat Patel
- Prashant Jayantilal Patel
- Pasha Finance Pvt. Ltd.
- PAT Financial Consultants Pvt. Ltd.
- Finquest Securities Pvt. Ltd.
- Pankaj Jayantilal Patel
- Finquest Financial Solutions Pvt. Ltd
Holding
The Noticees, as persons acting in concert (PAC), failed to disclose the change in their shareholding to the stock exchange and the company as required under Regulation 29(2) read with Regulation 29(3) of the SAST Regulations, 2011, in respect of the sale of 3,30,868 shares on January 04, 2013, and are liable to a penalty of Rs. 5,00,000 under Section 15A(b) of the SEBI Act.
Full text
Adjudication Order in the matter of Deccan Cements Limited Page 2 of 20 BACKGROUND 1. Securities and Exchange Board of India (hereinafter be referred to as, “SEBI”) conducted investigation in the scrip of Deccan Cements Limited (hereinafter be referred to as, the 'Deccan / Scrip / Company'), a company listed on the BSE Limited (hereinafter be referred to as, the “BSE”) for the period December 15, 2011 to October 09, 2014 (hereinafter be referred to as, the ‘investigation period’). Investigation revealed that Bharat Jayantilal Patel (the Noticee No. 1 / Bharat), Minal Bharat Patel (the Noticee No. 2 / Minal), Hardik Bharat Patel (the Noticee No. 3 / Hardik), Ruchit Bharat Patel (the Noticee No. 4 / Ruchit), Prashant Jayantilal Patel (the Noticee No. 5 / Prashant), Pasha Finance Pvt. Ltd. (the Noticee No. 6 / Pasha), PAT Financial Consultants Pvt. Ltd. (the Noticee No. 7 / PAT), Finquest Securities Pvt. Ltd. (the Noticee No. 8 / Finquest Securities), Pankaj Jayantilal Patel (the Noticee No. 9 / Pankaj) and Finquest Financial Solutions Pvt. Ltd (the Noticee No. 10 / Finquest Financial) were allegedly in violation of Regulations 29(2) and 29(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as ‘SAST Regulations’). All the Noticees are collectively referred to as 'Noticees/ You'.
Adjudication Order in the matter of Deccan Cements Limited Page 3 of 20 and penalty be not imposed against them under Section 15A(b) of the SEBI Act for the aforesaid alleged violations of SAST Regulations.
Adjudication Order in the matter of Deccan Cements Limited Page 4 of 20 7. The above Noticees sold shares of the Company held by them during the investigation period. The details of shares held collectively by the Noticees and sales made by them are as under:
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