sebi:Order/MC/HP/2020-21/7952-7958
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Facts / Headnote
Adjudication proceeding disposed of; violations of Regulation 29(1)/29(2) read with 29(3) of SAST Regulations and Regulation 13(1)/13(3) of PIT Regulations established against Noticees 1, 2 and 3, but no penalty imposed; non-compliance under Regulation 30 not established against Noticees 1 to 5 and 7; Noticee 6 not found to be a PAC.
Provisions invoked
- s. 11
- s. 15A
- s. 15J
Regulations
- Reg. 13
- Reg. 10
- Reg. 199
- Reg. 13(1)
- Reg. 13(3)
- Reg. 15
- Reg. 29(1)
- Reg. 29(2)
- Reg. 12
- Reg. 29
- Reg. 201
- Reg. 30(1)
- Reg. 30
- Reg. 30(2)
- Reg. 30(3)
- Reg. 31A
Parties
- Shreyas Dinesh Sharma
- Shruti Dinesh Sharma
- M/s. Shreyas Intermediates Limited
- Dinesh Sharma HUF
- Dinesh Sharma
- Raj Kumar
- Shankarlal Sharma
Holding
The violations of Regulation 29(1) read with 29(3) of SAST Regulations and Regulation 13(1) of PIT Regulations by Noticees 1 and 2, and Regulation 29(2) read with 29(3) of SAST Regulations and Regulation 13(3) of PIT Regulations by Noticee 3, were established for the November 9, 2012 transaction, but no penalty was imposed as the substantive information was made available to the public through disclosures under Regulation 10. The alleged non-compliance with Regulation 30(1) and 30(2) read with 30(3) of SAST Regulations was not established against Noticees 1 to 5 and 7, and Noticee 6 was not deemed a Person Acting in Concert.
Full text
Adjudication Order in respect of i) Shreyas Dinesh Sharma, ii) Shruti Dinesh Sharma, iii) M/s. Shreyas Intermediates Limited, iv) Dinesh Sharma HUF, v) Dinesh Sharma, vi) Raj Kumar and vii) Shankarlal Sharma in the matter of Kesar Petro Products Limited Page 2 of 18 Sharma, ii) Shruti Dinesh Sharma, iii) M/s. Shreyas Intermediates Limited, iv) Dinesh Sharma HUF, v) Dinesh Sharma, vi) Raj Kumar and vii) Shankarlal Sharma (hereinafter referred to as 'the Noticee No. 1 to 7 respectively or as "the Noticees / You" collectively). Adjudication proceedings have been initiated against the Noticees for the alleged violations as follows:- a) Noticee No. 1 and 2 for the alleged violation of Regulation 29(1) read with 29(3), Regulation 30(1) and Regulation 30(2) read with Regulation 30(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulation, 2011 (hereinafter referred to as "SAST Regulations") and 13(1) of SEBI(Prevention of Insider Trading) Regulations, 1992 (hereinafter referred to as " PIT Regulations") read with Regulation 12 of PIT Regulations, 2015. b) Noticee No. 3, promoter of Kesar Petro Products Limited (hereinafter referred to as “Kesar / Scrip / Company”) for the alleged violation of Regulation 29(2) read with 29(3), Regulation 30(1) and Regulation 30(2) read with Regulation 30(3) of SAST Regulations and 13(3) of PIT 1992 read with 12 of PIT Regulations, 2015 c) Noticee No. 4 to 7 for the alleged violation of Regulation 30(1) and Regulation 30(2) read with Reg
Adjudication Order in respect of i) Shreyas Dinesh Sharma, ii) Shruti Dinesh Sharma, iii) M/s. Shreyas Intermediates Limited, iv) Dinesh Sharma HUF, v) Dinesh Sharma, vi) Raj Kumar and vii) Shankarlal Sharma in the matter of Kesar Petro Products Limited Page 3 of 18 SHOW CAUSE NOTICE, REPLY AND HEARING
Adjudication Order in respect of i) Shreyas Dinesh Sharma, ii) Shruti Dinesh Sharma, iii) M/s. Shreyas Intermediates Limited, iv) Dinesh Sharma HUF, v) Dinesh Sharma, vi) Raj Kumar and vii) Shankarlal Sharma in the matter of Kesar Petro Products Limited Page 4 of 18
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Source: SecMarx — sebi:Order/MC/HP/2020-21/7952-7958. 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.