sebi:Order/MC/RM/2021-2022/14372-14383
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Facts / Headnote
Violations of Regulations 11(2) and 14(1) of SAST Regulations, 1997 established; penalty imposed jointly and severally on Noticees 1, 2, 7, 8, 9, 10 and 11 (amount not specified in extract); Noticees 4, 5, 6 and 12 struck off from register of companies prior to proceedings
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 560
- s. 143(3)
Regulations
- Reg. 10
- Reg. 11
- Reg. 11(2)
Holding
The Noticees, acting in concert, acquired approximately 22.3% of the shares of Home Trade Ltd. through the Offer for Sale without making a public announcement as required under Regulations 11(2) and 14(1) of the SAST Regulations, 1997, thereby violating those regulations.
Full text
Adjudication Order in the matter of Home Trade Ltd. Page 2 of 31 11. Maniram Consultants Ltd. having address at – 9th Floor, 143 A, Mittal Court, Nariman Point, Mumbai-400021
Adjudication Order in the matter of Home Trade Ltd. Page 3 of 31 SHOW CAUSE NOTICE, REPLY AND HEARING 3. Show Cause Notice No. EAD5/MC/RM/18610/2021 dated August 10, 2021 (hereinafter be referred to as, the “SCN”) was served upon the Noticees under Rule 4(1) of the Adjudication Rules to show cause as to why an inquiry should not be held and penalty not be imposed against Noticees under Section 15H(ii) of SEBI Act for the aforesaid alleged violations.
Adjudication Order in the matter of Home Trade Ltd. Page 4 of 31 called as Euro Discovery Technology Venture Limited) made an Offer for Sale ("OFS") of 59,90,250 equity shares (from its total shareholding) of Rs.10/- each for cash at a price of Rs.50/- per share, aggregating to Rs. 29.95 crore, to the public. The OFS opened on October 27, 1999 and closed on October 30, 1999. The shareholding pattern, post the OFS, was as follows:
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Source: SecMarx — sebi:Order/MC/RM/2021-2022/14372-14383. 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.