sebi:Order/MC/RM/2021-22/13162-13171
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Facts / Headnote
Violations established; joint and several monetary penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 7
- Reg. 6
- Reg. 199
- Reg. 11(1)
- Reg. 29(2)
- Reg. 29(3)
- Reg. 30(1)
- Reg. 201
- Reg. 8(1)
- Reg. 3(1)(e)
- Reg. 10(5)
- Reg. 10(6)
Holding
The Noticees violated Regulations 8(1), 8(2), 11(1) of SAST Regulations 1997 and Regulations 10(5), 10(6), 29(2) read with 29(3) of SAST Regulations 2011 and were held liable for monetary penalty under Sections 15H(ii) and 15A(b) of the SEBI Act, with total penalty of Rs.7,00,000 imposed jointly and severally.
Full text
Adjudication Order in the matter of Union Quality Plastics Ltd. Page 2 of 20 BACKGROUND 1. Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) initiated adjudication proceedings against Mr. Zuzar Ahmedally Kathawala (Noticee 1), Mr. Ahmedally Gulamhusein Kathawala (Noticee 2), Ms. Durriya Zurar Kathawala (Noticee 3), Mr. Qusai Zurar Kathawala (Noticee 4), M/s Adamji Investment Pvt. Ltd. (Noticee 5), M/s A.K. Packaging Pvt. Ltd. (Noticee 6), Adamali Kathawala (Noticee 7), Mr. Imtiaz Z Kathawala (Noticee 8), Mr. Salim A Kathawala (Noticee 9), and Mr. Yunus A Kathawala (Noticee 10) for the alleged violations of Regulation 8(1), 8(2), 11(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as ‘SAST Regulations 1997’) and Regulation 10(5), 10(6), 29(2) read with 29(3), 30(1) and 30(2) read with 30(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as ‘SAST Regulations 2011’). Noticees 1 to 10 are collectively referred to as ‘Noticees’.
Adjudication Order in the matter of Union Quality Plastics Ltd. Page 3 of 20 4. The allegations levelled against the Noticees in the SCN are summarized as below:
Adjudication Order in the matter of Union Quality Plastics Ltd. Page 4 of 20 MB that promoters have filed disclosures under Regulation 10(6) and Regulation 29(2) of SAST Regulations, belatedly on October 30, 2017.
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Source: SecMarx — sebi:Order/MC/RM/2021-22/13162-13171. 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.