sebi:Order/MC/RM/2021-22/14712-14715
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Facts / Headnote
Penalty of Rs. 1,00,000 imposed on Noticee-1 for violation of Regulation 13(6) of PIT Regulations 1992; all other allegations against all Noticees not established.
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 15H
- s. 27
- s. 15I
- s. 15J
- s. 23A
- s. 23I
- s. 21
- s. 27(1)
- s. 23E
Regulations
- Reg. 3
- Reg. 13
- Reg. 199
- Reg. 3(a)
- Reg. 13(6)
- Reg. 201
- Reg. 32
- Reg. 200
- Reg. 30(4)
- Reg. 3(a)(b)(c)
- Reg. 16
- Reg. 103(1)
- Reg. 70
Parties
- Blue Circle Services Limited (Noticee-1)
- Mr. Anil Purohit (Noticee-2)
- Mr. Ashok Bothra (Noticee-3)
- Mr. Dhruva Narayan Jha (Noticee-4)
Holding
Noticee-1 (Blue Circle Services Ltd.) was held in violation of Regulation 13(6) of PIT Regulations 1992 for failing to disclose an off-market transaction to the stock exchange within two working days, and a penalty of Rs. 1,00,000 was imposed under Section 15A(b) of the SEBI Act. All other alleged violations — including misutilization of preferential allotment proceeds under PFUTP Regulations, Clause 43 of Listing Agreement read with Regulation 32 of LODR, and Regulation 13(4A) of PIT Regulations — were not established against any Noticee.
Full text
Adjudication Order in the matter of Blue Circle Services Ltd. Page 2 of 48 Agreement read with Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as ‘LODR Regulations’) and Regulation 13 (4A) and 13(6) of SEBI (Prohibition of Insider Trading) Regulation 1992 (hereinafter referred to as ‘PIT Regulations’); under Section 15HA of SEBI Act against Noticee-1, Mr. Anil Purohit (“Noticee-2”), Mr. Ashok Bothra (“Noticee-3”) and Mr. Dhruva Narayan Jha (“Noticee-4”) (hereinafter collectively referred to as, “Noticees”) for alleged violation of the provisions of Regulation 3(a),(b),(c),(d), 4(1), 4(2f), 4(2(k)) & 4(2(r)) of SEBI (Prohibition of Fraudulent and Unfair Trading Practices related to Securities Markets) Regulations, 2003 (hereinafter referred to as ‘PFUTP Regulations’); and under Section 23A of SCRA against Noticee-2, Noticee-3, and Noticee-4 for alleged violation of Clause 43 of erstwhile Listing Agreement read with Regulation 32 and Regulation 103(1) and (2) of LODR Regulations pursuant to investigation in the matter of BCSL.
Adjudication Order in the matter of Blue Circle Services Ltd. Page 3 of 48 15A(b), 15HA of SEBI Act and Section 23E of SCRA upon Noticee-1 and 15HA of SEBI Act and Section 23A of SCRA upon Noticees 2 to 4 for the aforesaid alleged violations.
Adjudication Order in the matter of Blue Circle Services Ltd. Page 4 of 48 4 Raj Kumar Mall Independent Director 17-Mar-2010 09-Oct-2013 AAHPM7507P 5 Chandresh N Shah Independent Director 17-Mar-2010 Till date AMKPS9009D 6 Pawan Kr. Borad Independent Director 18-May-2011 30-Jun-2012 AOIPB1833Q 7 Kashi Prasad Bajaj Independent Director 09-Oct-2013 Till date ADAPB9504P
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Source: SecMarx — sebi:Order/MC/RM/2021-22/14712-14715. 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.