sebi:Order/MC/VS/2019-20/5731
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Facts / Headnote
Penalty of Rs. 2,00,000 imposed for violation of Regulation 8(3) of the Takeover Regulations; no penalty imposed for violations of Regulations 6(2) and 6(4)
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
- s. 23
Regulations
- Reg. 6
- Reg. 199
- Reg. 8
- Reg. 8(3)
- Reg. 6(2)
Parties
- Amarnath Securities Ltd.
Holding
The Noticee violated Regulations 6(2), 6(4) and 8(3) of the Takeover Regulations by failing to make timely disclosures to DSE and ASE. No penalty was imposed for the transitional violations under Regulations 6(2) and 6(4), but a penalty of Rs. 2,00,000 was imposed under Section 15A(b) of the SEBI Act for the repetitive violations of Regulation 8(3).
Full text
Page 2 of 12 Adjudication Order in respect of Amarnath Securities Ltd. in the matter of Amarnath Securities Ltd. the “Adjudication Rules”) vide order dated July 8, 2014 to inquire into, and adjudge under Section 15A (b) of the Securities and Exchange Board of India Act, 1992 (“SEBI Act”), the alleged violations of the provisions of Regulations 6(2), 6(4) and 8(3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (“Takeover Regulations”) by the Noticee. Subsequently, vide order dated June 10, 2015, Shri Anindya Kumar Das was appointed as Adjudicating Officer in respect of adjudication proceedings against the Noticee in the instant case.
Page 3 of 12 Adjudication Order in respect of Amarnath Securities Ltd. in the matter of Amarnath Securities Ltd. Regulations Due date for compliance Actual date of compliance Delay DSE ASE DSE ASE 6 (2) 30.05.1997 20.01.2014 Not complied 6079 Not complied 6(4) 30.05.1997 20.01.2014 Not complied 6079 Not complied 8 (3) 30.04.1998 20.01.2014 Not complied 5744 Not complied 8 (3) 30.04.1999 20.01.2014 Not complied 5379 Not complied 8 (3) 30.04.2000 20.01.2014 Not complied 5013 Not complied 8 (3) 30.04.2001 20.01.2014 Not complied 4648 Not complied 8 (3) 30.04.2002 20.01.2014 Not complied 4283 Not complied 8 (3) 30.04.2003 20.01.2014 Not complied 3918 Not complied 8 (3) 30.04.2004 20.01.2014 Not complied 3552 Not complied 8 (3) 30.04.2005 20.01.2014 05.04.2011 3187 2166 8 (3) 30.04.2006 20.01.2014 05.04.2011 2822 1801 8 (3) 30.04.2007 20.01.2014 05.04.2011 2457 1436 8 (3) 30.04.2008 20.01.2014 05.04.2011 2091 1070 8 (3) 30.04.2009 20.01.2014 05.04.2011 1726 705 8 (3) 30.04.2010 20.01.2014 05.04.2011 1361 340 8 (3) 30.04.2011 20.01.2014 Not complied 996 Not complied
Page 4 of 12 Adjudication Order in respect of Amarnath Securities Ltd. in the matter of Amarnath Securities Ltd. SEBI/HO/EAD/EAD5/OW/P/2019/19302/1 dated July 31, 2019 was served upon the Noticee granting time till August 14, 2019 for filing written submissions, if any, in the matter, as well as an opportunity of personal hearing on August 21, 2019.
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