sebi:Order/MC/VS/2020-21/8144-8152
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Provisions invoked
- s. 15A
- s. 15
- s. 12A
- s. 15H
- s. 32
- s. 15J
- s. 108
- s. 17
- s. 30
- s. 238
- s. 31
- s. 108(1)
- s. 32A
- s. 31(1)
- s. 133
- s. 16G(1)
Regulations
- Reg. 199
- Reg. 10
- Reg. 14
- Reg. 2
- Reg. 11
- Reg. 2(e)
- Reg. 201
- Reg. 35
- Reg. 11(1)
- Reg. 35(2)(a)
- Reg. 12A
- Reg. 36(2)
Parties
- Bhushan Energy Ltd.
- Brij Bhushan Singal
- Neeraj Singal
- BNS Steel Trading Pvt. Ltd.
- BBN Transportation Private Limited
- BNR Infotech Private Limited
- BNR Consultancy Services Private Limited
- Bhushan Steel Limited (now Tata Steel BSL Ltd.)
- BNS Tour & Travel Pvt. Ltd.
Holding
The excerpt does not reproduce the operative finding of the present adjudication; it records the prior SAT order dated December 28, 2010 which held that BNS Tour & Travel Pvt. Ltd. had ceased to be part of the Bhushan group from October 6, 2008 and that Regulation 10 was not violated.
Full text
Adjudication Order in respect of nine entities in the matter of Orissa Sponge Iron & Steel Pvt. Ltd. Page 2 of 65 BACKGROUND 1. Securities and Exchange Board of India (hereinafter referred to as “SEBI”) initiated adjudication proceedings under Section 15H of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”) against Bhushan Energy Ltd. (hereinafter referred to as “BEL” or “Noticee No. 1”) Brij Bhushan Singal (hereinafter be referred to as, the “Noticee No. 2”), Neeraj Singal (hereinafter be referred to as, the “Noticee No. 3”), BNS Steel Trading Pvt. Ltd. (hereinafter be referred to as, the “Noticee No. 4”), BBN Transportation Private Limited (hereinafter be referred to as, the “Noticee No. 5”), BNR Infotech Private Limited (hereinafter be referred to as, the “Noticee No. 6”), BNR Consultancy Services Private Limited (hereinafter be referred to as, the “Noticee No. 7”), Bhushan Steel Limited (hereinafter be referred to as, the “Noticee 8”) and BNS Tour & Travel Pvt. Ltd. (“Noticee No. 9”) for alleged violation of Regulation 12A (f) of the SEBI Act and Regulations 10 and 14 (1) of the SAST Regulations read with Regulation 35 (2) (a) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as the “SAST Regulations 2011”) on account on account of delay in making public announcement to acquire further shares in Orissa Sponge Iron and Steel Limited (hereinafter be referred to as, the “OSISL”
Adjudication Order in respect of nine entities in the matter of Orissa Sponge Iron & Steel Pvt. Ltd. Page 3 of 65 SHOW CAUSE NOTICE, REPLY AND HEARING
Adjudication Order in respect of nine entities in the matter of Orissa Sponge Iron & Steel Pvt. Ltd. Page 4 of 65 2. Brij Bhushan Singal 2,67,705 1.34% 2,67,705 0.99%
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Source: SecMarx — sebi:Order/MC/VS/2020-21/8144-8152. 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.