sebi:Order/MC/VS/2020-21/8153-8156

SEBI · SEBI · 2019-02-12 · Maninder Cheema, Adjudicating Officer

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Facts / Headnote

Violation established; penalty of Rs. 1,00,000 imposed on each of Noticee Nos. 1-4 under Section 15A(a) of the SEBI Act

Provisions invoked

• s. 11
• s. 15A
• s. 15
• s. 11(2)
• s. 15J
• s. 11C
• s. 12
• s. 11C(2)

Parties

• Raju Tandon
• Sanjeet Kumar Singh
• Sanjiv Kumar Jain
• Pawan Kumar

Holding

Noticee Nos. 1-4 violated Sections 11C(2) read with Sections 11C(3) and 11(2) of the SEBI Act by failing to furnish information sought in SEBI summons, and each is liable for monetary penalty of Rs. 1,00,000 under Section 15A(a) of the SEBI Act.

Full text

Adjudication Order in respect of four entities entities in the matter of Orissa Sponge Iron & Steel Pvt. Ltd. Page 2 of 18

Adjudication Order in respect of four entities entities in the matter of Orissa Sponge Iron & Steel Pvt. Ltd. Page 3 of 18 a) During the investigation, the Investigation Authority (hereinafter be referred to as, the “IA”) served summons bearing number IVD/ID6/OW/P/2016/30729/9 dated November 09, 2016 under Section 11(2) and 11(3) of the SEBI Act upon the Noticee No. 1 by way of speed post as well as e-mail to compel production of details relating to date of purchase of shares & number of shares purchased in the scrip of OSISL, consideration paid to effect such purchase and source of such consideration. The Noticee No. 1 was also asked to provide copy of bank statements duly attested by bank, showing payment of consideration for purchase of 9,99,900 shares of OSISL, which it was holding as on June 30, 2014 and source of such consideration. The Noticee No. 1 was directed to submit required details by November 17, 2016. b) The IA served summons bearing number IVD/ID6/OW/P/2016/30729/7 dated November 09, 2016 under Section 11(2) and 11C (3) of the SEBI Act upon the Noticee No. 2 by way of speed post as well as e-mail to compel production of details relating to date of purchase of shares & number of shares purchased in the scrip of OSISL, consideration paid to effect such purchase and source of such consideration. The Noticee No. 2 was also asked to provide copy of bank statements duly attested by bank, showing payment of consideration for purchase of 8,03,298 shares of OSISL, whi

Adjudication Order in respect of four entities entities in the matter of Orissa Sponge Iron & Steel Pvt. Ltd. Page 4 of 18 d) The IA served summons bearing number IVD/ID6/OW/P/2016/30729/12 dated November 09, 2016 under Section 11(2) and 11C (3) of the SEBI Act upon the Noticee by way of speed post as well as e-mail to compel production of details relating to date of purchase of shares & number of shares purchased in the scrip of OSISL, consideration paid to effect such purchase and source of such consideration. The Noticee was also asked to provide copy of bank statements duly attested by bank, showing payment of consideration for purchase of 9,99,900 shares of OSISL, which it was holding as on June 30, 2014 and source of such consideration. The Noticee was directed to submit required details by November 17, 2016.

Source: SecMarx — sebi:Order/MC/VS/2020-21/8153-8156. 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.