sebi:Order/MC/VS/2021-22/13722-13729
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Facts / Headnote
Penalties imposed on Noticees 1-5, 7 and 8 under Section 15A(b) of the SEBI Act for disclosure violations, and on Noticees 3, 4, 5 and 6 under Section 15HB of the SEBI Act for contra trades.
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15I
- s. 15J
Regulations
- Reg. 13
- Reg. 12(1)
- Reg. 199
- Reg. 7
- Reg. 29(1)
- Reg. 29
- Reg. 13(4)
- Reg. 31
- Reg. 12
- Reg. 7(2)
- Reg. 7(2)(a)
- Reg. 201
- Reg. 31(2)
- Reg. 9
- Reg. 9(1)
Parties
- Jitendra Mehta
- Deven J. Mehta
- Kartik Gaggar
- Ramakant Mangalchand Gaggar
- Sarika Gaggar
- Suresh Gaggar
- Hetanshi Properties Pvt. Ltd.
- Ashtavakra Properties Pvt. Ltd.
Holding
The Adjudicating Officer found Noticees 1-5, 7 and 8 liable for violations of PIT and SAST Regulations disclosure requirements, and Noticees 3, 4, 5 and 6 liable for contra trade violations, imposing Rs. 1,00,000 penalty on each noticee for each violation under Sections 15A(b) and 15HB of the SEBI Act.
Full text
Adjudication Order in respect of Jitendra Mehta and 7 others in the matter of Garnet International Ltd. Page 2 of 42 BACKGROUND 1. Securities and Exchange Board of India (hereinafter referred to as “SEBI”) initiated adjudication proceedings against Jitendra Mehta (“Noticee 1”/ “the Company”), Deven J. Mehta (“Noticee 2”), Kartik Gaggar (“Noticee 3”), Ramakant Mangalchand Gaggar (“Noticee 4”), Sarika Gaggar (“Noticee 5”), Suresh Gaggar (“Noticee 6”), Hetanshi Properties Pvt. Ltd. (“Noticee 7”) and Ashtavakra Properties Pvt. Ltd. (“Noticee 8”) under Sections 15A (b) and 15HB of the SEBI Act, 1992 (“the SEBI Act”), for alleged violations of the SEBI (Prohibition of Insider Trading) Regulations 1992 (“PIT Regulations 1992”) read with the SEBI (Prohibition of Insider Trading) Regulations, 2015 (“PIT Regulations 2015”), and the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“SAST Regulations”).
Adjudication Order in respect of Jitendra Mehta and 7 others in the matter of Garnet International Ltd. Page 3 of 42 SHOW CAUSE NOTICE, REPLY AND HEARING
Adjudication Order in respect of Jitendra Mehta and 7 others in the matter of Garnet International Ltd. Page 4 of 42 9. The shareholding pattern of the Company was as follows:- Table 2 Particular Quarter ended March 2014 Quarter ended June 2014 Quarter ended Sept 2014 No. of shareh olders No. Of shares % No. of sharehold ers No. Of shares % No. of shareholders No. Of shares % Promoter Holding 11 3033083 48.7 2 11 3042461 48. 87 11 3075156 49.40 Non Promoter Holding 849 3191917 51.2 8 848 3182539
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Source: SecMarx — sebi:Order/MC/VS/2021-22/13722-13729. 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.