sebi:Order/MC/VS/2022-23/16080
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Facts / Headnote
Penalty of Rs.1,00,000 imposed on the Noticee under Section 15A(b) of the SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 23
Regulations
- Reg. 29
- Reg. 29(2)
- Reg. 29(3)
Parties
- Sabah Taiyab Noorani
Holding
The Noticee violated Regulation 29(2) read with Regulation 29(3) of the SAST Regulations by failing to timely disclose the change in shareholding triggered on July 17, 2020, and is liable to a monetary penalty of Rs.1,00,000 under Section 15A(b) of the SEBI Act.
Full text
Adjudication Order in respect of Sabah Taiyab Noorani in the matter of Ashari Agencies Ltd. Page 2 of 10 3. The appointment of the undersigned as AO was communicated vide order dated March 22, 2021.
Adjudication Order in respect of Sabah Taiyab Noorani in the matter of Ashari Agencies Ltd. Page 3 of 10 8. As per the shareholding pattern of the Company for the quarter ending on June 30, 2020 and as per the details provided by BSE, shareholding of Noticee was 6.09%. Pursuant to the four consecutive sale transactions from July 07, 2020 to July 17, 2020 as mentioned in Table above, her shareholding reduced from 6.09% to 3.82% on July 17, 2020. Thus there was a change of 2.27% in his shareholding from the last disclosure. Since, the change exceeds 2%, Noticee was required to make disclosures to stock exchange and the Company by July 21, 2020, i.e. two working days from the date of change in shareholding July 17, 2020 (Friday).
Adjudication Order in respect of Sabah Taiyab Noorani in the matter of Ashari Agencies Ltd. Page 4 of 10 shareholding pursuant to the sale transaction dated July 17, 2020, in violation of regulation 29(2) read with regulation 29(3) of Takeover Regulations.
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Source: SecMarx — sebi:Order/MC/VS/2022-23/16080. 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.