sebi:Order/NR/2021-2022/12039
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Facts / Headnote
Monetary penalty of Rs. 1,00,000 imposed on Mr. Rajesh Gupta under Section 15A(b) of the SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 3(1)
- s. 15J
- s. 15F
- s. 18(7)
Regulations
- Reg. 7
- Reg. 6
- Reg. 11
- Reg. 8(2)
- Reg. 8(1)
- Reg. 7(1)(A)
Parties
- Mr. Rajesh Gupta
Holding
The Noticee violated Regulation 7(1A) read with 7(2) for the May 12, 2008 and March 12, 2010 transactions and Regulation 8(2) by delayed yearly disclosure for F.Y. 2009-10, while Regulation 8(1) was not violated, and a penalty of Rs. 1,00,000 under Section 15A(b) was imposed only for the pre-scheme May 12, 2008 violation.
Full text
Adjudication Order in the matter of Himachal Fibres Limited Page 2 of 13 under Regulation 7(1A) and 7(2) and made delayed disclosures as required under the provisions of Regulation 8(1) and 8(2) of Takeover Regulations.
Adjudication Order in the matter of Himachal Fibres Limited Page 3 of 13 given to the notice. The noticee vide letter dated October 31, 2019 sought 15 days’ time to submit reply. However, no reply was received. Vide letter dated January 27, 2020 and January 27, 2021 opportunity of making additional submission was again given to the noticee. The notice vide letter dated March 30, 2021 submitted additional submissions.
Adjudication Order in the matter of Himachal Fibres Limited Page 4 of 13 Explanation. —For the purposes of sub-regulations (1) and (1A), the term acquirer shall include a pledgee, other than a bank or a financial institution and such pledgee shall make disclosure to the target company and the stock exchange within two days of creation of pledge. 7(2) The disclosures mentioned in sub-regulations (1) 3[and (1A)] shall be made within two days of- (a) the receipt of intimation of allotment of shares; or (b) the acquisition of shares or voting rights, as the case may be Continual disclosures under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 8(1) Every person, including a person mentioned in regulation 6 who holds more than [fifteen] per cent shares or voting rights in any company, shall, within 21 days from the financial year ending March 31, make yearly disclosures to the company, in respect of his holdings as on 31st March. 8(2) A promoter or every person having control over a company shall, within 21 days from the financial year ending March 31, as well as the record date of the company for the purposes of declaration of dividend, disclose the number and percentage of shares or voting rights held by him and by persons acting in concert with him, in that company to the company.
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Source: SecMarx — sebi:Order/NR/2021-2022/12039. 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.