sebi:Order/PB/2021-22/11630-11633
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Facts / Headnote
Violation of regulation 7(1) read with regulation 7(2) of SAST Regulations, 1997 established; penalty imposed under Section 15A(b) of SEBI Act, 1992
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 13
- Reg. 10
- Reg. 12
- Reg. 13(1)
- Reg. 13(5)
- Reg. 29
- Reg. 29(2)
- Reg. 7(2)
- Reg. 29(1)
- Reg. 201
- Reg. 11(2)
- Reg. 8(1)
Parties
- Mr. Mahesh Saraf
- Mrs. Sarita Saraf
- Mr. Anil Raika
- Mrs. Ambika Raika
Holding
The Noticees violated regulation 7(1) read with regulation 7(2) of SAST Regulations, 1997 by disclosing their collective acquisition of 72.31% of Jatia Finance Limited (later Starcom Information Technology Limited) with a delay of 246 days, and are liable for monetary penalty under Section 15A(b) of the SEBI Act, 1992.
Full text
Adjudication order in the matter of Starcom Information Technology Limited Page 2 of 27 to as “Starcom / Target Company”). Chartered Capital and Investment Limited was the Manager to the said offer.
Adjudication order in the matter of Starcom Information Technology Limited Page 3 of 27 3. In view of the above, it was alleged that Noticees had violated regulation 7 (1) read with regulation 7 (2) of SAST Regulations and therefore, liable for monetary penalty under Section 15 A (b) of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”)
Adjudication order in the matter of Starcom Information Technology Limited Page 4 of 27 24, 2021. Mr. Balveer Chaudhary, Advocate, the authorized representative of the Noticees (hereinafter referred to as ‘AR’) attended the hearing on March 24, 2021 and made submissions. AR agreed to make additional submissions by April 09, 2021. Mr. Mahesh Saraf vide letter dated April 07, 2021 made the following additional
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Source: SecMarx — sebi:Order/PB/2021-22/11630-11633. 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.