sebi:Order/PM/AB/2020-21/8186
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Facts / Headnote
Monetary penalty of Rs. 2,00,000 imposed under Section 15A(b) for violation of Regulation 13(4A) read with Regulation 13(5) of PIT Regulations
Provisions invoked
- s. 15A
- s. 15I
- s. 15J
- s. 15
Regulations
- Reg. 13
- Reg. 13(5)
Holding
The Noticee, shown as promoter of PAL, violated Regulation 13(4A) read with Regulation 13(5) of PIT Regulations by failing to disclose to the stock exchange its disposal of 6,47,300 shares and is liable for monetary penalty under Section 15A(b) of the SEBI Act, 1992, with penalty of Rs. 2,00,000 imposed.
Full text
Page 2 of 6 Imposing Penalties) Rules, 1995 (“AO Rules”) to inquire into and adjudge the aforesaid allegations under Section 15A(b) and 15HA of the SEBI Act.
Page 3 of 6 4(3) of the AO Rules. The hearing notice was sent by SPAD as well by email to the Noticee. However, there was no response from the side of the Noticee and no one was present on the date of hearing. Accordingly, the matter is being decided on the basis of material available on record.
Page 4 of 6 in the list of promoters which was disclosed to the exchanges and the Noticee should have disputed the said fact with the Company. Further, the Noticee has submitted that it was under the assumption that all disclosures will be made by the Company and no communication needs to go from its side. However, as stated earlier Reg. 13(4A) stipulates that the disclosures are to be made to the company as well as the stock exchange. The Noticee has informed the company but hasn’t informed the exchange.
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Source: SecMarx — sebi:Order/PM/AB/2020-21/8186. 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.