sebi:Order/PM/SM/2020-21/10876-10881
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 7
- Reg. 6
- Reg. 11
- Reg. 2(1)
- Reg. 10
- Reg. 14(1)
- Reg. 30(3)
- Reg. 30
- Reg. 30(2)
- Reg. 11(2)
- Reg. 2(1)(e)(2)
Parties
- Ravi Malhotra (Noticee 1)
- Noticee 2
- Noticee 3
- Noticee 4
- Noticee 5
- Sirhind Steel Limited (Noticee 6)
Holding
The Adjudicating Officer found Noticee 1 in violation of Regulation 30(2) r/w 30(3) of SAST Regulations, 2011 for failing to make timely disclosures for FY 2011-12 and making delayed disclosure for FY 2012-13, and addressed allegations under Regulation 7(1A) and 11(2) of SAST Regulations, 1997 against all six Noticees as alleged PACs.
Full text
Adjudication order in respect of 6 entities in the matter of Aroma Enterprises (India) Ltd. Page 2 of 34 Sirhind Steel Limited (hereinafter referred to as Noticee 6). The Noticees 1 to 6 hereinafter collectively referred to as Noticees/You).
Adjudication order in respect of 6 entities in the matter of Aroma Enterprises (India) Ltd. Page 3 of 34 Regulations, 1997 by Noticee 2 to Noticee 6. The allegations against the Noticees are as follows: a) The shares of the Target Company were listed at BSE Limited (BSE) and Ahmedabad Stock Exchange (ASE). While examining the letter of offer filed by the acquirers Mr. Snehal Patel and Mrs Meeta Snehal Patel to acquire 26% of the voting share capital of the target company, SEBI observed certain non- compliances on the part of the Noticees with regard to SEBI (SAST) Regulations, 1997 and 2011.
Adjudication order in respect of 6 entities in the matter of Aroma Enterprises (India) Ltd. Page 4 of 34 has violated regulation 30(2) of SAST Regulations, 2011 by failing to make the required disclosures under regulation 30(2) of SAST Regulations, 2011 for the Financial Year 2011-12 and for making delayed disclosure to BSE and not making disclosure to AEL for the Financial Year 2012-13.
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Source: SecMarx — sebi:Order/PM/SM/2020-21/10876-10881. 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.