sebi:Order/SBM/PP/2018-19/1470-1471
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Facts / Headnote
Penalty of Rs. 2,00,000 each imposed on both Noticees for violation of Regulations 29(2) r/w 29(3) of SAST Regulations, 2011
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 29(1)
- Reg. 29(2)
- Reg. 29(3)
Parties
- Mr. Vinit Kamleshkumar Shah
- Ms. Himadri Kamleshbhai Shah
Holding
The Noticees, as persons acting in concert, violated Regulations 29(2) r/w 29(3) of the SAST Regulations, 2011 by failing to disclose a cumulative 2.28% change in shareholding in STL during May 10-15, 2013, and were each liable to a monetary penalty of Rs. 2,00,000 under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 14 buy recommendations in the scrip of STL, SEBI conducted an examination in the matter and based on the observations/findings contained therein, an interim
Page 3 of 14 3. In this regard, it was observed that while making the disclosures regarding the above transactions, in terms of Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as ‘SAST Regulations’), the Noticees had declared in their respective disclosure formats submitted to the stock exchange i.e. BSE that they were ‘persons acting in concert’ (PACs). It was further observed that both Noticee 1 and Noticee 2 shared the same contact address and the investigation report which was submitted in the said matter had also made similar observations regarding the fact that both Noticee 1& 2 were PACs w.r.t the above mentioned acquisition of shares of STL. Therefore, in the context of the present proceedings, the Noticees are also referred to as PACs.
Page 4 of 14 APPOINTMENT OF ADJUDICATING OFFICER 6. The undersigned was appointed as the Adjudicating Officer, vide an order dated September 08, 2016 under Section 15-I of the SEBI Act read with Rule 3 of the Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as 'Adjudication Rules') to inquire into and adjudge under the provisions of section 15A(b) of the SEBI Act, the aforementioned alleged violation of the provisions of law by the Noticees.
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Source: SecMarx — sebi:Order/SBM/PP/2018-19/1470-1471. 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.