sebi:Order/SBM/PP/2018-19/1630-1632
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Facts / Headnote
Total penalty of Rs 5,00,000 imposed jointly and severally for violation of SAST Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 29(1)
- Reg. 29(2)
- Reg. 29(3)
Parties
- Himanshu P Shah
- Kaliyaben H Shah
- Pruthvi H 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 make required disclosures, and are liable to a total monetary penalty of Rs 5,00,000 jointly and severally under section 15A(b) of the SEBI Act, 1992.
Full text
Page 2 of 14 indirectly, in any manner whatsoever, till further directions. Further, vide the interim order dated November 5, 2013, the 38 persons/entities, including Noticee 1, Noticee 2 and Noticee 3 were directed to keep in an escrow account, jointly and severally, within 30 days of the interim order, an amount of Rs 6,00,11,512/- that they had earned as ill-gotten profit which they realized as sale proceeds of the shares allotted to them in the preferential allotment made by STL on March 15, 2012.
Page 3 of 14 in the context of the present proceedings, the Noticees i.e Noticee 1, 2 and 3 are also hereinafter referred to as PACs.
Page 4 of 14 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/2018-19/1630-1632. 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.