sebi:Order/SM/AR/2018-19/1142-1147
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Facts / Headnote
Penalties imposed on Noticees 1, 2, 3, 4, 5 and 6 for violations of SAST and PIT Regulations; allegations against Noticees 4, 5 and 6 under Clause 3.3 of Code of Conduct held not sustainable.
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13
- Reg. 12(1)
- Reg. 8(3)
- Reg. 13(4)
- Reg. 12
- Reg. 30(3)
- Reg. 30(1)
- Reg. 30(2)
- Reg. 31(1)
- Reg. 31(3)
Parties
- Mr. Venkatachari Suresh
- Mr. R S Ramani
- Mr. M V Bhaskar
- Ms. T P Saira
- Mr. Gulabchand Pukhraj Surana
- Mr. Ravi Surana
Holding
Noticee 1 violated Regulation 31(1) r/w 31(3) of SAST Regulations by failing to disclose pledge of shares; Noticees 1, 2 and 3 violated Regulation 30(2) r/w 30(3) of SAST Regulations by failing to make continual disclosures; Noticees 1, 2, 4, 5 and 6 violated Regulations 13(4) and/or 13(4A) of PIT Regulations by failing to disclose changes in shareholding; allegations against Noticees 4, 5 and 6 for failure to obtain pre-clearance under Clause 3.3 of the Code of Conduct were not sustainable as trades were within the 50,000 share threshold.
Full text
Page 2 of 22 preliminary examination, an interim order dated April 18, 2013 was passed by SEBI and the directions issued by SEBI vide the aforesaid interim order were confirmed by SEBI through a confirmatory order dated December 30, 2013.
Page 3 of 22 2012 and therefore, it is alleged that Noticees 1, 2 & 3 have violated the provisions of Regulation 30(2) of the SAST Regulations.
Page 4 of 22 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING 6. Show Cause Notices ref. A&E/EAD3/SBM-ASR/21337/1/2016 and A&E/EAD3/SBM-ASR/21337/3-8/2016 dated August 08, 2016 (hereinafter referred to as ‘SCNs’) were issued to the Noticees in terms of Rule 4 of the Adjudication Rules to show cause as to why an inquiry should not be initiated and penalty, if any, be not imposed on them under the provisions of sections 15A(b) and 15HB of the SEBI Act for the aforesaid alleged contraventions of the provisions of Regulation 31(1) of the SAST Regulations by Noticee 1, Regulation 30(2) of the SAST Regulations by Noticees 1, 2 and 3, Regulation 13(4) of PIT Regulations by Noticees 1, 2, 4, 5 and 6, Regulation 13(4A) of PIT Regulations by Noticees 1 and 2 and Clause 3.3.1 of the Code of Conduct adopted by the Company under Regulation 12(1) of the PIT Regulations by Noticee 4, 5 and 6, during the relevant period.
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Source: SecMarx — sebi:Order/SM/AR/2018-19/1142-1147. 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.