sebi:Order/SM/AR/2018-19/617-625
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Facts / Headnote
Penalty of Rs. 3,00,000 under Section 15H(ii) and Rs. 5,00,000 under Section 15A(b), jointly and severally, imposed on Noticees 1 to 9 for violation of Regulation 13(2)(c) read with Regulation 13(1) and Regulation 29(2) read with Regulation 29(3) of SAST Regulations, 2011
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 13(2)
- Reg. 3
- Reg. 15
- Reg. 14
- Reg. 29
- Reg. 14(1)
- Reg. 29(2)
- Reg. 29(3)
- Reg. 13(1)
- Reg. 201
- Reg. 3(2)
- Reg. 13(2)(c)
Parties
- Shri Anil Monga
- Shri Rajesh Monga
- Ms. Renu Monga
- Shri B B Gandhi
- Ms. Manya Monga
- Ms. Rashi Monga
- Shri Shivaz Monga
- Ms. Poonam Monga
- Shri Jagroop Singh
Holding
Noticees violated Regulation 13(2)(c) read with Regulation 13(1) and Regulation 29(2) read with Regulation 29(3) of SAST Regulations, 2011 by making delayed public announcement and delayed disclosures after conversion of 8,50,000 warrants, and are jointly and severally liable to penalty under Sections 15H(ii) and 15A(b) of the SEBI Act.
Full text
Page 2 of 21 Shri Shivaz Monga (hereinafter referred to as ‘Noticee 7’ / ‘Shivaz’), Ms. Poonam Monga (hereinafter referred to as ‘Noticee 8’ / ‘Poonam’) and Shri Jagroop Singh (hereinafter referred to as ‘Noticee 9’ / ‘Jagroop’) along with M/s Emmpac Holdings Pvt Ltd for making an open offer to acquire upto 15,59,486 equity shares representing 26% of the expanded paid up share capital of M/s Emmsons International Ltd (hereinafter referred to as ‘EIL’/ ‘Company’). It is observed that Noticee 1 to 9 along with Emmpac Holdings Pvt Ltd were part of the promoter group of EIL and were also persons acting in concert (PACs) within the meaning of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as ‘SAST Regulations, 2011’). Therefore, in the context of the current adjudication proceedings, Noticee 1 to 9 are also hereinafter collectively referred to as ‘Noticees’.
Page 3 of 21 3. Renu Monga / Noticee 3 50,000 4. B B Gandhi / Noticee 4 50,000 5. Manya Monga / Noticee 5 50,000 6. Rashi Monga / Noticee 6 50,000 7. Shivaz Monga / Noticee 7 2,00,000
Page 4 of 21 company by 7.95% during the above said period. Therefore, in view of the failure on the part of the Noticees to make timely disclosures u/r 29(2) r/w Regulation 29(3) of SAST Regulations, 2011, it is alleged that Noticees have violated the aforementioned provisions of the SAST Regulations, 2011. In view of the above violations allegedly committed by the Noticees, adjudication proceedings were initiated against the Noticees under sections 15 H (ii) and 15A(b) of the Securities and Exchange Board of India Act, 1992 ( hereinafter referred to as ‘SEBI Act’).
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Source: SecMarx — sebi:Order/SM/AR/2018-19/617-625. 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.