sebi:Order/SM/AR/2018-19/626
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Facts / Headnote
abated
Provisions invoked
- s. 15
- s. 15H
Regulations
- Reg. 11
- Reg. 14(1)
- Reg. 11(1)
- Reg. 35
Parties
- Late Shri Madan Monga
Holding
The adjudication proceedings initiated against Late Shri Madan Monga under Section 15H(ii) for alleged violation of Regulation 11(1) read with Regulation 14(1) stand abated with no penalty imposed.
Full text
Page 2 of 4 2. It was observed that as a consequence of the forfeiture of 7,89,100 equity shares by the company on August 23, 2005, the collective shareholding of the Noticee along with the shareholding of other promoters/PACs of EIL increased by 7.66% during August 2005, which resulted in the shareholding of the Noticee along with that of the promoters/PACs of EIL, crossing the prescribed creeping acquisition limit of 5% under the provisions of Regulation 11(1) of the SAST Regulations, 1997. The Noticee along with the promoters/PACs were therefore under an obligation to make a Public Announcement of open offer in terms of Regulation 11(1) r/w Regulation 14(1) of the SAST Regulations, 1997. It is alleged that Noticee along with the promoters/PACs have failed to comply with the above requirements and therefore, had allegedly violated the provisions of Regulation 11 (1) read with Regulation 14(1) of the SAST Regulations, 1997. SEBI has, therefore, initiated adjudication proceedings against the Noticee under section 15H(ii) of the SEBI Act, 1992 (hereinafter referred to as ‘SEBI Act’) for his alleged violation of the abovementioned provisions of the SAST Regulations, 1997. APPOINTMENT OF ADJUDICATING OFFICER
Page 3 of 4 show cause as to why an inquiry should not be held and penalty be not imposed on the Noticee under the provisions of Section 15H(ii) of the SEBI Act, for the aforementioned alleged contravention of the provisions of law by the Noticee.
Page 4 of 4 ORDER 6. In view of my observations in the preceding paragraphs, I hereby dispose of the Adjudication Proceedings initiated against the Noticee viz. Late. Shri Madan Monga under section 15H (ii) of the SEBI Act for his violation of Regulation 11(1) read with Regulation 14(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 read with Regulation 35 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
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Source: SecMarx — sebi:Order/SM/AR/2018-19/626. 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.