sebi:Order/SM/DD/2022-23/16233-16237
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Facts / Headnote
Violations of PIT Regulations found against Noticees 1 to 4 for delayed disclosures; allegation under SAST Regulations 29(2) read with 29(3) for disposal of shares held not tenable; penalty imposed for PIT violations (quantum not specified in extract)
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 13
- Reg. 13(4)
- Reg. 199
- Reg. 13(3)
- Reg. 29
- Reg. 45
- Reg. 13(5)
- Reg. 29(2)
- Reg. 29(3)
- Reg. 7(2)
- Reg. 201
- Reg. 12(2)
- Reg. 18
- Reg. 35(2)
- Reg. 25
Parties
- Satish R. Shah (Noticee 1)
- Shetal S. Shah (Noticee 2)
- Vishal S. Shah (Noticee 3)
- Jyotsna S. Shah (Noticee 4)
- Yatin G. Shah (Noticee 5)
Holding
Noticees 1 to 4 were found to have violated Regulation 13(3)/13(4)/13(4A) read with 13(5) of PIT Regulations, 1992 (and Regulation 12(2) of PIT Regulations, 2015 for Noticee 1) by making disclosures to BSE beyond the stipulated two-day period. The allegation that Noticees 1 to 5 violated Regulation 29(2) read with 29(3) of SAST Regulations for disposal of shares by Noticees 2 and 3 was rejected as not tenable.
Full text
Adjudication Order in the matter of Sawaca Business Machines Limited Page 2 of 33 S. No. Name QE June 2011 – QE Dec 2012 QE March 2013 – QE June 2013 No. of Shares % of Sharehol ding No. of Shares % of Shareholdin g 1 Satish R. Shah 10,93,092 10.51 15,93,189 15.31 2 Shetal S. Shah 10,10,600 9.72 8,60,600 8.27 3 Vishal S. Shah 8,00,000 7.69 6,50,000 6.25 4 Jyotsna S. Shah 2,00,000 1.92 1,91,000 1.84 5 Yatin G. Shah 96,308 0.93 96,308 0.93 Total 32,00,000 30.77 33,91,097 32.60
Adjudication Order in the matter of Sawaca Business Machines Limited Page 3 of 33 SEBI (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 aforesaid alleged violations committed by Noticees. Subsequently, the undersigned was appointed as the Adjudicating Officer in the matter by SEBI vide order dated June 18, 2021.
Adjudication Order in the matter of Sawaca Business Machines Limited Page 4 of 33 of the PIT Regulation, the Noticee No. 1 was under the obligation to make disclosure to the Company and BSE within 2 days of such acquisition.
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Source: SecMarx — sebi:Order/SM/DD/2022-23/16233-16237. 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.