sebi:Order/SM/DP/2022-23/22671-22672
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Facts / Headnote
Allegation of violation of Regulation 29(2) read with Regulation 29(3) of SAST Regulations not established; violation of Regulation 30(2) read with Regulation 30(3) of SAST Regulations established; penalty of Rs. 1,00,000 imposed on each Noticee under Section 15A(b) of SEBI Act.
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
- s. 28A
Regulations
- Reg. 13
- Reg. 13(1)
- Reg. 29
- Reg. 7(1)
- Reg. 29(2)
- Reg. 29(3)
- Reg. 30(3)
- Reg. 30
- Reg. 30(2)
Parties
- Shri Manoj Gupta
- Shri Babulal Khimraj Jain
Holding
The Noticees did not violate Regulation 29(2) read with Regulation 29(3) of SAST Regulations as disclosures made under PIT Regulations sufficed, but they violated Regulation 30(2) read with Regulation 30(3) by delayed annual promoter shareholding disclosures, attracting a penalty of Rs. 1,00,000 each under Section 15A(b).
Full text
In the matter of Vandana Knitwear Limited Page 2 of 13 2. It was observed from the website of BSE Limited (hereinafter referred to as “BSE”) that Noticees were the promoters of the target company in the Financial Year 2019-20 and were holding 1.78 % and 3.18% shareholding, respectively.
In the matter of Vandana Knitwear Limited Page 3 of 13 SHOW CAUSE NOTICE, REPLY AND HEARING 6. Based on the findings by SEBI, Show Cause Notice(s) dated October 14, 2022 (hereinafter referred to as 'SCN') was issued to the Noticees under Rule 4(1) of the Adjudication Rules to show cause as to why an inquiry should not be held and penalty be not imposed on them under section 15A(b) of SEBI Act for the alleged violation of the provisions of SAST Regulations. The SCN, inter alia, alleged the following:
In the matter of Vandana Knitwear Limited Page 4 of 13 iii. It was further alleged that Noticees made delayed disclosure of the aggregate shareholding of the promoters as of the 31st Day of March for the Financial Years 2012-13, 2013-14, 2017-18 and 2018-19 under Regulation 30 (2) read with Regulation 30(3) of the SAST Regulations as following: TABLE 2 Sl no Regulation Financial Year Due date for compliance Actual compliance date Delay, if any 1 30(1) & 30(2) 2012-13 09-04-2013 10-04-2013 1 day 2 30(1) & 30(2) 2013-14 10-04-2014 11-04-2013 1 day 3 30(1) & 30(2) 2017-18 10-04-2018 19-12-2020 984 days 4 30(1) & 30(2) 2018-19 09-04-2019 19-12-2020 620 days
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Source: SecMarx — sebi:Order/SM/DP/2022-23/22671-22672. 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.