sebi:Order/SM/KL/2020-21/10042-10044
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Facts / Headnote
Violations established; joint and several monetary penalty of Rs 2,00,000 imposed under Section 15A(b) of the SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 15I
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 29(1)
- Reg. 29
- Reg. 29(2)
- Reg. 29(3)
- Reg. 18
Parties
- Mr Neelam Kumar Oswal
- Mr Akhil Oswal
- Ms Sudha Oswal
Holding
Noticee nos. 1 and 2 violated Regulation 29(2) r/w Regulation 29(3) and Noticee no. 3 violated Regulation 29(1) r/w Regulation 29(3) of the SAST Regulations, 2011. A joint and several monetary penalty of Rs 2,00,000 under Section 15A(b) of the SEBI Act was imposed on the three Noticees.
Full text
Adjudication order in the matter of Punjab Woolcombers Limited Page 2 of 12 against the Noticees under the provisions of section 15 A (b) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) for their alleged failure to make the necessary disclosures mandated under the provisions of SAST Regulations. It is alleged that Noticee nos 1 and 2 allegedly failed to make the necessary disclosures which were required to be made by them under Regulation 29(2) r/w Regulation 29(3) of the SAST Regulations and Noticee no. 3 failed to make the disclosure under Regulation 29(1) r/w Regulation 29 (3) of the SAST Regulations in respect of her acquisition of shares of the company during the examination period.
Adjudication order in the matter of Punjab Woolcombers Limited Page 3 of 12 thereby reducing his shareholding from 20.11% to Nil and increasing the shareholding of Noticee 1 from 11.60% to 25.44% and increasing the shareholding of Noticee 3 from Nil to 6.27%. Upon perusal of the transaction statements, it was observed that Noticee 2 having 65,39,526 (20.11%) equity shares as on October 01, 2016, transferred 45,00,000 (13.84%) equity shares to Noticee 1 on October 20, 2016 and 10,39,526 equity shares to Noticee 3 on October 26, 2016. b) In this regard, it is alleged that Noticee 1 failed to file disclosures with Exchanges in terms of Regulation 29(2) of SAST Regulations. Further, it is also alleged that Noticee 2 and Noticee 3 also failed to file disclosures in this regard and violated the provisions of Regulations 29(2) and 29(1) of the SAST Regulations, respectively.
Adjudication order in the matter of Punjab Woolcombers Limited Page 4 of 12 ii. After 11.07.2016 there was no trading at Bombay Stock Exchange and the data is not available. The intra-family transfer has not affected any person since there was no sale and purchase on Bombay Stock Exchange. These shares have been transferred on 19 & 20.10.2016 and retransferred from Mr. Akhil Oswal to Neelam Kumar Oswal.
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Source: SecMarx — sebi:Order/SM/KL/2020-21/10042-10044. 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.