sebi:Order/SM/RG/2022-23/22743-22748
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Facts / Headnote
Violations established; monetary penalty of Rs. 2,00,000 imposed jointly and severally on all Noticees under Section 15A(b) of SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 15H
- s. 15J
- s. 28A
Regulations
- Reg. 13(1)
- Reg. 29(1)
- Reg. 29
- Reg. 29(3)
- Reg. 20
Parties
- Brij Bhushan Singal (Noticee No. 1)
- Brij Bhushan Singal HUF (Noticee No. 2)
- Neeraj Singal (Noticee No. 3)
- Neeraj Singal (HUF) (Noticee No. 4)
- Ritu Singal (Noticee No. 5)
- Uma Singal (Noticee No. 6)
Holding
Noticee Nos. 1, 3 and 5 were held to have violated Regulation 29(1) read with Regulation 29(3) of SAST Regulations and Regulation 13(1) of PIT Regulations, and Noticee Nos. 2, 4 and 6 were held to have violated Regulation 29(1) read with Regulation 29(3) of SAST Regulations. A joint and several monetary penalty of Rs. 2,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Adjudication order in the matter of Dhanleela Investments & Trading Company Limited Ltd. Page 2 of 16 respectively and collectively referred to as “Singal family” or “Noticees”) were observed to have not made / made delayed disclosure about their shareholdings in contravention of PIT Regulations and SAST Regulations.
Adjudication order in the matter of Dhanleela Investments & Trading Company Limited Ltd. Page 3 of 16 i. The first preferential allotment was made on July 18, 2012 wherein 9,88,000 shares of Rs.10/- at a premium of Rs.80/- were allotted to 48 non-promoter entities. ii. The second preferential allotment was made on October 29, 2012 wherein 7,05,000 shares of Rs.10/- at a premium of Rs.80/- were allotted to further 42 non-promoter entities. 2.2 Pursuant to the above change in the shareholdings, data was sought from NSDL/CDSL and RTA of the company to verify whether there was any change in the shareholding of the Noticees. Based on information provided by NSDL, CDSL, RTA of the company (Big Share), Stock Exchange and the Company, it was observed that pursuant to the above preferential allotments, the shareholdings of the Singal family had undergone change and required disclosure regarding the same were not made or were made with a delay. The details are as follows:
Adjudication order in the matter of Dhanleela Investments & Trading Company Limited Ltd. Page 4 of 16 Concert (hereinafter referred to as “PAC”). Regulation 29(1) read with Regulation 29(3) of SAST Regulations requires any acquirer, together with PAC acquiring shares in a company which when taken together aggregates to 5% or more of the shares of such company, shall disclose their aggregate shareholding in such company to Stock Exchange and the company within two working days of such acquisition. Accordingly, as PAC, Singal family’s shareholding of more than 5% required disclosure within two working days of such acquisition under SAST Regulations. However, it was observed from the information furnished by BSE and the company that there was a delay of 914 days in making the disclosure by Singal family under Regulation 29(1) read with Regulation 29(3) of SAST Regulations, to BSE and Dhanleela, upon allotment of 17.05% of shares on July 18, 2012.
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Source: SecMarx — sebi:Order/SM/RG/2022-23/22743-22748. 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.