sebi:Order/SR/2022-23/17/21907
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Facts / Headnote
Show Cause Notice disposed of without imposing monetary penalty; allegations of violation not established
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 13(3)
Regulations
- Reg. 13(3)
- Reg. 13(5)
- Reg. 13(5)(b)
Parties
- Saurabh Kamleshbhai Shah
Holding
The allegations of violation of regulation 13(3) r/w 13(5) of PIT Regulations, 1992 against the Noticee do not stand established, and the Show Cause Notice is disposed of without imposing any monetary penalty.
Full text
Adjudication Order in respect of Saurabh Kamleshbhai Shah in the matter of Radhe Developers (India) Ltd. Page 2 of 9 SEBI-PUBLIC and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as Adjudication Rules, 1995) to inquire into and adjudge under section 15A(b) of the SEBI Act, 1992 for the alleged violations of 13(3) r/w 13(5) of PIT Regulations, 1992 by the Noticee. Subsequently, the matter was transferred to me and I was appointed as AO vide order dated July 10, 2017.
Adjudication Order in respect of Saurabh Kamleshbhai Shah in the matter of Radhe Developers (India) Ltd. Page 3 of 9 SEBI-PUBLIC Date Market Net Share Capital % change Actual (%) Violations Buy Sell 22/06/2010 0 11,50,000 11,50,000 25,17,99,000 -0.46 5.76
Adjudication Order in respect of Saurabh Kamleshbhai Shah in the matter of Radhe Developers (India) Ltd. Page 4 of 9 SEBI-PUBLIC application. As regards, the said application, it was later on informed to AO that owing to Noticee not renewing the instrument sent as fees for consent application, the application was no longer considered and it was rejected. Pursuant to which Noticee asked for inspection of documents and same was afforded. After receiving information regarding the status of consent application, AO gave further opportunities of hearing and the entire correspondence in on record which is as follows: email reply dated January 05, 2019, reply dated January 05, 2019 Received through Inward (RON January 14, 2019), email reply dated July 01, 2019, Email reply dated July 15, 2019, Email reply dated July 16, 2019, Reply dated July 16, 2019 Received through Inward (RON 17 July, 2019), Email reply dated October 17, 2019, Reply dated October 17, 2019 received through Inward (RON October 23, 2019), Reply dated July 25, 2020 received through Inward (RON July 31, 2020), Email Reply dated August 27, 2020, Reply dated August 27, 2020 received through Inward (RON September 02, 2020), Reply dated September 01, 2021 received through Inward (RON September 03, 2021), Reply dated December 09, 2021 Received through Inward (RON December 16, 2021) and also hearing notices dated June 26, 2019, October 16, 2019 and August 23, 2021 for hearings scheduled on July 10, 2019 and August 30, 2021
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Source: SecMarx — sebi:Order/SR/2022-23/17/21907. 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.