sebi:Order/SR/2022-23/37/22681

SEBI · SEBI · 2017-07-10 · Sangeeta Rathod, Adjudicating Officer

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Facts / Headnote

SCN disposed off without imposing monetary penalty

Provisions invoked

• s. 15A
• s. 15
• s. 15J

Regulations

• Reg. 13(4)

Parties

• Prafulbhai C Patel

Holding

The allegations of violation of regulation 13(4) r/w 13(5) of PIT Regulations, 1992 against Prafulbhai C Patel were held not established. The SCN was disposed off without imposing monetary penalty.

Full text

Adjudication Order in respect of Prafulbhai C Patel in the matter of Radhe Developers (India) Ltd. Page 2 of 7 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(4) r/w 13(5) of PIT Regulations, 1992 by the Noticee. Subsequently, the matter was transferred and undersigned was appointed AO vide order dated July 10, 2017.

Adjudication Order in respect of Prafulbhai C Patel in the matter of Radhe Developers (India) Ltd. Page 3 of 7 SEBI-PUBLIC  IA observed that Madhuben sold shares and made disclosures to the company however failed to make disclosures to the Stock Exchanges. IA observed that it was Noticee’s responsibility to make the said disclosure to the Stock Exchange and the company on behalf of his dependent wife, therefore Noticee failed to comply with provisions of regulations 13(4) r/w 13(5) of PIT Regulations, 1992  Noticee was advised to show cause as to why an inquiry should not be held against you in terms of Rule 4 of the Adjudication Rules, 1995 read with section 15-I of the SEBI Act, 1992 and why penalty, if any, should not be imposed on you under section 15A(b) of the SEBI Act, 1992 for the alleged violation of the provisions of law enumerated above, if any.

Adjudication Order in respect of Prafulbhai C Patel in the matter of Radhe Developers (India) Ltd. Page 4 of 7 SEBI-PUBLIC July 17, 2020 sent email regarding sharing all the documents for inspection by email with the Noticee. Noticee sent a copy of letter it sent to BSE dated July 25, 2020 asking BSE to provide system and records of receipt of disclosure and dissemination of the same so as to enable the Noticee to verify what could have happened to their postal sending of registered AD at prevalent point of time. In this regard, vide email dated August 21, 2020 Noticee was advised to file reply to the SCN else the matter shall be proceeded upon on the basis of material on record. Vide email dated August 28, 2020 relevant Department sent final confirmation to AO that inspection has been provided to Noticee. Undersigned AO vide email dated August 28, 2020 advised the Noticee that, extended periods of delay have been allowed in the interest of natural justice, however, in case Noticee fails to defend itself against the charges levied in the SCN through written submissions/personal hearings, the material already on record (including letters mentioned in trailing email) will be relied upon to take the instant adjudication proceedings to its end. Vide letter dated August 27, 2020 Noticee requested for more time. Hearing Notice dated August 23, 2021 was sent to Noticee for hearing scheduled from August 30, 2021 to September 03, 2021 at any date between 11:00 AM to 04:00 PM through a

Source: SecMarx — sebi:Order/SR/2022-23/37/22681. 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.