sebi:Order/SR/2022-23/38/22682

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

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Facts / Headnote

SCN disposed off without imposing monetary penalty - allegations not established

Provisions invoked

• s. 15A
• s. 15
• s. 15J

Regulations

• Reg. 13(3)

Parties

• Prathamesh Girishbhai Babu

Holding

Allegations of violation of regulation 13(3) r/w 13(5) of PIT Regulations, 1992 against Prathamesh Girishbhai Babu do not stand established and the SCN is disposed off without imposing monetary penalty.

Full text

Adjudication Order in respect of Prathamesh Girishbhai Babu in the matter of Radhe Developers (India) Ltd. Page 2 of 7 SEBI-PUBLIC 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 and undersigned was appointed AO vide order dated July 10, 2017.

Adjudication Order in respect of Prathamesh Girishbhai Babu in the matter of Radhe Developers (India) Ltd. Page 3 of 7 SEBI-PUBLIC Reg. 13(3) of SEBI (PIT) Reg., 1992 IA observed that there has been a change in Noticee’s shareholding above 2.00% on June 18, 2010 and June 28, 2010 and due to such change, the Noticee was under obligation to make disclosure to the Company for these trades within two working days in terms of regulation 13(3) r/w 13(5) of PIT Regulations, 1992. However, Noticee failed to make disclosure to the Company and hence alleged that the Noticee violated provisions of regulation 13(3) 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

Adjudication Order in respect of Prathamesh Girishbhai Babu in the matter of Radhe Developers (India) Ltd. Page 4 of 7 SEBI-PUBLIC on behalf of the Noticee to relevant Department of SEBI regarding rejection of the said consent application. Vide letter dated January 17, 2020 sent and delivered by SPAD, documents sought by Noticee were sent with an advice to reply within 15 days from receipt. Noticee sent a reply dated January 30, 2020 seeking inspection of documents. Inspection request was sent by undersigned AO to the relevant Department vide letter dated February 27, 2020 with a copy to Noticee. Relevant department vide email dated 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, i

Source: SecMarx — sebi:Order/SR/2022-23/38/22682. 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.