sebi:Order/SR/PP/2019-20/6609/157

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

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Facts / Headnote

Adjudication proceedings disposed of without imposing any monetary penalty; allegations not established.

Provisions invoked

• s. 15
• s. 12A
• s. 15G
• s. 15J
• s. 12
• s. 4A

Regulations

• Reg. 12(1)
• Reg. 3(i)
• Reg. 3
• Reg. 4
• Reg. 11
• Reg. 12(2)

Parties

• Abhijit Rajan

Holding

The Adjudicating Officer held that the allegations against Abhijit Rajan were not established and disposed of the adjudication proceedings without imposing any monetary penalty. The finding was based on the SAT order dated November 08, 2019 which held that the termination of shareholders' agreements with Simplex was not price sensitive information.

Full text

Adjudication order in respect of Abhijit Rajan in the matter of Gammon Infrastructure Projects Ltd. . Page 2 of 20 . Regulations, 1992) in the matter of GIPL. OD initiated adjudication proceedings against Abhijit Rajan (hereinafter referred to as the Noticee), to inquire into and adjudge under sections 15G and 15HB of Securities and Exchange Board of India Act, 1992 (in short SEBI Act), the alleged violations of provisions of section 12A(d) and (e) of the SEBI Act and regulation 3(i) and 3(ii) read with (r/w) regulation 4 of PIT Regulations, 1992 and regulation 12(2) of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 (in short PIT Regulations, 2015) and clause 1.2 & 3.2.1 of the model code of conduct for prevention of insider trading r/w regulation 12(1) of the PIT Regulations, 1992 and regulation 12(2) of the PIT Regulations, 2015 & clause 2.1 of the code of corporate disclosure practices for prevention of insider trading under schedule II r/w regulation 12(2) of the PIT Regulations, 1992 and regulation 12(2) of the PIT Regulations, 2015 by the Noticee.

Adjudication order in respect of Abhijit Rajan in the matter of Gammon Infrastructure Projects Ltd. . Page 3 of 20 . Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 (in short PIT Regulations, 2015) and clause 1.2 & 3.2.1 of the model code of conduct for prevention of insider trading r/w regulation 12(1) of the PIT Regulations, 1992 and regulation 12(2) of the PIT Regulations, 2015 & clause 2.1 of the code of corporate disclosure practices for prevention of insider trading under schedule II r/w regulation 12(2) of the PIT Regulations, 1992 and regulation 12(2) of the PIT Regulations, 2015 by the Noticee.

Adjudication order in respect of Abhijit Rajan in the matter of Gammon Infrastructure Projects Ltd. . Page 4 of 20 . (Director (Maa Durga), Mr. Kunj Rajgaria (Manager- Finance, Simplex), Mr. Atindra Basu (Director, Maa Durga) 07/08/2013 Circulation of Agenda for Board meeting to be held on 09/08/2013. Agenda included item "Disassociation with Simplex Infrastructure in Vijayawada Gundugolanu Project and Maa Durga Project" Agenda circulated to Board of Directors of GIPL. 09/08/2013 Meeting of Board of Directors; Approval taken to terminate the two shareholders agreement with Simplex for the two projects. The directors of GIPL 30/08/2013 Execution of Termination. Two agreements signed Mr. Salil Chakravarty (Director, Maa Durga), Mr. Neeraj Vijay (Head- Roads, GIPL) 03/09/2013 Intimation to Stock Exchange Mr. Sathis Chandran (Company Secretary, GIPL). Information was made public on BSE website at 13:05 hrs and on NSE website at 14:40 hrs.

Source: SecMarx — sebi:Order/SR/PP/2019-20/6609/157. 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.