sebi:Order/SR/PP/2020-21/8002-8004/27-29
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Facts / Headnote
Violation of regulation 3(2) established; penalty of Rs. 25,00,000 imposed jointly and severally
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 28A
- s. 2(1)
Regulations
- Reg. 5
- Reg. 29(1)
- Reg. 2(1)(q)
- Reg. 3(2)
Parties
- Promoters of Knitworth Exports Ltd.
Holding
The Noticees, as persons acting in concert, violated regulation 3(2) of the Takeover Regulations by failing to make an open offer after their collective shareholding increased from 52.16% to 61.11% and are liable to a penalty of Rs. 25,00,000 jointly and severally under section 15H(ii) of the SEBI Act.
Full text
Adjudication Order in respect of promoters of Knitworth Exports Ltd. in the matter of Knitworth Exports Ltd. . Page 2 of 11 open offer under regulation 3(2) of Takeover Regulations when there was a trigger of open offer on October 12, 2012. The shares of KEL were listed at Bombay Stock Exchange and Calcutta Stock Exchange during relevant time.
Adjudication Order in respect of promoters of Knitworth Exports Ltd. in the matter of Knitworth Exports Ltd. . Page 3 of 11
Adjudication Order in respect of promoters of Knitworth Exports Ltd. in the matter of Knitworth Exports Ltd. . Page 4 of 11 Bentinck street, 4th floor, Kolkata-700069. Thereafter, vide letter dated December 09, 2019 SCN was served on the Noticees at their alternate address i.e. 44A, Lake Place, Kolkata- 700029. Noticees in response to the letter dated December 09, 2019 vide their separate but identical letters dated January 15, 2020 stated that “the authorized person who is aware of the facts of the case is travelling and we are still in the process of appointing an Authorized Person thus requested three week’s time for filing reply to the SCN”. Vide letter dated January 17, 2020, Noticees were informed of appointment of undersigned Adjudicating Officer in the matter and also advised to file reply to the SCN in 15 days from receipt of the letter. Vide email and letter dated February 20, 2020 Noticees were again advised to file reply to the SCN by February 25, 2020 and an opportunity of hearing is granted on February 26, 2020. Vide another letter dated March 18, 2020 and email dated March 20, 2020 Noticees were once again advised to reply to the SCN by March 31, 2020 and attend the hearing on April 21, 2020. Thereafter, vide emails dated April 28, 2020 addressed to the Noticees, it was mentioned that Noticees has neither replied nor availed of an opportunity of hearing. Thus, one last opportunity was provided vide said email to the Noticees to avail an opportunity of hearing o
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Source: SecMarx — sebi:Order/SR/PP/2020-21/8002-8004/27-29. 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.