sebi:Order/SR/SM/2020-21/9347

SEBI · SEBI · 2020-02-28 · Sangeeta Rathod, Adjudicating Officer

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Facts / Headnote

Violations established; penalty of Rs. 3,00,000 imposed on the Noticee under section 15A(b) of the SEBI Act, 1992.

Provisions invoked

Regulations

Parties

Holding

The Noticee, Krishan Kumar Khadaria, was found to have violated regulation 13(1) of PIT Regulations, 1992, regulations 13(3), 13(4) & 13(4A) r/w 13(5) of PIT Regulations, 1992 read alongwith regulation 12(2) of PIT Regulations, 2015 and regulations 29(1) & 29(2) r/w 29(3) of SAST Regulations, 2011 by failing to make prescribed disclosures for off-market transactions on 09.11.2011, 25.11.2011 and 18.01.2012. A penalty of Rs. 3,00,000 was imposed under section 15A(b) of the SEBI Act, 1992.

Full text

Adjudication Order in respect of Krishan Kumar Khadaria in the matter of Nouveau Global Ventures Ltd. Page 2 of 17 2. Based on the examination, OD initiated adjudication proceedings against the Noticee. In this regard, it prima facie appeared to the Competent Authority that the Noticee has violated provisions of regulation 13(1) of PIT Regulations, 1992, regulations 13(3), 13(4) & 13(4A) r/w 13(5) of PIT Regulations, 1992 r/w regulation 12(2) of PIT Regulations, 2015 and regulations 29(1) & 29(2) r/w 29(3) of SAST Regulations, 2011 and he was satisfied that there are sufficient grounds to adjudge under section 15A(b) of The Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the SEBI Act, 1992) for the alleged violations of the Noticee appointed Ms. Sangeeta Rathod (undersigned) as Adjudicating Officer (in short AO), under section 15-I of the SEBI Act, 1992 r/w rule 3 of Securities and Exchange Board of India (Procedure for Holding Inquiry 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, the alleged violations of provisions of regulation 13(1) of PIT Regulations, 1992, regulations 13(3), 13(4) & 13(4A) r/w 13(5) of PIT Regulations, 1992 r/w regulation 12(2) of PIT Regulations, 2015 and regulations 29(1) & 29(2) r/w 29(3) of SAST Regulations, 2011. The same was conveyed to me vide communique dated February 28, 2020.

Adjudication Order in respect of Krishan Kumar Khadaria in the matter of Nouveau Global Ventures Ltd. Page 3 of 17 pandemic. Acceding the request of the Noticee, vide hearing notice dated June 30, 2020, Noticee was advised to reply to the SCN by July 20, 2020 and an opportunity of hearing was granted to the Noticee on July 22, 2020. The said hearing was sent through digitally signed e-mail at krishankhadaria@gmail.com. However, no reply received from the Noticee. Vide e-mail dated August 28, 2020, Noticee was advised to reply to the SCN by September 11, 2020 and another opportunity of hearing was scheduled on September 17, 2020. Noticee vide e-mail dated September 15, 2020 replied to the SCN attaching a letter dated September 15, 2020 and confirmed that the aurhorized representative (AR) will attend the hearing scheduled on September 17, 2020. The AR attended the hearing through online i.e. webex and telephone and reiterated the submissions made by the Noticee in the aforesaid e-mail. The AR requested for additional time to submit additional information and acceding the request of the Noticee, time given till September 24, 2020 to submit the information/documents. Hearing minutes are on record. Noticee vide e-mail September 28, 2020 submitted the additional information. Proof of delivery of all the outgoing e-mails mentioned herein from the Adjudicating Officer, is available on record.

Adjudication Order in respect of Krishan Kumar Khadaria in the matter of Nouveau Global Ventures Ltd. Page 4 of 17 Date of transac tion Pre- transactio n holding No. of shares (% of shareholdi ng) Transacti on quantity (buy/sale ) (mode of transacti on) Post- transactio n holding No. of shares (% of shareholdi ng) Transaction value Disclosure Requirement Disclosure made 09.11.1 1 6521000 (3.51%) 6264191 (buy) Off- market 12785191 (6.89%) - Reg. 13(1), 13(4) & 13(4A) of PIT Regulations, 1992 and Reg. 29(1) of SAST Regulations 2011 Not made 25.11.1 1 12785191 (6.89%) 6264191 (sale) Off- market 6521000 (3.51%) - Reg. 13(3), 13(4) and 13(4A) of PIT Regulations, 1992 and Reg. 29(2) of Takeover Regulations 2011 Not made 18.01.1 2 6521000 (3.51%) 6264191 (buy) Off- market 12785191 (6.89%) 23,240,207.8 2 Reg. 13(1), 13(4) & 13(4A) of PIT Regulations, 1992 and Reg. 29(1) of SAST Regulations, 2011 Disclosure made on 25.01.2012 under PIT Regulations. 1992 and on 24.01.12 under SAST Regulations, 2011

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