sebi:Order/VV/JR/2019-20/6179
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Facts / Headnote
Penalty of Rs 1,00,000 imposed on Purshottam Khandelwal for non-disclosure of change in shareholding, payable within 45 days
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 28A
Regulations
- Reg. 13(1)
- Reg. 7(1)
- Reg. 7(2)
- Reg. 15A(b)
- Reg. 35(2)
Parties
- Purshottam Khandelwal
Holding
The Noticee Purshottam Khandelwal violated regulation 7(1) read with 7(2) of SAST Regulations, 1997 read with regulation 35(2) of SAST Regulations, 2011 and regulations 13(1) read with 13(3) of PIT Regulations by failing to disclose acquisition crossing 5% and is liable for penalty under section 15A(b) of the SEBI Act, with a penalty of Rs 1,00,000 imposed.
Full text
In the matter of Mefcom Agro Industries Limited Page 2 of 9 APPOINTMENT OF ADJUDICATING OFFICER 2. SEBI vide order dated April 28, 2017 appointed Shri Jeevan Sonparote as the Adjudicating Officer under section 15 I of Securities Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”) read with Rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as “AO Rules”) to inquire into and adjudge the aforesaid allegations under section 15A(b) of the SEBI Act. Pursuant to the transfer of the case, the undersigned was appointed as the Adjudicating Officer vide order dated August 13, 2019.
In the matter of Mefcom Agro Industries Limited Page 3 of 9 CONSIDERATION OF ISSUES AND EVIDENCE 6. I have carefully perused the charges levelled against the Noticees in the SCN and the material / documents available on record. In the instant matter, the following issues arise for consideration and determination:-
In the matter of Mefcom Agro Industries Limited Page 4 of 9 (2) The disclosures mentioned in sub-regulations (1) and (1A) shall be made within two days of,- (a) the receipt of intimation of allotment of shares; or (b) the acquisition of shares or voting rights. as the case may be.
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Source: SecMarx — sebi:Order/VV/JR/2019-20/6179. 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.