sebi:Order/VV/NK/2021-22/12283
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Facts / Headnote
No violation established; no penalty imposed; matter disposed of
Provisions invoked
- s. 15A
- s. 15
Regulations
- Reg. 13
- Reg. 13(3)
- Reg. 29(1)
- Reg. 13(5)
- Reg. 29(2)
- Reg. 29
- Reg. 201
Parties
- IFCI Ltd.
Holding
No violation of Regulation 29(1), 29(2) read with 29(3) of the SAST Regulations and Regulation 13(3) read with 13(5) of the PIT Regulations was committed by IFCI Ltd., and no penalty under Section 15A(b) of the SEBI Act was warranted.
Full text
Adjudication Order in respect of IFCI Ltd. in the matter of Glodyne Technoserve Ltd. Page 2 of 19 Noticee. Aggrieved by the said Adjudication Order, the Noticees filed an Appeal No. 82 of 2018 before the Hon’ble Securities Appellate Tribunal (hereinafter be referred to as, the “Hon’ble SAT”).
Adjudication Order in respect of IFCI Ltd. in the matter of Glodyne Technoserve Ltd. Page 3 of 19 be not imposed against it under section 15A (b) of the SEBI Act, for the alleged violation of failure to make the required disclosures upon acquisition / invocation of shares of GTL, in contravention of provisions of regulation 29 (1), 29(2) read with 29(3) of the SAST Regulations and regulation 13(3) read with 13 (5) of the PIT Regulations. The brief / core allegation levelled under SCN against the Noticee is as under.
Adjudication Order in respect of IFCI Ltd. in the matter of Glodyne Technoserve Ltd. Page 4 of 19 PIT Regulations 13 (1) Any person who holds more than 5% shares or voting rights in any listed company shall disclose to the company in Form A, the number of shares or voting rights held by such person, on becoming such holder, within 2 working 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. 13 (3) Any person who holds more than 5% shares for voting rights in any listed company shall disclose to the company in Form C the number of shares or voting rights held and change in shareholding or voting rights, even if such change results in shareholding falling below 5%, if there has been change in such holdings from the last disclosure made under sub-regulation (1) or under this sub-regulation; and such change exceeds 2% of total shareholding or voting rights in the company. 13 (5) The disclosure mentioned in sub-regulations (3), (4) and (4A) shall be made within two working days of : (a) the receipts of intimation of allotment of shares, or (b) the acquisition or sale of shares or voting rights, as the case may be. Page 4 of 16
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Source: SecMarx — sebi:Order/VV/NK/2021-22/12283. 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.