sebi:PB/AO/44-47/2012
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Facts / Headnote
Alleged violations of regulation 7(1) read with 7(2) and regulation 8(2) of SAST Regulations examined; disclosures to stock exchanges found made, but disclosures to the company not proved to have been received.
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 8
- Reg. 8(3)
- Reg. 8(2)
- Reg. 7(3)
- Reg. 7(2)
Parties
- M/s Pramol Traders Holding Private Limited
- Prakash K Bhagwati
- Amol Bhagwati
- M/s Inspiron Engineering Private Limited
Holding
The Adjudicating Officer found that Pramol had made the disclosures required under regulation 7(1) read with regulation 7(2) of the SAST Regulations to BSE and ASE, but found that Pramol, Prakash, Amol and Inspiron had failed to establish that they made disclosures to SIL under regulation 8(2) as required, since no proof of delivery or acknowledgement from SIL was produced.
Full text
Page 2 of 31 2. Securities and Exchange Board of India (hereinafter referred to as “SEBI”) examined the letter of offer pertaining to the aforesaid open offer and alleged that M/s Pramol Traders Holding Private Limited (hereinafter referred to as “Pramol”) had violated regulation 7(1) read with regulation 7(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as ‘SAST Regulations’) and Pramol, Prakash K Bhagwati (hereinafter referred to as “Prakash”), Amol Bhagwati (hereinafter referred to as “Amol”) & M/s Inspiron Engineering Private Limited (hereinafter referred to as “Inspiron”) had violated regulation 8(2) of SAST Regulations and therefore consequently, liable for monetary penalty under section 15A(b) of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”).
Page 3 of 31 were delivered to Pramol, Prakash, Amol and Inspiron as per the signed acknowledgement cards received. 5. Pramol, Prakash, Amol and Inspiron through common letter dated March 07, 2012, requested time till April 15, 2012 to submit reply in the matter. Mr. Prakash K Pandya, proprietor of P.K. Pandya & Co., Practicing Company Secretary, Authorized Representative of Pramol, Prakash, Amol and Inspiron, (hereinafter referred to as “AR”) vide letter dated March 30, 2012 submitted reply in the matter on behalf of Pramol, Prakash, Amol and Inspiron. AR vide reply dated March 30, 2012 denied the alleged violation of provisions of regulation 7(1) read with regulation 7(2) of SAST Regulations by Pramol and the violation of provisions of regulation 8(2) of SAST Regulations by Pramol, Prakash, Amol and Inspiron and stated that Pramol, Prakash, Amol and Inspiron had complied with the SAST Regulations.
Page 4 of 31 behalf of Pramol, Prakash, Amol and Inspiron vide letter dated May 28, 2012 submitted additional written submissions in the matter.
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Source: SecMarx — sebi:PB/AO/44-47/2012. 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.