sebi:PB/AO-138/2010
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Facts / Headnote
Violation established; monetary penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 6
- Reg. 8
- Reg. 8(3)
- Reg. 6(1)
- Reg. 6(2)
- Reg. 8(1)
Holding
The Noticee failed to comply with regulations 6(2) and 6(4) of SAST Regulations for 1997 and regulation 8(3) for financial years 1998 to 2008 and is liable for monetary penalty under section 15A(b) of the SEBI Act. A monetary penalty of Rs.1,00,000 was imposed.
Full text
Page 2 of 12 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 the Noticee had failed to comply with regulations 6(2) and 6(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as “SAST Regulations”) for the year 1997 and regulation 8(3) of SAST Regulations for the financial years 1998 to 2008.
Page 3 of 12 required as per regulation 8(3) of SAST Regulations till date as against the due date of compliance i.e. within 30 days from the end of the financial year ending March 31. Thus, it was alleged that Noticee had failed to comply with regulation 8(3) of SAST Regulations for the years 1998 to 2008. The details of delay in this regard are as under:
Page 4 of 12 Noticee had requested time till July 06, 2010 to submit the reply to the SCN. It is observed from the documents available that the Noticee had not replied to the SCN.
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Source: SecMarx — sebi:PB/AO-138/2010. 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.