sebi:PB/AO-23/2011
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Facts / Headnote
Violation established; monetary penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 7(3)
- Reg. 7(2)
Holding
The Noticee violated regulation 7(1) read with regulation 7(2) of SAST Regulations by failing to disclose acquisition of 25,50,000 shares constituting 14.57% of ETP, and is liable for penalty under section 15A(b) of the SEBI Act. A monetary penalty of Rs. 50,000 was imposed.
Full text
Page 2 of 9 APPOINTMENT OF ADJUDICATING OFFICER 3. The undersigned has been appointed as Adjudicating Officer vide order dated September 22, 2004 under section 15 I of the SEBI Act read with rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) to inquire into and adjudge under section 15A(b) of the SEBI Act.
Page 3 of 9 I. Information sent to BSE by ETP in terms of Regulation 7(3) of SAST Regulations and forwarded to SEBI vide letter dated July 28, 2004
Page 4 of 9 the Noticee, a final opportunity of hearing was granted to the Noticee at the Western Regional Office (WRO,SEBI) of SEBI, at Ahmedabad on March 18, 2011 at 12:00 Noon vide letter dated March 07, 2011. However, on March 18, 2011 one Mr. Mayukh Pandya, who came to the office of WRO SEBI, mentioned that he had come on behalf of the Noticee and stated orally that the Noticee had already filed for consent in the matter about a month back. As no intimation in this regard was available in the records of the undersigned as well as SEBI, Mr. Mayukh Pandya was asked to check his records and confirm about the filing of consent application by the Noticee. At this juncture, Mr. Pandya sought time to go back to his office to check his records and stated that he would be back with the information at 2:30 p.m. However, Mr. Pandya, nor any other person on behalf of the Noticee, appeared before the undersigned thereafter. In the above circumstances, no hearing with regard to the adjudication proceedings could take place. Further, as of date the Noticee has not come back with any information with regard to filing of its consent application in the matter.
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Source: SecMarx — sebi:PB/AO-23/2011. 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.