sebi:PB/AO-34/2010
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violation of regulation 13(6) of PIT Regulations found; monetary penalty of Rs.1,00,000 imposed under section 15A(b) of SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13
- Reg. 6
- Reg. 11
- Reg. 13(6)
- Reg. 13(4)
Holding
The Noticee violated regulation 13(6) of the PIT Regulations by delayed disclosure to BSE on three occasions and is liable for monetary penalty under section 15A(b) of the SEBI Act. A penalty of Rs.1,00,000 was imposed, while the allegation of inconsistency in stamps was not established.
Full text
Page 2 of 12 APPOINTMENT OF ADJUDICATING OFFICER 3. The undersigned has been appointed as Adjudicating Officer vide order dated July 06, 2009 under section 15 I of the SEBI Act read with rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Rules’) to inquire into and adjudge under section 15A(b) of the SEBI Act.
Page 3 of 12 2009 made against it. However, the Noticee admitted there has been unintentional delay on part of the Company in making the disclosure of information of Ms. Nandita Sen, the director of the Noticee regarding the shareholding and changes therein to the Bombay Stock Exchange (BSE). The Noticee in its reply dated April 12, 2010 inter-alia stated :
Page 4 of 12 and there has been unintentional delay on part of the Company in making the disclosure to the BSE.” 7. In the interest of natural justice and in order to conduct an inquiry in terms of rule 4(3) of the Rules, the Noticee was granted an opportunity of personal hearing on May 13, 2010 vide notice dated April 29, 2010. Ms. Anjali Aggarwal, Vice President of Corporate Professionals Capital Private Limited and Ms. Shikha Ruia, Officer, Legal and Compliance of the Noticee, appeared for the hearing on behalf of the Noticee on May 13, 2010. During the course of the hearing, the submissions made vide letter dated April 12, 2010 were reiterated by the Noticee. The Noticee requested for giving time till May 18, 2010 for re-substantiating the position of the Noticee in the matter by filing additional written
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:PB/AO-34/2010. 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.