sebi:PB/AO-42/2011
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Facts / Headnote
Monetary penalty of Rs. 1,00,000 imposed on the Noticee under Section 15A(b) of the SEBI Act, 1992
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 13
- Reg. 13(1)
- Reg. 13(3)
- Reg. 5
- Reg. 13(5)
- Reg. 12
- Reg. 29
- Reg. 7(2)
- Reg. 8
- Reg. 10
- Reg. 1
- Reg. 20
- Reg. 24
- Reg. 22
- Reg. 19
- Reg. 28
Parties
- Krishna Gopal Motilal Chandak
Holding
The Noticee violated regulation 7(1) read with regulation 7(2) of SAST Regulations and regulations 13(1), 13(3) read with regulation 13(5) of PIT Regulations and is consequently liable for monetary penalty under section 15A(b) of the SEBI Act, 1992.
Full text
Page 2 of 14 consequently, liable for monetary penalty under section 15A(b) of the SEBI Act, 1992 (hereinafter referred to as “SEBI Act”).
Page 3 of 14 January 11, 2011 requested for adjournment of hearing. Acceding to the request of the Noticee, third opportunity of hearing was granted to the Noticee on January 17, 2011 vide letter dated January 12, 2011. Mr. Krishna Gopal Motilal Chandak appeared on January 17, 2011 and submitted inter-alia as under: “In regards to violation of the provisions of regulation 7(1) read with 7(2) of SAST Regulations and regulation 13(1), 13(3) read with 13(5) of PIT Regulations. I like to submit that I had made all disclosures to the company and Bombay Stock Exchange. Please also note that the disclosures were made to the best of my knowledge. Please also note that shares were purchased by me and the amount was financed by M/s Religare Finvest Ltd.”
Page 4 of 14 8. As no information about disclosure was forthcoming from the Noticee even after lapse of two months, there was no choice but to seek the information from other sources. Therefore, information was sought directly from Bombay Stock Exchange Limited (hereinafter referred to as “BSE”), Calcutta Stock Exchange Limited (hereinafter referred to as “CSE”) and JK vide letters dated March 08, 2011.
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Source: SecMarx — sebi:PB/AO-42/2011. 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.