sebi:PB/AO-53/2010
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Facts / Headnote
Penalty imposed on Noticee
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)
Parties
- Arihant Superstructures Limited (formerly Shaktiman Construction Limited)
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 2005 and 2007, attracting liability under section 15A(b) of SEBI Act. A monetary penalty of Rs. 1,00,000 was imposed on the Noticee.
Full text
Page 2 of 13 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 2005 and 2007.
Page 3 of 13 per regulation 8(3) of SAST Regulations as against the due date of compliance with a delay. Thus, it was alleged that Noticee had failed to comply with regulation 8(3) of SAST Regulations for the years 1998 to 2005 and 2007. The details of delay in this regard are as under:
Page 4 of 13 Subsequently, following a Share Purchase agreement by Mr. Rajesh Shankarlal Kakani and Smt. Rachana Rajesh Kakani and an open offer in December 2005, there was a change in the controlling interest and Mr. Rajesh Shankarlal Kakani and Smt. Rachana Rajesh Kakani became the promoters of the company. The existing promoters of the company Mr. Ashok Chhajer and Mrs. Sangeeta Chhajer had entered into a Share Purchase agreement with Mr. Rajesh Shankarlal Kakani and Smt. Rachana Rajesh Kakani and subsequently made an open offer under SAST Regulations, prior to acquiring the controlling interest in the company.
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Source: SecMarx — sebi:PB/AO-53/2010. 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.