sebi:PB/AO-61/2011
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Facts / Headnote
Violation established; penalty of Rs 25,000 imposed under section 15A(b)
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13
- Reg. 13(3)
- Reg. 13(5)
- Reg. 10
- Reg. 13(1)
Holding
The Noticee violated regulation 13(3) read with regulation 13(5) of the PIT Regulations by delayed disclosure of change in shareholding and is liable for monetary penalty under section 15A(b) of the SEBI Act, with a penalty of Rs 25,000 imposed.
Full text
Page 2 of 9 APPOINTMENT OF ADJUDICATING OFFICER 3. The undersigned has been appointed as Adjudicating Officer vide order dated March 24, 2011 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 9 6. The SCN addressed to the Noticee were sent through SPAD. The SCN was received and acknowledged by the Noticee. The Noticee vide letter dated April 25, 2011 replied to the SCN and inter-alia stated that:
Page 4 of 9 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 26, 2011, vide notice dated May 16, 2011 sent through SPAD to the Noticee. The said hearing notice was received and acknowledged by the Noticee. Vide e-mail dated May 19, 2011, Noticee requested for postponement of the hearing to June 08-10, 2011. Accordingly, another opportunity of hearing was given to the Noticee on June 10, 2011. Noticee and Sri Manikyaram Devata, Practicing Company Secretary appeared for the hearing. During the course of hearing, the Noticee reiterated the submissions made vide letter dated April 25, 2011.
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Source: SecMarx — sebi:PB/AO-61/2011. 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.