sebi:PB/AO-62/2011
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Facts / Headnote
Penalty imposed
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 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 “With reference to your Notice no. EAD/PB/RG/12273/2011 dated the 11th April, 2011 we submit the following facts for your consideration and request you to kindly condone the delay in making disclosure under Regulation 13(3) read with Regulation 13(5) of SEBI (Prohibition of Insider Trading) Regulations, 1992 and the delay is unintentional and there is no mala fide intention in any manner:
Page 4 of 9 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. Mr. Mir Ahmed Ali Khan and Sri Manikyaram Devata, Practicing Company Secretary appeared as Authorized Representatives (hereinafter referred to as “ARs”) on behalf of the Noticee for the hearing. During the course of hearing, the ARs reiterated the submissions made vide letter dated April 25, 2011.
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Source: SecMarx — sebi:PB/AO-62/2011. 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.