sebi:PB/AO-69/2011
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Facts / Headnote
Penalty imposed on Noticee for failure to make disclosures under SAST Regulations and PIT Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 13
- Reg. 13(1)
- Reg. 7(2)
Holding
The Noticee violated regulation 7(1) read with regulation 7(2) of SAST Regulations and regulation 13(1) of PIT Regulations by failing to disclose acquisition of 11,00,000 shares (7.60% of FDIL) within the prescribed time, and a monetary penalty of Rs. 1,00,000 was imposed under section 15A(b) of the SEBI Act.
Full text
Page 2 of 12 APPOINTMENT OF ADJUDICATING OFFICER 3. The undersigned has been appointed as Adjudicating Officer vide order dated March 23, 2011 under section 15 I of SEBI Act read with rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) to inquire into and adjudge the alleged violations of provisions of SAST Regulations and PIT Regulations.
Page 3 of 12 4. with regard to Para 3 to Para 6 of the Notice, it is submitted that the same quotes various provisions of the Takeover Regulations and PIT Regulations.
Page 4 of 12 6. 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 July 19, 2011, vide notice dated July 05, 2011 sent through SPAD to the Noticee. The said hearing notice was delivered and acknowledged by the Noticee on July 07, 2011. Mr. Balveer Singh Choudhary, Choudhary & Singhvi, Chartered Accountants, Authorized Representative, (hereinafter referred to as “AR”) appeared on behalf of the Noticee. During the hearing, the AR reiterated the submissions made vide letter dated June 16, 2011 and stated that the violations were technical in nature and requested the undersigned to take a lenient view in the matter.
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Source: SecMarx — sebi:PB/AO-69/2011. 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.