sebi:PB/AO-84/2011
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Facts / Headnote
Violation of regulation 13(1) PIT Regulations and regulation 7(1) read with 7(2) SAST Regulations held established and Rs.1,00,000 penalty imposed under section 15A(b) SEBI Act; violation of regulation 10 read with 14 SAST Regulations held not established.
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 13
- Reg. 2(1)(e)
- Reg. 10
- Reg. 13(1)
- Reg. 14
- Reg. 11
- Reg. 2
- Reg. 2(e)
- Reg. 7(2)
- Reg. 2(1)(e)(2)
- Reg. 2(e)(1)
- Reg. 2(1)(e)(1)
Parties
- Padamchand L Jain
Holding
The Noticee violated regulation 13(1) of PIT Regulations and regulation 7(1) read with 7(2) of SAST Regulations by failing to disclose the April 24, 2007 acquisition, but did not violate regulation 10 read with 14 of SAST Regulations as PAC status with Late Ashok Kumar Sethiya and Sethia Gems Pvt. Ltd. was not established; a monetary penalty of Rs.1,00,000 under section 15A(b) was imposed.
Full text
Page 2 of 26 sections 15A(b) and 15H (ii) of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”).
Page 3 of 26 Sethia Gems Pvt. Ltd, M/s Manmohan Gems Pvt. Ltd. and Noticee are persons acting in concert (hereinafter referred to as “PACs”) with a common objective to acquire shares of FDIL.
Page 4 of 26 SAST Regulations, which Noticee had failed to do. Thus, it was alleged that Noticee had violated provisions of regulation 10 read with regulation 14 of SAST Regulations.
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Source: SecMarx — sebi:PB/AO-84/2011. 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.