sebi:PB/AO-86/2011
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Facts / Headnote
Penalty of Rs.1,00,000 imposed for disclosure violations; charge under regulation 10 read with 14 not established
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- 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(e)
- Reg. 7(2)
- Reg. 2(1)(e)(2)
- Reg. 2(e)(1)
- Reg. 2(1)(e)(1)
Parties
- M/s Sethia Gems Pvt. Ltd.
Holding
The Noticee violated regulation 13(1) of PIT Regulations and regulation 7(1) read with regulation 7(2) of SAST Regulations and is liable to Rs.1,00,000 penalty under section 15A(b); it did not violate regulation 10 read with regulation 14 of SAST Regulations as it was not acting in concert with Padamchand L Jain and Manmohan Gems Pvt. Ltd.
Full text
Page 2 of 25 sections 15A(b) and 15H (ii) of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”).
Page 3 of 25 brother of one Mr. Pukharaj Pokharna. Mr. Pukharaj Pokharna had admitted in his written statement dated December 16, 2010 that he had carried out all the activities of M/s Guru Share Brokers Pvt. Ltd. on behalf of his wife Ms. Pramila Pokharna. Thus, it was alleged, that Late Ashok Kumar Sethiya, Noticee, M/s Manmohan Gems Pvt. Ltd. and Mr. Padamchand L Jain are persons acting in concert (hereinafter referred to as “PACs”) with a common objective to acquire shares of FDIL.
Page 4 of 25 15% specified under regulation 10 of SAST Regulations, on April 24, 2007, were required to make a public announcement of offer to acquire shares of FDIL in accordance with the relevant provisions of SAST Regulations within 4 working days from April 24, 2007 as per the provision of regulation 14 of 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-86/2011. 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.