sebi:PG/AM/AO-27-31/2012

SEBI · SEBI · 2010-03-10 · Piyoosh Gupta, Adjudicating Officer

Reviewed by Varun Matlani, Advocate — Securities Lawyer practicing in SAT and SEBI

Facts / Headnote

Violations of Regulations 6(3), 8(2) and 10 of SAST Regulations, 1997 found; violation of Regulation 11(1) not found; joint and several monetary penalty imposed

Provisions invoked

s. 15A
s. 15
s. 15H
s. 15J

Regulations relied on

SEBI (SAST) Regulations, 2011 — 35(2)

Parties

Mahipal Gupta
Mahipal Gupta HUF
Usha Gupta
Amit Gupta
Adarsh Gupta

Holding

Noticees violated Regulations 6(3), 7(1A) and 8(2) and Regulation 10 of SAST Regulations, 1997 by acquiring 16,19,820 (17.13%) shares on February 19, 2010 without public announcement after losing Regulation 3(1)(e) exemption, but did not violate Regulation 11(1); a total penalty of Rs. 8,00,000 on joint and several basis was imposed.

Full text

Adjudication Order in respect of Mahipal Gupta, Mahipal Gupta HUF, Usha Gupta, Amit Gupta and Adarsh Gupta in the matter of Autolite (India) Limited

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Source: SecMarx — sebi:PG/AM/AO-27-31/2012. 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.