sebi:PG/AO/01/2018
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Facts / Headnote
Penalty of Rs. 10,00,00,000 imposed jointly and severally on the Noticees for violation of Regulation 11(1) read with Second proviso to Regulation 11(2) of the SAST Regulations
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 11
- Reg. 2
- Reg. 11(1)
- Reg. 11(2)
Parties
- Anita Mansukhani
- Nikhil Mansukhani
- JPA
Holding
The Noticees, as members of two promoter groups of MIL, were acting in concert while acquiring shares, and their combined shareholding breached the 55% threshold under Regulation 11(1) read with Second proviso to Regulation 11(2) of the SAST Regulations without making a public announcement, warranting a penalty of Rs. 10 crore under Section 15H of the SEBI Act.
Full text
Page 2 of 22 Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as ‘PIT Regulations’). The shares of the company are listed on the Bombay Stock Exchange and the National Stock Exchange (hereinafter collectively referred as “exchange”). The Global Depository Receipts (GDR) of the company are listed on NASDAQ, Dubai and bonds issued by the company are listed on Singapore Stock Exchange (SSE).
Page 3 of 22 make public announcement to acquire shares in accordance with the SAST Regulations. 4. The Noticees replied to the SCN on July 19, 2011 (by NM) & June 20, 2011 (by AM and JPA) and also appeared for hearing through their representatives. Considering the
Page 4 of 22 HEARING AND REPLY 7. The Noticees were given an opportunity of personal hearing vide letter dated August 31, 2018 on September 19, 2018. In response to the Hearing Notice, JPA and AM vide letters dated September 11, 2018 sought a copy of appointment order of the AO. NM vide e-mail dated September 14, 2018 sought an adjournment of hearing. The copy of the first appointment order as sought by JPA and AM was provided to them vide email dated September 17, 2018. Further, the Noticees were informed that the hearing has been rescheduled on October 10, 2018. JPA and AM sought another adjournment vide e-mail dated October 4, 2018. JPA and AM were informed vide e-mail dated October 9, 2018 that the hearing has been rescheduled on October 25, 2018.
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Source: SecMarx — sebi:PG/AO/01/2018. 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.