sebi:PG/AO/56/2012
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Facts / Headnote
Violation found; penalty of Rs. 1,00,000 imposed under Section 15HA
Provisions invoked
- s. 15
- s. 12A
- s. 12
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 4(2)(f)
- Reg. 3(a)
- Reg. 3(c)
- Reg. 3(b)
- Reg. 3(d)
Parties
- Shri Raman Chopra
Holding
Shri Raman Chopra violated Regulations 3(a), (b), (c) & (d), 4(1) and 4(2)(f) of PFUTP Regulations read with Section 12A(a), (b) & (c) of SEBI Act and is liable for monetary penalty under Section 15HA of SEBI Act, with a penalty of Rs. 1,00,000 imposed.
Full text
Page 2 of 14 December, 2008. Shri Raman Chopra, Executive Director – Finance, GHCL (“RC/Noticee”) was looking after finance, legal and secretarial functions at GHCL and was allegedly responsible for incorrect filings and disclosures with the Stock Exchanges.
Page 3 of 14 was given 2 weeks to file his reply and was given an opportunity of personal hearing on January 11, 2012. The Noticee vide his letter dated January 6, 2012 sought certain documents in order to file a reply to the SCN. The Noticee did not appear for the hearing on January 11, 2012. The Noticee was sent relevant documents vide Notice dated January 30, 2012 and was granted another opportunity of personal hearing on February 14, 2012. The Noticee vide letter dated February 9, 2012 sought an extension of eight weeks to file his reply. Further, the Noticee vide letter dated February 14, 2012 submitted that he wishes to avail the consent proceedings. The Noticee was granted another opportunity of personal hearing on April 13, 2012 at SEBI, Mumbai vide Notice dated April 2,
Page 4 of 14 GHCL sought another legal opinion and the opinion also agreed to the first legal opinion. When the Noticee took charge at GHCL, he sought another legal opinion on the issue whether GHCL was correct in accepting such requests from the promoter entities. The legal opinion confirmed that GHCL was correct in accepting such requests and making disclosures under clause 35 of listing agreement based on written requests by GHCL promoters.
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Source: SecMarx — sebi:PG/AO/56/2012. 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.