sebi:PG/AO/97/2011
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Facts / Headnote
Violation established; monetary penalty imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 12
- s. 4A
Regulations
- Reg. 12
- Reg. 12(1)
- Reg. 12(2)
Parties
- Man Industries (India) Ltd
Holding
The Noticee violated Regulation 12(1) read with Clause 3.2 of Part A of Schedule I and Regulation 12(2) read with Clause 2.0 of Schedule II of the PIT Regulations by failing to close the trading window for UPSI on substantial orders and by delayed disclosure of PSI, and a total monetary penalty of Rs. 33,00,000 was imposed under Section 15HB of the SEBI Act.
Full text
Page 2 of 16 2. SEBI conducted investigation into the affairs of the Noticee for the period June 01, 2010 to September 30, 2010 (hereinafter referred to as the ‘investigation period’) based on the said complaint to ascertain whether any provisions of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the ‘SEBI Act’) and PIT Regulations have been violated during the investigation period. It was observed that the Noticee had informed BSE on May 08, 2010 that a Board meeting would be held on May 18, 2010 to inter alia consider and recommend final dividend. The Noticee also made an announcement on May 18, 2010 that the Board of Directors had recommended dividend of 35%. The Noticee also made various other corporate announcements during the investigation period, the details of which and their impact on the price of the scrip are as follows: (Source: www.bseindia.com) Date of announcement Announcement Impact on price of the scrip (Figures are for BSE. Figures within brackets and italicized represent NSE) June 16, 2010 (Wednesday) @ 3:57:39 PM The Board of Directors of the Company at its meeting held on June 15, 2010, has considered and approved the allotment of 2,50,000 Equity Shares of Rs. 5/- each at a premium of Rs. 30/- per share to Mr. Nikhil Mansukhani, a promoter, upon conversion of 2,50,000 number of warrants into equivalent number of equity shares by way of preferential allotment. The scrip opened on June 17, 2010 at `86.85 (`87.20), touched a
Page 3 of 16 approved the following: 1. Adoption of the Audited Balance Sheet as at March 31, 2010 and the Profit & Loss Account for the year ended as on that date and the Reports of Auditors and Directors thereon.
Page 4 of 16 `106.55 (`106.90), touched an intraday high and low of `108.90 (`109.40) and `104.75 (`104.50) resp. before closing at `105.25 (`105.20) [previous closing `105.55 (`105.65)]. The scrip opened 0.95% (1.18%) higher than its last closing price. 3, 38, 601 (4, 61, 084) shares were traded on September 08,
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Source: SecMarx — sebi:PG/AO/97/2011. 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.