sebi:PG/AO-05/2011
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Facts / Headnote
Penalty of Rs 2,50,000 imposed for violations of regulations 6(2), 6(4) and 8(3) of Takeover Regulations
Provisions invoked
- s. 15A
- s. 11(2)
- s. 15I
- s. 15J
- s. 15
- s. 6(2)
Regulations
- Reg. 6
- Reg. 8
- Reg. 8(3)
- Reg. 6(1)
- Reg. 6(2)
- Reg. 8(2)
- Reg. 6(4)
- Reg. 8(1)
Parties
- JRIL
Holding
The Noticee violated regulations 6(2), 6(4) and 8(3) of the Takeover Regulations, 1997 by delayed annual disclosures for 1997 to 2007 and was held liable to a total monetary penalty of Rs 2,50,000 under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 15 The said para 6.1.19 of Letter of Offer which highlights the non compliance on the part of JRIL, reads as under:
Page 3 of 15 5. Further, for ten years from 1998 to 2007 the Noticee failed to comply with regulation 8(3) of Takeover Regulations by not disclosing the shareholding of the promoters as well as the persons in control of the company to all the stock exchanges where the shares of the company are listed, within 30 days from the financial year ending March 31st. The details of the delay in disclosing the information are as under:
Page 4 of 15 Show cause notice, reply and personal hearing 7. As required under rule 4 of the Rules, a show cause notice (hereinafter referred to as “SCN”) dated October 25, 2010 was issued to the Noticee to show cause as to why an inquiry should not be held against in terms of the Rules for the alleged contravention regulation 6 (2) & (4) and regulation 8 (3) of Takeover Regulations and penalty be not imposed under Section 15A (b) of the SEBI Act. The Noticee vide letter dated November 29, 2010 to SCN stated that a consent application would be filed and sought 15 days time to respond to SCN. No information has been received regarding filing of consent application. As required under rule 4(3) of the Rules, a notice for personal hearing dated December 21, 2010 was issued to the Noticee informing that a personal hearing was scheduled for January 06, 2011. Vide e-mail dated January 10, 2011, the Noticee forwarded a letter dated January 04, 2011 requesting for adjournment of personal hearing. As requested by the Noticee, personal hearing was postponed to January 17, 2011 and the Noticee was intimated vide hearing notice dated January 11, 2011. On the re-scheduled date of hearing, Mr. Ramesh Mishra, Practising Company Secretary, Ms. Sushma Yadav and Ms. Avani Popat, Authorised Representatives appeared of the Noticee and submitted as follows
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Source: SecMarx — sebi:PG/AO-05/2011. 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.