sebi:PG/AO-112/2011
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Facts / Headnote
Penalty of Rs. 2,50,000 imposed under Section 15A(a) for violation of Section 11C(2), (3) and (5)
Provisions invoked
- s. 24
- s. 15A
- s. 15
- s. 12
- s. 15I
- s. 15J
- s. 15H
- s. 11C(6)
- s. 11C
- s. 11C(2)
Regulations
- Reg. 13
- Reg. 199
- Reg. 6
Parties
- Chandrakant Keru Shinde
Holding
The Noticee violated Section 11C(2), (3) and (5) of the SEBI Act by furnishing incomplete information and failing to comply with summonses, and is liable to a monetary penalty of Rs. 2,50,000 under Section 15A(a).
Full text
Page 2 of 15 entities had transferred / received shares in off market transactions. In all, 70,78,108 shares have been transacted off-market amongst the entities in question. Chandrakant Keru Shinde (“CS/Noticee”) was also one of the entities who had undertaken off market transfer in the shares of IPSE.
Page 3 of 15 violations specified in the said SCN. No reply was received from the Noticee in the stipulated period. 7. In the interest of natural justice and in order to conduct an inquiry as per rule 4(3) of the Rules, the Noticee was granted an opportunity of hearing on August 22, 2011 vide notice dated August 04, 2011. The Noticee, through its representatives, M/s Mindspright Consultants sought adjournment of hearing which was granted.
Page 4 of 15 9. The Noticee was granted another opportunity of hearing on September 20, 2011 vide notice dated September 09, 2011. Mr. Ankit Lohia, advocate along with Ms Pragati Shetty from Mindspright Consultants appeared on behalf of the Noticee and submitted that the SCN does not make out a case that how the investigation was hampered due to the Noticee’s non appearance.
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Source: SecMarx — sebi:PG/AO-112/2011. 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.