sebi:PG/AO-55/2010
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Facts / Headnote
Violation found; penalty of Rs. 1,00,000 imposed ex-parte
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
Regulations
- Reg. 7(1)
- Reg. 13
- Reg. 13(1)
- Reg. 13(3)
- Reg. 13(5)
- Reg. 7(2)
Parties
- Arvind Babulal Goyal
Holding
The Noticee violated regulation 7(1) read with regulation 7(2) of SAST Regulations and regulations 13(1), 13(3) and 13(5) of PIT Regulations and was held liable for penalty under section 15A(b) of the SEBI Act, 1992.
Full text
Page 2 of 11 2. The shares of BLIL are listed at Bombay Stock Exchange (BSE). Total paid-up equity share capital / voting capital of the Company was 78,12,000 shares as on June 30, 2005. It was observed that Mr. Arvind Babulal Goyal (hereinafter referred to as “ Noticee”) traded in the scrip of BLIL through Joindre Capital Services Ltd. (Member, BSE) during the period June 29, 2005 to July 29, 2005. As per records, the Noticee is staying at New Vora House, 2nd Floor, GP Road, Goregaon (West), Mumbai-400062. With the acquisition of 68,251 shares (0.88% of paid up capital) on July 06, 2005, the shareholding of the Noticee in BLIL increased from 3,60,383 (4.61%) to 4,28,634 shares (5.49%) of BLIL which was more than 5% shareholding/voting capital of the Company. Subsequently, the Noticee had sold certain shares and his shareholding came down below 5 % of the paid up capital of BLIL.
Page 3 of 11 the transfer of Mr. VS Sundaresan, the undersigned was appointed as Adjudicating Officer, vide Order dated November 12, 2009 under section 15I of SEBI Act, 1992 to inquire into and adjudge under section 15A(b) of SEBI Act, the alleged violations of the specified provisions of SAST Regulations and PIT Regulations by Arvind Babulal Goyal as observed during the investigation conducted by SEBI into the trading in the scrip of BLIL. SHOW CAUSE NOTICE, HEARING AND REPLY
Page 4 of 11 “Hindustan Times” (English edition) on June 10, 2010 and in Hindi edition on June 11, 2010. However, the Noticee neither appeared nor made any submissions. Subsequently, another notice of hearing dated October 06, 2010 granting hearing on October 22, 2010 was forwarded for delivery at the last known address of the Noticee. As the noticee was not found, the same was affixed at the premises on October 08, 2010. The noticee neither appeared for the hearing nor made any submissions.
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Source: SecMarx — sebi:PG/AO-55/2010. 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.