sebi:PG/AO-6/2011
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Facts / Headnote
Penalty of Rs. 1,00,000 imposed under Section 15A(b) of SEBI Act, 1992 for violation of Regulation 13(3) of PIT Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13
- Reg. 13(1)
- Reg. 13(3)
- Reg. 13(5)
- Reg. 02
Parties
- Mr. Tejinder Singh
Holding
Mr. Tejinder Singh violated Regulation 13(3) of the PIT Regulations by failing to make timely disclosures on three occasions when his shareholding fell by more than 2% and is liable to a penalty of Rs. 1,00,000 under Section 15A(b) of the SEBI Act, 1992.
Full text
Page 2 of 11 Quarter ended Shares held %age of paid up capital Jun 09 15,000,000 15.00 Sep 09 11,664,144 11.66 Dec 09 2,272,828* 11.36 Mar 10 1,844,728 9.22 Jun 10 1,744,728 8.72 *Shares of face value Rs 2 were consolidated into shares of face value Rs 10 resulting in reduction in the number of shares.
Page 3 of 11 SHOW CAUSE NOTICE, HEARING AND REPLY 4. A Show Cause Notice dated January 14, 2011 (hereinafter referred to as “SCN”) was issued to the Noticee under rule 4(1) of the Rules to show cause as to why an inquiry should not be held against the Noticee and penalty be not imposed under sections 15A (b) of SEBI Act for the alleged violations specified in the said SCN.
Page 4 of 11 6. 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 personal hearing on February 15, 2011 vide Notice dated February 04, 2011. The Noticee sought adjournment of the same. Subsequently, another notice of hearing dated February 15, 2011, granting hearing on February 22, 2011 was issued to the Noticee. The Noticee did not appear for the said hearing but sent in another written reply reiterating the submissions of his previous reply to the SCN dated January 27, 2011.
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Source: SecMarx — sebi:PG/AO-6/2011. 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.