sebi:PG/AO-77/2011
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Facts / Headnote
Violation of Regulation 13(6) of PIT Regulations found for failure to disclose ICICI's shareholding change to stock exchanges; penalty of Rs. 1,00,000 imposed under Section 15A(b); no violation found with regard to 3A acquisition disclosures.
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 111A
Regulations
- Reg. 13
- Reg. 13(1)
- Reg. 13(3)
- Reg. 13(6)
Parties
- M/s Jord Engineers India Ltd.
Holding
JEIL violated Regulation 13(6) of PIT Regulations by failing to disclose to BSE, Ahmedabad and Delhi Stock Exchanges the change in shareholding intimated by ICICI, and is liable to Rs. 1,00,000 penalty under Section 15A(b); no violation of Regulation 13(6) is made out with regard to acquisition by 3A Capital Services Limited.
Full text
Page 2 of 14 Counterparty / purchaser No. of shares sold Payment Received % of share capital 3A Capital Services Limited 40,00,000 72,00,000.00 14.51% Bharat Kantilal Jain 31,66,251 56,99,251.80 11.49%
Page 3 of 14 Exchange Board of India Act, 1992 (hereinafter referred to as “ SEBI Act”). APPOINTMENT OF ADJUDICATING OFFICER
Page 4 of 14 noticee was also granted an opportunity of inspecting the relevant documents on March 30, 2011. The noticee availed the said opportunity to inspect the relevant documents. Thereafter vide letter dated April 05, 2011, the Noticee sought copies of certain documents that it took inspection of, along with a request to further reschedule the date of hearing. Vide notice dated April 08, 2011, the Noticee was provided another opportunity of hearing on April 21, 2011. The Noticee, vide its e-mail dated April 20, 2011, expressed its difficulty to attend the said hearing due to personal difficulties and sought for a short adjournment of the same. Hence vide notice dated April 21, 2011, a final opportunity of hearing was granted to the Noticee on April 27, 2011. The noticee availed of the said opportunity of personal hearing and submitted that it had made
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Source: SecMarx — sebi:PG/AO-77/2011. 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.