sebi:PG/AO-78/2011
Facts / Headnote
Penalty of Rs. 3,00,000 imposed on Mr. C.V. Ravi
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15J
- s. 12
- s. 4A
Regulations relied on
- SEBI (PIT) Regulations, 1992
- SEBI (SAST) Regulations, 1997
Parties
- Mr. C. V. Ravi
Holding
The Adjudicating Officer held that Mr. C.V. Ravi violated regulations 7(1), 7(1A), 8A(2) and 8A(3) of the Takeover Regulations and regulation 12(1) read with Clause 3.3 and regulation 13(4) of the Insider Trading Regulations, and imposed a total penalty of Rs. 3,00,000.
Full text
Page 2 of 16 2. Investigations have revealed that promoter/director of the Company, Mr. C. V. Ravi (hereinafter referred to as “Mr. Ravi / Noticee”) had transferred a total of 19,64,000 shares of the Company to M/s Forsee Financial and Consultancy Services Pvt. Ltd. (hereinafter referred to as “Forsee”) through off market transactions during the period June 09, 2009 to June 17, 2009 which accounted for 13.93% of total share capital of the Company. The same were simultaneously sold through Forsee’s trading account maintained with Yoha Securities Ltd. (hereinafter referred to as “Yoha”), a broker with the National Stock Exchange.
Page 3 of 16 Clause 3.3 of Code of Conduct for prevention of Insider Trading given under Schedule I of Regulation 12(1) of Insider Trading Regulations. Vide letter dated December 02, 2010, the Noticee admitted that he did not obtain the said pre-clearance.
Page 4 of 16 7. Investigation revealed that no disclosure had been made by Mr. Ravi in respect of invocation of pledge on 12,50,000 shares by Mr. Chandan on June 30, 2009. Further, in respect of the return of 12,50,000 shares of the Company from Mr. Chandan on July 07, 2009 and creation of pledge, no disclosure was filed by Mr. Ravi under regulation 8A (2) & 8A (3) of Takeover Regulations
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Source: SecMarx — sebi:PG/AO-78/2011. 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.