sebi:PG/DT/AO-07/2012
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 3
- Reg. 10
Parties
- Shri Anil Nibber
Holding
The Noticee violated Regulations 3(3) and 3(4) of the SAST Regulations for the inter se acquisition of 76,50,000 shares of Syschem India Limited and a total monetary penalty of Rs 1,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Adjudication Order in respect of Shri Anil Nibber in the matter of Syschem India Limited Page 2 of 10 Industrial Development Corporation Limited (HSIDC), there was an inter se transfer of shares from HSIDC to the Noticee under Regulation 3 (1) (i) of the SAST Regulations. HSIDC transferred 76,50,000 shares (11.75%) of the target company, to the Noticee, after which the Noticee’s shareholding increased to 2,24,12,900 shares (34.43%) from 1,47,62,900 shares (22.68%) on December 21, 2005.
Adjudication Order in respect of Shri Anil Nibber in the matter of Syschem India Limited Page 3 of 10 and 3 (4) of the SAST Regulations, which, if established, make him liable for imposition of monetary penalty under Section 15A (b) of Securities and Exchange Board of India Act, 1992 (SEBI Act).
Adjudication Order in respect of Shri Anil Nibber in the matter of Syschem India Limited Page 4 of 10 7. However, the SCN returned undelivered and the same was sent again vide letter dated December 5, 2011, at the target company’s address, which got delivered. Vide e-mail dated December 06, 2011, D & A Financial Services had stated that the address of the Noticee has been changed and the new address was communicated in the mail.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:PG/DT/AO-07/2012. 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.