sebi:PKB/AO-114/2009
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Facts / Headnote
Proceedings disposed of without imposing any monetary penalty
Provisions invoked
- s. 15A
- s. 15
Regulations
- Reg. 199
- Reg. 8(2)
- Reg. 6(3)
Parties
- Smt Pushpa Kavar
Holding
The Adjudicating Officer disposed of the matter against Smt Pushpa Kavar without imposing any monetary penalty for alleged delayed disclosures under Regulations 6(3) and 8(2) of the SAST Regulations for the years 1997 and 2000.
Full text
Adjudication Order in respect of Smt Pushpa Kavar in the matter of Madan Financial Services Limited Page 2 of 7 9/23/2009 (hereinafter referred to as SAST Regulations), a public announcement was made by the acquirers viz. Mangal Kiran Securities Limited to the shareholders of the to acquire 10,00,000 shares (representing 20% of the voting equity share capital of the company).
Adjudication Order in respect of Smt Pushpa Kavar in the matter of Madan Financial Services Limited Page 3 of 7 9/23/2009 Continual disclosures Regulation 8(2): A promoter or every person having control over a company shall, within 21 days from the financial year ending March 31, as well as the record date of the company for the purposes of declaration of dividend, disclose the number and percentage of shares or voting rights held by him and by persons acting in concert with him, in that company to the company.
Adjudication Order in respect of Smt Pushpa Kavar in the matter of Madan Financial Services Limited Page 4 of 7 9/23/2009 (ii) I wish to state that the above promoters fall in a single homogeneous group, all related closely to each other of a single family unit.
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Source: SecMarx — sebi:PKB/AO-114/2009. 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.