sebi:PKB/AO-129/2009
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Facts / Headnote
Matter disposed of without penalty; proceedings dropped
Provisions invoked
- s. 15
- s. 15A
Regulations
- Reg. 199
- Reg. 2(1)
- Reg. 2(1)(h)
- Reg. 6(3)
Parties
- Smt. Indumati Ananath Pai
Holding
The Adjudicating Officer disposed of the matter against Smt. Indumati Ananath Pai without imposing any penalty for the alleged delayed disclosure under Regulation 6(3) of the SAST Regulations for the year 1997.
Full text
Adjudication Order in respect of Smt. Indumati Ananath Pai in the matter of Madan Financial Services Limited Page 2 of 8 10/6/2009 Regulations, 1997 (hereinafter referred to as SAST Regulations), a public announcement was made by the acquirers viz. Mangal Kiran Securities Limited to the shareholders of the company to acquire 10,00,000 shares (representing 20% of the voting equity share capital of the company ).
Adjudication Order in respect of Smt. Indumati Ananath Pai in the matter of Madan Financial Services Limited Page 3 of 8 10/6/2009 SEBI Act, 1992, the alleged violation of Regulation 6(3) for the year 1997 committed by the noticee. Subsequent to the transfer of Shri D. Sura Reddy, I was appointed as the Adjudicating Officer vide Order dated December 10, 2008.
Adjudication Order in respect of Smt. Indumati Ananath Pai in the matter of Madan Financial Services Limited Page 4 of 8 10/6/2009 (c) The undersigned is a retired commissioner of Income –Tax and voluntarily retired from service as of 28.2.1995. He was posted in Chennai for about 6 years from May, 1980. Whatever little saving the undersigned could make was invested in equities. Mostly such investments were made through IPO’s. Sometimes, the undersigned bought shares from the secondary market. While in Chennai, such purchases were made through Shri. Madanchand Darda, a reputed stock broker of Chennai. Apart from Stock Broking, Shri. Darda was also a leading mobiliser of funds for IPO’s. When Shri. Darda came to know that the undersigned was retiring from service , he invited the latter to join the board of M/s Madan Financial Services Limited, a company promoted by him which at that time was contemplating a public issue to pursue the business of merchant and investment banking.
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Source: SecMarx — sebi:PKB/AO-129/2009. 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.