sebi:PKB/AO-23/2009
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Facts / Headnote
Penalty of Rs. 5,00,000 imposed for non-compliance with summons; allegation of violation of Regulation 7(1) of SEBI (SAST) Regulations, 1997 held not conclusively established
Provisions invoked
- s. 11
- s. 24
- s. 15A
- s. 15
- s. 11(3)
- s. 15J
Regulations
- Reg. 7(1)
Parties
- Shri Tushar Jhaveri
Holding
Shri Tushar Jhaveri was held liable under Section 15A(a) of the SEBI Act, 1992 for repetitive failure to comply with summons issued under Sections 11(3) and 11C(3) and penalized Rs. 5,00,000. The alleged violation of Regulation 7(1) of SEBI (SAST) Regulations, 1997 was held not conclusively established.
Full text
Adjudication Order in respect of Shri. Tushar Jhaveri Page 2 of 11 4/13/2009 3. Based on the above facts, investigation into the affairs relating to buying and selling or dealing in the shares of the company was conducted by SEBI to ascertain whether any provision of the SEBI Act , 1992 and various rules and regulations made there under had been violated during the investigation period.
Adjudication Order in respect of Shri. Tushar Jhaveri Page 3 of 11 4/13/2009 6. Further it was also observed from the distributional schedule of the company for the quarter ending February 2000, December 2000 and March 31, 2001 respectively that the noticee was not appearing in the list of persons holding more than 1% of the total share capital of the company. It is also observed from the Investigation report that the noticee also purchased 31,98,511 shares, which are greater than 5% of the total share/voting capital of the company. Therefore, it was obligatory on the part of the noticee to make a disclosure in terms of Regulation 7(1) of SEBI (Substantial Acquisition of Shares and Takeovers), Regulations, 1997. It was observed that the noticee has not made any disclosure to this effect thereby violating Regulation 7(1) of SEBI (Substantial Acquisition of Shares and Takeovers), Regulations, 1997.
Adjudication Order in respect of Shri. Tushar Jhaveri Page 4 of 11 4/13/2009 be held against the noticee in respect of the violations alleged to have been committed by him. It is also noted that reply to the said SCN is not on record.
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Source: SecMarx — sebi:PKB/AO-23/2009. 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.