sebi:PKK/AO/114-116/2011
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Facts / Headnote
Penalty imposed on each Noticee
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7
- Reg. 11
Parties
- Mrs. Kamaladevi N. Jain
- Mrs. Anupama N. Jain
- Mrs. Jayshree R. Jain
Holding
The Noticees violated Regulation 7(1A) and 7(2) of the SAST Regulations by failing to disclose sales of shares aggregating more than two percent of the share capital of the Target Company within two days, and are liable for a monetary penalty under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 8 2. SEBI has therefore, initiated adjudication proceedings under the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “Act”) against the Noticees to inquire and adjudge the alleged violations of the provisions of Regulations 7 (1A), and 7 (2) of SEBI, SAST Regulations during June 2005 and September 2007.
Page 3 of 8 them to appear before me on June 27, 2011 for the personal hearing. 6. Mr. Laxman J. Rajpurohit, authorized representative of the Noticees appeared before me on June 27, 2011 and made oral
Page 4 of 8 7. (1A) Any acquirer who has acquired shares or voting rights of a company under sub-regulation (1) of regulation 11, 1[or under second proviso to sub-regulation (2) of regulation 11] shall disclose purchase or sale aggregating two per cent or more of the share capital of the target company to the target company, and the stock exchanges where shares of the target company are listed within two days of such purchase or sale along with the aggregate shareholding after such acquisition or sale. Explanation.—For the purposes of sub-regulations (1) and (1A), the term ‘acquirer’ shall include a pledgee, other than a bank or a financial institution and such pledgee shall make disclosure to the target company and the stock exchange within two days of creation of pledge.
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Source: SecMarx — sebi:PKK/AO/114-116/2011. 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.