sebi:PKK/AO/118/2011
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Facts / Headnote
Violation found; monetary penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 13
- Reg. 7(3)
Holding
The Noticee violated Regulation 7(3) of the SAST Regulations and Regulation 13(6) of the Insider Trading Regulations by failing to disclose to the stock exchange the acquisition disclosure received from M/s. Parvati Minerals Pvt. Ltd. on June 01, 2010, and is liable under Section 15A(b) of the SEBI Act, 1992. A monetary penalty of Rs. 50,000 was imposed.
Full text
Page 2 of 7 Show cause Notice, Reply and Personal Hearing 3. The Adjudicating Officer (AO) issued a Show Cause Notice dated April 18, 2011 (SCN) under Rule 4 of SEBI (Procedure for Holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Adjudicating Rules’) to the Noticee to show cause as to why an inquiry should not be held against it and penalty be not imposed under Sections 15 A (b) of the SEBI Act, for the alleged violation of the provisions of Regulations 7 (3) of SAST Regulations and Regulation 13 (6) of the Insider Trading Regulations.
Page 3 of 7 of 5% of shares. The non-compliance was inadvertent, unintentional and the company as well as the promoters have not gained disproportionately or taken unfair advantage.
Page 4 of 7 8. Before proceeding, I would like to refer to the relevant provisions of the SEBI Act which reads as under: Takeover Regulations
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Source: SecMarx — sebi:PKK/AO/118/2011. 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.