sebi:PKK/AO/119-124/2011
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Facts / Headnote
Alleged violations not established; matter disposed of without penalty
Provisions invoked
- s. 15
- s. 15H
- s. 12
- s. 15I
- s. 4A
Regulations
- Reg. 12
- Reg. 2
Parties
- Shri Harsh Vardhan Bassi
- Shri Ajay Kumar Agarwal
- Shri Mahesh Singhi
- Shri Dev Raj Mehta
- Shri Babulal Choraria
- Shri Rajeev Jagdeesh Puri
Holding
The alleged violation of Regulations 12 (1) & (3) read with Clauses 1.2, 3.2 and 3.3 of the Model Code of Conduct specified in Part A of Schedule I of the Insider Trading Regulations against the Noticees do not stand established, and the matter is disposed of.
Full text
Page 2 of 9 in Part-A of Schedule-I of the SEBI (prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as the ‘Insider Trading Regulations’) and had not provided for the appointment of compliance officer, preservation of price sensitive information, trading window, pre- clearance of trades, reporting requirements and penalty. PEL and its Board of Directors allegedly failed to adopt, provide for the mechanism/procedure, implement and comply with the abovementioned Model Code of Conduct. In view of the same, the members of Board of Directors of PEL, namely Shri Harsh Vardhan Bassi, Shri Ajay Kumar Agarwal, Shri Mahesh Singhi, Shri Dev Raj Mehta, Shri Babulal Choraria and Shri Rajeev Jagdeesh Puri (hereinafter together referred to as the ‘Noticees’) are alleged to have violated Regulation 12 (1) & (3) read with Clauses 1.2, 3.2 and 3.3 of the Model code of conduct specified in Part A of Schedule I of the Insider Trading Regulations.
Page 3 of 9 Show Cause Notice, Reply and Personal Hearing 5. The undersigned issued separate Show Cause Notices each dated May 09, 2011 (hereinafter referred to as the ‘SCN’) under Rule 4 of the Adjudication Rules to the Noticees to show cause as to why an inquiry should not be held against them and penalty be not imposed under Section 15HB of the SEBI Act for their alleged violation of the provisions of Regulations 12 (1) & (3) read with Clauses 1.2, 3.2 and 3.3 of the Model code of conduct specified in Part A of Schedule I of the Insider Trading Regulations. The allegations as per the SCN are as given below:
Page 4 of 9 informed SEBI, though email dated 31 January 2011 (copy provided as Annexure-2 to the SCN) that the draft annual accounts for the year ended March 31, 2006 were ready on November 25, 2006 and the Board had
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Source: SecMarx — sebi:PKK/AO/119-124/2011. 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.