sebi:PKK/AO/130-131/2011
Facts / Headnote
Penalty of Rs. 1,00,000 each imposed on two Noticees for violation of Regulation 7(1A)
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
Regulations relied on
- SEBI (SAST) Regulations, 1997 — 7(1a)
Parties
- Shri O.P. Gulati
- Ms. Indra Gulati
Holding
The Noticees violated Regulation 7(1A) of the SAST Regulations for acquisitions for years ended March 2002, March 2003 and March 2004 and are liable for monetary penalty under Section 15A(b) of the SEBI Act, with Rs. 1,00,000 imposed on each Noticee.
Full text
Page 2 of 10 2. SEBI has therefore initiated adjudication proceedings under the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the ‘SEBI Act’) against the Noticees to inquire into and adjudge the alleged violations of the provisions of Regulation 7 (1A) of the SAST Regulations.
Page 3 of 10 6. The due dates for making disclosure as required under Regulation 7 (1A) of the SAST Regulations in respect of the abovementioned acquisitions were April 02, 1998; April 02, 2000; April 02, 2001, April 02, 2002; April 02, 2003 and April 02, 2004 respectively whereas the same was made on October 20, 2006. The Noticees are therefore alleged to have violated Regulation 7 (1A) of the SAST Regulations.
Page 4 of 10 Consideration of Issues, Evidence and Findings 9. The issues that arise for consideration in the present case are as follows:
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Source: SecMarx — sebi:PKK/AO/130-131/2011. 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.