sebi:PKK/AO/139/2011
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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)
Holding
The Noticee violated Regulation 7(1) read with Regulation 7(2) of the SAST Regulations by failing to disclose its acquisition to the stock exchange within the stipulated time and is liable for monetary penalty under Section 15A(b) of the SEBI Act. A monetary penalty of Rs 50,000 was imposed on the Noticee.
Full text
Page 2 of 7 the alleged violations of the provisions of Regulations 7 (1) read with Regulation 7 (2) of SAST Regulations.
Page 3 of 7 6. The AO considered the matter on the basis of the reply and material available on record and accordingly decided to conduct an inquiry. I granted an opportunity of personal hearing to the Noticee by issuing a letter dated June 28, 2011 advising the Noticee to appear before me on July 12, 2011. The Noticee did not appear for the personal hearing. Another opportunity of personal hearing was granted to the Noticee on July 22, 2011 and then on August 09, 2011. The authorized representative of the Noticee appeared before me on August 09, 2011 and admitted that the lapse in non-disclosure as required under the SAST Regulations and submitted that it was unintentional and out of ignorance.
Page 4 of 7 Takeover Regulations 7. Acquisition of 5 per cent and more shares or voting rights of a company. (1) Any acquirer, who acquires shares or voting rights which (taken together with shares of voting rights, if any, held by him) would entitle him to more than five per cent or ten per cent or fourteen per cent of fifty four per cent or seventy four per cent shares or voting rights in a company, in any manner whatsoever, shall disclose at every stage the aggregate of his shareholding or voting rights in that company to the company and to the stock exchanges where shares of the target company are listed. … (2) The disclosures mentioned in sub-regulations (1) and (1A) shall be made within two days of,― (a) the receipt of intimation of allotment of shares; or (b) the acquisition of shares or voting rights, as the case may be.
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Source: SecMarx — sebi:PKK/AO/139/2011. 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.