sebi:PKK/AO/140/2011
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Facts / Headnote
Penalty imposed on Noticee for violation of SAST Regulations disclosure requirements
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 6
- Reg. 8(3)
Parties
- Noticee (name not specified in text)
Holding
The Noticee violated Regulations 6(2), 6(4) and 8(3) of the SAST Regulations by failing to file required disclosures, and a monetary penalty of Rs. 2,00,000/- was imposed under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 7 Show cause Notice, Reply and Personal Hearing 3. The Adjudicating Officer (AO) issued a Show Cause Notice dated March 07, 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 6 (2), 6 (4) and 8 (3)of the SAST Regulations.
Page 3 of 7 6. Accordingly, a final opportunity of personal hearing was granted to the Noticee on August 09, 2011. Mr. Vikas Sirohiya, the authorized representative of the Noticee appeared before me and made oral submissions. The Noticee accepted the delay in filing the disclosures and submitted that the company was then not functioning properly. They also missed availing the amnesty scheme. They requested to take a lenient view and allow them to make written submissions before August 20, 2011. However, the Noticee did not make any written submissions. In view of the above I am now proceeding with the matter on the basis of materials available on record.
Page 4 of 7 Takeover Regulations DISCLOSURES OF SHAREHOLDING AND CONTROL IN A LISTED COMPANY Transitional provision 6. … (2) Every company whose shares are held by the persons referred to in sub- regulation (1) shall, within three months from the date of notification of these regulations, disclose to all the stock exchanges on which the shares of the company are listed, the aggregate number of shares held by each person. …. (4) Every company, whose shares are listed on a stock exchange shall within three months of notification of these regulations, disclose to all the stock exchanges on which the shares of the company are listed, the names and addresses of promoters and/or person(s) having control over the company, and the number and percentage of shares or voting rights held by each such person.
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Source: SecMarx — sebi:PKK/AO/140/2011. 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.