sebi:PKK/AO/204/2010
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Facts / Headnote
Allegation not established; matter disposed of without penalty
Provisions invoked
- s. 15A
- s. 15I
Regulations
- Reg. 7
- Reg. 11
Parties
- Shri Satishkumar C. Patel
Holding
The allegation that Shri Satishkumar C. Patel violated Regulations 7(1A) and 7(2) of the SAST Regulations as specified in the SCN dated May 20, 2008 does not stand established and the matter is accordingly disposed of.
Full text
Page 2 of 7 persons having control over the Company and persons acting in concert with them held 1277100 shares as on March 31, 2003 constituting 25% of the share capital of the Company. Their shareholding decreased to 10.17% ie 519900 shares as on March 31, 2004. It was found that the decrease of 7,57,170 shares was contributed by 26 of the 213 entities listed in the Statement of Declaration. Shri Satishkumar C. Patel (hereinafter referred to as the ‘Noticee’) was found to be one of the 26 entities and his individual shareholding in the Company decreased from 5000 shares as on March 31, 2003 to nil as on March 31, 2004. He allegedly did not make the disclosures to the Company and to the Stock Exchanges as required under Regulations 7(1A) and 7(2) of the SAST Regulations.
Page 3 of 7 It was alleged that the Noticee along with 25 other Promoters or persons having control over the Company and persons acting in concert with them collectively sold 757,170 shares constituting 14.83% of the total share capital of the Company and accordingly their shareholding decreased from 25% to 10.17% during the period from April 01, 2003 to March 31 2004, as evidenced by the Statement of Declaration annexed to the SCN. The Noticee has allegedly failed to make disclosures as required under Regulations 7 (1A) and 7 (2) of the SAST Regulations to the Company and to Stock Exchanges where the Company is listed.
Page 4 of 7 Consideration of Issues, Evidence and Findings: 7. I have carefully perused the charges made against the Noticee as mentioned in the SCN and the material available on record. The issue that arises for consideration in the present case is whether the Noticee has violated Regulations 7(1A) and 7(2) of the SAST Regulations.
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Source: SecMarx — sebi:PKK/AO/204/2010. 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.