sebi:PKK/AO/60/2011
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Facts / Headnote
Violation not established; matter disposed off
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 3
- Reg. 3(4)
Holding
The alleged violation of Regulation 3(3) of the SAST Regulations was not established against the Noticee and the matter was disposed off without penalty.
Full text
Page 2 of 4 Appointment of Adjudicating Officer 3. SEBI vide Order dated April 7, 2008 had appointed Shri Sandeep Deore as Adjudicating Officer (AO) under Section 15-I of the SEBI Act read with Rule 3 of SEBI (Procedure for holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Adjudication Rules’) to inquire into and adjudge under Section 15A (b) of the SEBI Act, the alleged violation of Regulation 3 (3) of the SAST Regulations. SEBI vide Order dated August 17, 2010 appointed the undersigned as the AO subsequent to the transfer of Shri Deore to the Enforcement Department.
Page 3 of 4 (3) In respect of acquisitions under clauses (e), (h) and (i) of the sub-regulation (1), the stock exchanges where the shares of the company are listed shall, for information of the public, be notified of the details of the proposed transactions at least 4 working days in advance of the date of the proposed acquisition, in case of acquisition exceeding 5 percent of the voting share capital of the company.
Page 4 of 4 was no change in the control of the target company. That as far as the compliance of the applicable regulations was concerned, the Noticee has made all the necessary disclosures pursuant to applicable regulations including the report filed under Regulation 3(4) of the SAST Regulations vide letter dated July 20, 2005. Hence, the Noticee submitted that from the aforesaid, it can be construed that it did not have any intention to conceal any information pertaining to aforesaid acquisition.
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Source: SecMarx — sebi:PKK/AO/60/2011. 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.