sebi:PKK/AO/68/2011

SEBI · SEBI · 2010-08-17 · P K Kuriachen, Adjudicating Officer

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Facts / Headnote

Penalty imposed on Noticee for failure to disclose sale of shares/change in shareholding

Provisions invoked

• s. 15A
• s. 15
• s. 15J

Regulations

• Reg. 7
• Reg. 13
• Reg. 11
• Reg. 8

Parties

• M/s. Glacier Credit Capital Limited

Holding

The Noticee violated Regulations 7(1A) read with 7(2) and 8(2) of the Takeover Regulations by failing to disclose the sale of 5,00,000 shares (3.78%) of KCBFL within two days to the company and stock exchanges, warranting a penalty of Rs. 50,000 under Section 15A(b) of the SEBI Act.

Full text

Page 2 of 9 BSE’ respectively). However, no trading has been observed in the scrip on ASE. 2. On the basis of the BSE’s snap investigation report, SEBI conducted investigation in order to examine the violation of the said Takeover Regulations and IT Regulations by the promoters/persons acting in concert of KCBFL. During the course of the investigation, it was inter alia revealed that as on 31.12.03, Shri Ashish V Patel, Shri Vipul V Patel and Ms. Rekha Patel as the promoters together held 4.92% of paid up capital of KCBFL. Ms. Nita A Patel, Shri Hitesh Bhatt, Shri Jayesh V Patel, Shri Rajesh V Patel, Shri Kirti Patel, M/s. Glacier Credit Capital Limited (hereinafter referred to as the ‘Noticee’) and M/s. Prime Finstocks Limited are shown as persons acting in concert with the promoters together holding 29.15% of the paid up capital of KCBFL.

Page 3 of 9 Regulations and Regulations 13 (3) and 13 (5) of the IT Regulations. Appointment of Adjudicating Officer 5. SEBI vide Order dated August 17, 2010 appointed the undersigned as the Adjudicating Officer (AO) under Section 15-I of the Act read with Rule 3 of SEBI (Procedure for holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Adjudicating Rules’) to inquire into and adjudge under Section 15 A (b) of the SEBI Act, the alleged violation by the Noticee of the provisions of the Takeover Regulations and IT Regulations.

Page 4 of 9 On the scheduled date, Mr. Mayukh Pandya appeared on behalf of the Noticee and submitted that the Noticee does not have any documents or records pertaining to the transactions in question and that they have not done anything wrong and requested for a lenient view to be taken.

Source: SecMarx — sebi:PKK/AO/68/2011. 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.