sebi:PKK/AO/70/2011
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Facts / Headnote
Allegations not established, matter disposed off
Provisions invoked
- s. 15A
- s. 15
Regulations
- Reg. 7
- Reg. 13
- Reg. 11
- Reg. 8
Parties
- Shri Hitesh Bhatt
Holding
The allegations against the Noticee for failure to disclose sale/change in shareholding of KCBFL under Takeover Regulations and IT Regulations does not stand established and the matter is disposed off.
Full text
Page 2 of 7 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 (hereinafter referred to as the ‘Noticee’), Shri Jayesh V Patel, Shri Rajesh V Patel, Shri Kirti Patel, M/s. Glacier Credit Capital Limited 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 7 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 7 8. Therefore, I proceed with the case on the basis of material and documents as available on record. Consideration of Issues, Evidence and Findings
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Source: SecMarx — sebi:PKK/AO/70/2011. 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.