sebi:PM/NR/2020-21/10285
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Facts / Headnote
Penalty of ₹7,00,000 imposed on the Noticee under Section 15A(b) of the SEBI Act for failure to make disclosures under SEBI (SAST) Regulations, 2011 and SEBI (PIT) Regulations, 1992
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 15I
- s. 15J
Regulations
- Reg. 13
- Reg. 13(1)
- Reg. 13(3)
- Reg. 29
- Reg. 13(5)
- Reg. 29(3)
- Reg. 29(1)
Parties
- Dharmendra Bhojak
Holding
The Noticee violated Regulations 29(1), 29(2) read with 29(3) of SEBI (SAST) Regulations, 2011 and Regulations 13(1), 13(3) read with 13(5) of SEBI (PIT) Regulations, 1992 by failing to make requisite disclosures upon changes in shareholding beyond threshold limits, and a penalty of ₹7,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Adjudication Order in respect of Dharmendra Bhojak in the matter of Kanchan International Ltd., Page 2 of 13 2, 2018 under Section 19 of the SEBI Act, 1992 read with Section 15I of the SEBI Act and Rule 3 of (SEBI Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to “Adjudication Rules”) to inquire into and adjudge the violations of the provisions of SEBI (SAST) & SEBI (PIT) Regulations, alleged to have been committed by the Noticee, under Section 15A(b) of SEBI Act..
Adjudication Order in respect of Dharmendra Bhojak in the matter of Kanchan International Ltd., Page 3 of 13 5. The Hon’ble SAT has again in the matter of Sanjay Kumar Tayal & Others vs SEBI (Appeal 68 of 2013 decided on February 11, 2014), interalia, observed that – “………………As rightly contended by Mr. Rustomjee, learned senior counsel for respondents, appellants have neither filed reply to show cause notices issued to them nor availed opportunity of personal hearing offered to them in the adjudication proceedings and, therefore, appellants are presumed to have admitted charges levelled against them in the show cause notices…………….”.
Adjudication Order in respect of Dharmendra Bhojak in the matter of Kanchan International Ltd., Page 4 of 13 allegations in the SCN against the Noticee are taken up for consideration, on the basis of the material available on record
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Source: SecMarx — sebi:PM/NR/2020-21/10285. 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.