sebi:PM/NR/2020-21/11117-11121
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Facts / Headnote
Violations established against all 5 Noticees; penalties imposed (quantum not specified in extracted text)
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 19
- s. 13
- s. 16
- s. 12
- s. 15I
- s. 15J
- s. 11C
- s. 23I
- s. 23J
- s. 18
- s. 23
- s. 23H
- s. 29A
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 13(1)
- Reg. 13(3)
- Reg. 11(1)
- Reg. 13(5)
- Reg. 7(2)
Parties
- Sampada Chemicals Ltd. (SACL) - Noticee 1
- Sampada Chemicals Ltd. (SCL) - Noticee 2
- Vipul Vidur Bhatt - Noticee 3
- Bijal Vipul Bhai Bhatt - Noticee 4
- Kaushik Balubhai Madhwan - Noticee 5
Holding
Noticee 1 (SACL) was held to have violated Section 16 read with Section 2(i) of SCRA by transferring 7,50,000 shares off-market without consideration, and to have violated disclosure obligations under SEBI (SAST) and SEBI (PIT) Regulations; Noticees 1 and 2 were held to have violated Section 11C(2) and (3) of the SEBI Act by failing to comply with summons. Noticees 2 to 5 were held liable under Section 15A(a) of the SEBI Act for non-compliance with summons.
Full text
Adjudication Order in respect of 5 entities in the matter of Sampada Chemicals Ltd., Page 2 of 28 of Section 16 of Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as “SCRA”) read with SEBI Notification G.S.R 219 (E) dated March 2, 2000, Section 13 and Section 18 of SCRA, 1956 read with Section 2(i) of SCRA, 1956.
Adjudication Order in respect of 5 entities in the matter of Sampada Chemicals Ltd., Page 3 of 28 4. Based on the findings of investigation, SEBI initiated Adjudication proceedings against the Noticees and appointed the undersigned as Adjudicating Officer vide Order dated May 18, 2017 under Sub-section (1) of Section 23-I of SCRA and Rule 3 of Securities Contracts (Regulation) (Procedure for Holding Inquiry and Imposing Penalties) Rules, 2005 (hereinafter referred to as “SCR Adjudication Rules”) and under Section 19 read with Sub-section (1) of Section 15-I of the SEBI Act, 1992 and Rule 3 of the SEBI (Procedure for Holding Inquiry and imposing penalties) Rules, 1995 (hereinafter referred to as “SEBI Adjudication Rules”), to inquire into and adjudge the alleged violations committed by the Noticee 1 under Section 23H of SCRA, Section 15A(b) & 15A(a) of SEBI Act and Noticees 2 to 5 under Section 15A(a) of SEBI Act.
Adjudication Order in respect of 5 entities in the matter of Sampada Chemicals Ltd., Page 4 of 28 sampadachem@yahoo.in 3. Vipul Vidur Bhatt vipulbh69@gmail.com TIGERHILL2050@GMAIL.COM GAYATRILADE1969@GMAIL.COM VIKRAMB69@YAHOO.CO.IN
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Source: SecMarx — sebi:PM/NR/2020-21/11117-11121. 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.