sebi:PM/NR/2021-22/11339-11343
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Facts / Headnote
Penalties imposed on Noticees jointly and severally as tabulated, payable within 45 days of receipt of order.
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 15H
- s. 15I
- s. 15J
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 13
- Reg. 12(1)
- Reg. 199
- Reg. 13(1)
- Reg. 13(4)
- Reg. 13(5)
- Reg. 12
- Reg. 7(2)
- Reg. 35
- Reg. 01
Parties
- Anjana Gupta
- Bharat Gupta
- Heena Developers Pvt. Ltd.
- IFL Promoters Ltd.
- Kishan Gupta
Holding
Noticees 1 to 3 violated Regulation 7(1) read with 7(2) of SAST 1997 for non-disclosure of >10% cumulative change; Noticee 1 violated Regulation 13(4) read with 13(5) of PIT 1992 and Model Code Clauses 3.3.1 and 4.2; Noticees 1, 4 and 5 violated Code-conformity requirements, attracting monetary penalties under Sections 15A(b) and 15HB of the SEBI Act.
Full text
Adjudication Order in respect of 5 entities in the matter of IFL Promoters Ltd., Page 2 of 20 (a) The Promoters of the Company viz., Anjana Gupta (Noticee 1), Bharat Gupta (Noticee 2) and Heena Developers (Noticee 3), pursuant to change in their cumulative shareholding by more than 10% have failed to make the requisite disclosures to the company and to the stock exchange where the shares were listed, as stipulated under the provisions of Regulation 7(1) read with Regulation 7(2) of SEBI (Substantial Acquisition of Shares & Takeovers), Regulations, 1997 {hereinafter referred to as SEBI (SAST) Regulations}.
Adjudication Order in respect of 5 entities in the matter of IFL Promoters Ltd., Page 3 of 20 Model Code of Conduct read with Regulation 12(1) of SEBI (PIT) Regulations, 1992 Clause 6(C) of Code of Conduct adopted by the Company.
Adjudication Order in respect of 5 entities in the matter of IFL Promoters Ltd., Page 4 of 20 5. The SCN was duly served on the Noticee 4, however, in respect of the other Noticees the SCN sent by Speed Post returned undelivered. The Noticee 4 vide its letter dated January 22, 2019 furnished its reply.
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Source: SecMarx — sebi:PM/NR/2021-22/11339-11343. 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.