sebi:PM/NR/2021-22/11815-11818
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Facts / Headnote
The alleged violations by the Noticees were found established, and they were held liable for monetary penalties under Sections 15HA and 15HB of the SEBI Act. The excerpt does not state the penalty amounts.
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15I
- s. 15J
- s. 19(1)
- s. 281B
Regulations
- Reg. 3
- Reg. 4
- Reg. 2(1)(c)
- Reg. 14
- Reg. 5
- Reg. 14(3)
- Reg. 2
- Reg. 3(a)
- Reg. 5A
- Reg. 2(1)(b)
- Reg. 15B
- Reg. 19(1)(a)
- Reg. 15B(8)
- Reg. 15(B)(8)
Parties
- Cairn India Ltd.
- P Elango
- Aman Mehta
- Neerja Sharma
Holding
The Adjudicating Officer found the alleged violations against the Noticees established and held them liable for monetary penalties under Sections 15HA and 15HB of the SEBI Act. The excerpt does not disclose the amounts imposed.
Full text
Adjudication Order in the matter of Cairn India Ltd., Page 2 of 41 to the extent of buying back equity shares equal to the maximum buyback shares provided that the company has deployed an amount equivalent to minimum buyback size or at such earlier date as may be determined by the Board or its duly authorized committee, after giving notice of such earlier closure, subject to the company having deployed an amount equivalent to the minimum buyback size (even if the maximum buyback shares have not been brought back).
Adjudication Order in the matter of Cairn India Ltd., Page 3 of 41 5. Therefore, it was alleged that the public announcement and subsequent actions of Cairn show that the announcement of buyback of shares by Cairn was a misleading announcement designed to influence the decision of the investors and induce them to trade in the shares of Cairn which is reflected in the increased trading volume after the buyback announcement. Further, it is alleged that P Elango (Noticee 2), being the CEO and Director of Cairn, Aman Mehta (Noticee 3) being the Director on the Board of Cairn and Neerja Sharma (Noticee 4), being the Director (Risk Assurance) & Company Secretary of Cairn, who had signed the public advertisement dated January 14, 2014, alleged to have facilitated the Company in making the said misleading announcement.
Adjudication Order in the matter of Cairn India Ltd., Page 4 of 41 in terms of Rule 4 of the SEBI Adjudication Rules and penalty be not imposed under Section 15HA and 15HB of the SEBI Act, 1992, for the violations alleged to have been committed by them.
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Source: SecMarx — sebi:PM/NR/2021-22/11815-11818. 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.