sebi:PPL/AD/AO/DRK/AS/EAD-3/228/2009-131/2010
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Facts / Headnote
Consolidated penalty imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 15F
Regulations
- Reg. 7
- Reg. 7(2)
Parties
- M/s Aditi A Dalal
Holding
The noticee violated Regulation 7 of the SEBI Takeover Regulations by failing to disclose acquisition of 6,17,400 shares of PPL and failed to issue contract notes in the prescribed form and manner. A consolidated penalty of Rs. 2,50,000 under Sections 15H and 15F of the SEBI Act, 1992 was imposed.
Full text
Page 2 of 9 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as SEBI Takeover Regulations) and failure to issue contract notes in the form and manner specified by the Stock Exchange committed by M/s Aditi A. Dalal (hereinafter referred to as the noticee).
Page 3 of 9 Tropical Securities & Investments Pvt. Ltd. and sold 2,50,000 shares to SPS Share Brokers Pvt. Ltd. on the same date hence our gross trading was 6,17,400 shares. Delivery for 2,00,000 shares was received on 26/04/2001 and delivery for 50,000 shares was received on 27/04/2001. 2,50,000 shares were delivered to SPS Share Brokers Pvt. Ltd. on 27/04/2001 against the above transaction. ii. We have sold 3,50,000 shares to SPS Share Brokers Pvt. Ltd. on 08/05/2001. Delivery of 3,50,000 shares was received from Tropical Securities & Investments Pvt. Ltd. on 17/05/2001 and delivered to SPS Share Brokers Pvt. Ltd. 3,50,000 shares on same date i.e. 17/05/2001. iii. On 04/08/2001, 17,400 shares were received from Tropical Securities & Investments Pvt. Ltd. and delivered to the clients on the same date i.e. 04/08/2001. iv. On 26/06/2001, 1,00,000 shares were bought from Tropical Securities & Investments Pvt. Ltd. and sold to SPS Share Brokers Pvt. Ltd. on same date. 1,00,000 shares were received from Tropical Securities & Investments Pvt. Ltd. on 26/06/2001 and was delivered to SPS Share Brokers Pvt. Ltd. on the same date. (c) From the above it is clear that we have not held more than 2,00,000 shares in our account in a single day i.e. less than 5% of the company’s paid up capital. (d) Though we have traded in 6,17,400 shares on 09/04/2001, we have sold 2,50,000 shares on the same day and retained the balance in our account. In our view, transactions had not been completed as
Page 4 of 9 same day and retained the balance in its account and the transactions had not been completed as deliveries have not received in time. The ARs undertook to confirm the same within a period of 10 days. (b) In reference to the allegations of failure to issue contract notes in the form and manner prescribed by the Stock Exchange for the alleged trades, the ARs had stated that they were not aware of the same and undertook to submit the reply for the same within a period of 10 days.
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Source: SecMarx — sebi:PPL/AD/AO/DRK/AS/EAD-3/228/2009-131/2010. 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.