sebi:PPL/CSPL/AO/DRK/AS/EAD-3/72/2009
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Facts / Headnote
Penalty of Rs. 15,00,000 imposed on Clip Securities Private Limited for violation of Regulation 7, decided ex-parte
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15H
Regulations
- Reg. 7
- Reg. 11
- Reg. 10
- Reg. 7(2)
- Reg. 7o
Parties
- Clip Securities Private Limited
Holding
The noticee violated Regulation 7 of the SEBI Takeover Regulations by failing to disclose acquisition aggregating over 5% and is liable to a penalty of Rs. 15,00,000 under Section 15A(b) of the SEBI Act, 1992, while Section 15H was held inapplicable.
Full text
Page 2 of 9 3. Further with respect to the aforesaid acquisition, a separate proceedings for the failure to make public announcement under Regulation 10 of SEBI Takeover Regulations have also been initiated against the noticee.
Page 3 of 9 proceeded exparte. The said hearing notice was sent by Hand Delivery Acknowledgement Due and the service of the same is available on record.
Page 4 of 9 CONSIDERATION OF EVIDENCE AND FINDINGS 11. From the above chronology it is seen that the noticee was given ample time/opportunity to explain the charges leveled against it in the aforesaid SCN dated February 27, 2007 and the Hearing Notices dated October 19, 2007 and March 24, 2009, but even after due service of all the notices, the noticee failed to make its submissions with reference to the allegations leveled against it in the aforesaid show cause notice and to appear for personal hearings. The aforesaid show cause notice sent through Registered Post Acknowledgment Due was returned undelivered by the postal authorities with the remark ‘not claimed’.
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Source: SecMarx — sebi:PPL/CSPL/AO/DRK/AS/EAD-3/72/2009. 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.