sebi:PPL/RB/AO/DRK/AS/EAD-3/74/2009
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Facts / Headnote
Penalty of Rs. 7,00,000 imposed under Section 15A(b) for violation of Regulation 7; matter proceeded ex-parte
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15H
Regulations
- Reg. 7
- Reg. 11
- Reg. 7(2)
Parties
- Ms. Rachna Bhandaram
Holding
The noticee violated Regulation 7 of the SEBI Takeover Regulations by acquiring 3,00,000 shares of PPL (5.82%) without disclosure and is liable to a penalty of Rs. 7,00,000 under Section 15A(b) of the SEBI Act, 1992, while Section 15H is not applicable.
Full text
Page 2 of 9 APPOINTMENT OF ADJUDICATING OFFICER 3. I was appointed as the Adjudicating Officer , (subsequent to the transfer of Shri Biju S.) vide order dated December 10, 2008 under section 15 I of the SEBI Act read with Rule 3 of Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) to inquire into and adjudge under Section 15A(b) and 15H of the SEBI Act, 1992 the violation of the provisions of Regulation 7 of the SEBI Takeover Regulations.
Page 3 of 9 letter dated November 12, 2007 at the same address of the noticee as mentioned in her letter dated November 07, 2007, however the said letter dated November 12, 2007 returned undelivered with the remark ‘Office Closed’. In this reference it is noted that no consent application is received from the noticee as intended even after a lapse of almost 2 years.
Page 4 of 9 10. In view of what is stated in pre paras, I am convinced that the Principles of Natural Justice has been adhered to and ample time/opportunities were provided to the noticee to explain her case and submit her reply on the
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Source: SecMarx — sebi:PPL/RB/AO/DRK/AS/EAD-3/74/2009. 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.