sebi:PPL/SPS/AO/DRK/DS/EAD-3/328/26/2012
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Facts / Headnote
Penalty imposed on noticee for violation of Regulation 7 of Takeover Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 7(2)
- Reg. 3(1)(f)
Parties
- SPS Share Brokers Pvt. Ltd.
Holding
The noticee SPS Share Brokers Pvt. Ltd. violated Regulation 7 of the SEBI Takeover Regulations, 1997 by failing to make disclosures to the target company and to all stock exchanges where shares of the target company are listed. A penalty of Rs. 2,50,000 was imposed under Section 15A(b) of the SEBI Act, 1992.
Full text
Page 2 of 13 adjudge under Section 15A(b) and 15H of the SEBI Act, 1992 the violation of the provisions of Regulation 7 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred as Takeover Regulations).
Page 3 of 13 which the matter shall be proceeded exparte. The said hearing notice sent by Hand Delivery Acknowledgement Due (HDAD) was returned undelivered with the remark 'office shifted'.
Page 4 of 13 that we have complied with the Takeover Regulations and there is no violation in relation to any non disclosure. From the details of the transaction carried out by us in the scrip of PPL, it would be observed that we had purchased 2,50,000 shares of PPL., on April 09, 2001 from our broker M/s Aditi Dalal. Since the trigger limit for Regulation 7(1) was 2,57,515 as mentioned above, we were not obliged to make any disclosure as we did not trigger Regulation 7(1) with this transaction. Another purchase of 3,50,000 shares was executed on May 08, 2001 by our broker and we received the delivery of the same. At this juncture our holding was 6,00,000 shares of PPL which constituted around 11.6% of the total shares of PPL and we were required to make a disclosure to PPL on the same day informing them about the acquisition made by us and our abundant caution we had also informed the ASE about the said acquisition. The proof of dispatch of the said disclosures have already been submitted to your goodself vide our letter dated March 19,
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Source: SecMarx — sebi:PPL/SPS/AO/DRK/DS/EAD-3/328/26/2012. 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.