sebi:PPL/US/AO/DRK/AS/EAD-3/63/2009
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Facts / Headnote
Penalty imposed ex-parte
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7
- Reg. 11
- Reg. 7(2)
- Reg. 7o
Parties
- Ms. Ushma Sheth
Holding
The noticee violated Regulation 7 of the SEBI Takeover Regulations, 1997 and a penalty of Rs. 7,00,000 under Section 15A(b) of the SEBI Act, 1992 was imposed on Ms. Ushma Sheth.
Full text
Page 2 of 7 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 Securities and Exchange Board of India Act, 1992 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 violations of the provisions of Regulation 7 of the SEBI Takeover Regulations.
Page 3 of 7 from the records that the noticee never applied for consent scheme as intended even after a lapse of more than one and half year.
Page 4 of 7 that she has violated Regulation 7 of SEBI Takeover Regulations. The text of the said section is as follows:-
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Source: SecMarx — sebi:PPL/US/AO/DRK/AS/EAD-3/63/2009. 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.