sebi:QJA/AA/IVD/ID15/29348/2023-24
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Facts / Headnote
Violations established; monetary penalty imposed on Noticees for failure to make open offer and disclosure violations under SAST Regulations, 1997 and SAST Regulations, 2011
Provisions invoked
- s. 11B
- s. 11
- s. 15A
- s. 19
- s. 11(1)
- s. 15H
- s. 15J
- s. 15F
- s. 11B(2)
Regulations
- Reg. 7
- Reg. 11
- Reg. 199
- Reg. 2(1)(e)
- Reg. 29(1)
- Reg. 11(1)
- Reg. 8(2)
- Reg. 29(2)
- Reg. 30(3)
- Reg. 2(1)(q)
- Reg. 30(2)
- Reg. 11(2)
- Reg. 3(2)
- Reg. 35
- Reg. 2(1)(e)(2)
- Reg. 32
- Reg. 2(1)(q)(2)
- Reg. 2(1)(e)(1)
- Reg. 2(1)(q)(1)
- Reg. 20(4)(b)
Holding
The Noticees (promoter/promoter group of DHFL along with three companies Hemisphere, Galaxy and Silicon) were found to be Persons Acting in Concert (PACs) and were held to have violated Regulation 11(1) and 11(2) of SAST Regulations, 1997 and Regulation 3(2) of SAST Regulations, 2011 by failing to make public announcements of open offers on multiple occasions, as well as disclosure requirements under Regulation 7(1A), 8(2) of SAST 1997 and Regulation 29(2), 30(2) read with 30(3) of SAST 2011. Monetary penalties were imposed under Sections 15A(b) and 15H(ii) of the SEBI Act, 1992.
Full text
___________________________________________________________________________________________________ __ Order in the matter of Deewan Housing Finance Corporation Limited Page 2 of 82
___________________________________________________________________________________________________ __ Order in the matter of Deewan Housing Finance Corporation Limited Page 3 of 82
___________________________________________________________________________________________________ __ Order in the matter of Deewan Housing Finance Corporation Limited Page 4 of 82
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Source: SecMarx — sebi:QJA/AA/IVD/ID15/29348/2023-24. 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.