sebi:RA/JP/115-120/2017
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Facts / Headnote
Penalty imposed under section 15A(b) of the SEBI Act for violations of PIT and SAST disclosure provisions; allegation of non-inclusion of pledge details under Clause 35 against Noticee No.1 held not established and Noticee No.4 and Noticee No.5 held to have made timely disclosures and not violated.
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15F
- s. 21
- s. 23
Regulations
- Reg. 13
- Reg. 11
- Reg. 13(3)
- Reg. 25
- Reg. 29
- Reg. 4
- Reg. 2
- Reg. 13(6)
- Reg. 13(4)
- Reg. 13(5)
- Reg. 29(2)
- Reg. 31(1)
- Reg. 31(2)
- Reg. 30
- Reg. 31(3)
- Reg. 2(1)
- Reg. 07
- Reg. 06
- Reg. 03
- Reg. 27
Parties
- Hotel Rugby Limited (HRL) / Noticee No. 1
- Darshana Mahendra Thacker / Darshana M Thacker / Noticee No. 2
- Mihir Mahendra Thacker / Mihir M Thacker / Noticee No. 3
- Mahendra R Thacker / Mahendra Thacker / Noticee No. 4
- Crystal Hospitality Services Private Limited
- Maunik M Thacker
Holding
The Adjudicating Officer held that Noticee No.1 violated regulation 13(6) of the PIT Regulations by failing to disclose to BSE and belatedly disclosing to NSE, and that Noticee No.2 violated regulations 13(3), 13(4), 13(4A) and regulations 29(2), 29(3), 31(1), 31(2) for sell and pledge creation/invocation transactions, while the Clause 35 allegation against Noticee No.1 and the allegations against Noticee No.4 and Noticee No.5 were not established. Penalty was imposed under section 15A(b) of the SEBI Act treating PIT and SAST disclosure requirements as corollary in nature.
Full text
Page 2 of 31 Contracts (Regulation) Act, 1956 (hereinafter referred to as ‘SCRA’) read with Clause 35 of the Listing Agreement, the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011 (hereinafter referred to as ‘SAST Regulations’) and the SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as 'PIT Regulations')
Page 3 of 31 of the shares etc. in contravention of provisions of SCRA, Listing Agreement, PIT Regulations and SAST Regulations. The allegations levelled against the Noticees are as under:
Page 4 of 31 Date of Transact ion Name of entity Sell Quantit y Disclo sure require d u/r Date of intimation to company Required date of disclosure s Date of Disclosur e at NSE Date of Disclosu re at BSE Violation 03/05/12 Darshana Thacker 70,000 13(6) of PIT Reg. 04/05/2012 08/05/2012 24/05/2012 Not Reported Delayed Disclosure
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Source: SecMarx — sebi:RA/JP/115-120/2017. 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.