sebi:RA/JP/256/2017
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Facts / Headnote
Violation established in part; penalty of Rs. 2,00,000 imposed under section 23A(a) of the SCRA
Provisions invoked
- s. 21
- s. 23
- s. 23J
Regulations
- Reg. 13
Holding
The Noticee, Company Secretary & Compliance Officer of GTL until February 15, 2013, violated section 21 of the SCRA read with Clauses 35, 47(a) and 52(1)(b) of the Listing Agreement by making incomplete/incorrect promoter shareholding disclosures for quarters ended March 2012 to December 2012, and a penalty of Rs. 2,00,000 under section 23A(a) was imposed; the allegation regarding non-inclusion of Mr. Nikhil Sarnaaik in promoter category was not established.
Full text
Page 2 of 15 ‘Adjudication Rules’) vide order dated May 25, 2016, to inquire into and adjudge under section 23 A (a) of the SCRA, the aforesaid violations alleged to have been committed by the Noticee. The proceeding of appointment of undersigned as Adjudicating Officer was communicated vide communiqué dated January 18,
Page 3 of 15 Mar-12 25,789,753 25,312,137 The promoter shareholding on BSE does not show any change in the shareholding pattern. However, there is a decrease in his holding by 4,77,616 shares due to market purchase of Annand Sarnaaik for 29050 shares and invocation of 439666 shares and invocation of 67000 shares of DivvyaniSarnnaik Jun-12 25,939,753
Page 4 of 15 c) In view of above, it was alleged that being the Company Secretary & Compliance Officer of the GTL, it was the responsibility of the Noticee to make correct disclosures to the Stock Exchanges which he had allegedly failed to do so. Thus, allegedly, the Noticee has violated section 21 of the SCRA read with Clause 35, 47 (a) and 52(1) (b) of Listing Agreement. The aforesaid provisions of laws alleged to have been violated are produced as under; SCRA Conditions for listing
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Source: SecMarx — sebi:RA/JP/256/2017. 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.