sebi:RKIL/PPL/AO/DRK/AS/EAD-3/242/2009-08/2011
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Facts / Headnote
Penalty imposed for violation of Regulation 7(1) of SEBI Takeover Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7
- Reg. 7(1)
Parties
- Power Play Construction Pvt. Ltd.
Holding
The noticee, Power Play Construction Pvt. Ltd., violated Regulation 7(1) of the SEBI Takeover Regulations, 1997 by acquiring 3,00,000 shares (5.18%) of Ram Kashyap Investment Ltd. without making the required disclosures to the company and the stock exchange. A penalty of Rs. 50,000/- was imposed under Section 15A(b) of the SEBI Act, 1992.
Full text
Page 2 of 6 to as the noticee) in the scrip of RKIL during the investigation period from July 01, 2009 to October 15, 2009.
Page 3 of 6 6. The noticee was provided with an opportunity of hearing at SEBI, Southern Regional Office, Chennai vide hearing notice dated December 24, 2010 for hearing on January 13, 2011. The noticee authorized Mr. Ramanathan Kannan, Part Time Accountant, Authorised Representative (AR) to appear for hearing on its behalf. The AR attended the hearing and made the following submissions – (a) The AR submitted that the noticee was not aware of the requirement under Regulation 7(1) of the Takeover Regulations and therefore, the noticee had not complied with the Takeover Regulations. However, the same may not be treated as non compliance and a lenient view may be taken in the matter. (b) The AR undertook to submit further reply if any along with the following information by 17.01.2011 mainly: i. Whether the noticee was regular in share trading or was it their first time in the securities market? ii. What is the relation of the Promoters / Directors of the noticee with Promoters / Directors of Ram Kashyap Investment Ltd.? iii. The Annual Report of the noticee for the financial year 2009- 10.
Page 4 of 6 CONSIDERATION OF EVIDENCE AND FINDINGS 9. I have taken into consideration the facts and circumstances of the case, and the material available on record.
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Source: SecMarx — sebi:RKIL/PPL/AO/DRK/AS/EAD-3/242/2009-08/2011. 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.