sebi:SD/AO/10/2008
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Facts / Headnote
Noticee held guilty of violating Regulations 3(c) and 4(2)(r) of PFUTP Regulations, 2003 and penalty of Rs. 1,50,000 imposed under Section 15HA of SEBI Act, 1992
Provisions invoked
- s. 81
- s. 15H
- s. 15J
- s. 15
Regulations
- Reg. 4
- Reg. 3
- Reg. 200
- Reg. 2
- Reg. 3(c)
- Reg. 4(2)(r)
Parties
- M/s. Shiva Cement Ltd.
Holding
The Adjudicating Officer held M/s. Shiva Cement Ltd. guilty of violating Regulations 3(c) and 4(2)(r) of the PFUTP Regulations, 2003 for making false, non-genuine and misleading corporate announcements. A monetary penalty of Rs. 1,50,000 was imposed under Section 15HA of the SEBI Act, 1992.
Full text
Page 2 of 22 4. During the investigation period, the volume in the scrip increased sharply. It increased from 35,11,786 on November 1, 2004 to touch a high of 1,07,20,562 on November 24, 2004, an increase of 205%.
Page 3 of 22 And on December 7, 2004 SCL announced that its board approved the proposal for raising fresh equity share capital by offering equity shares of Rs.2/- each at a premium up to Rs.3/- per equity share to its existing shareholders and proposal for increase in authorized share capital from Rs.200 million to Rs.280 million (100 to 140 million equity shares of Rs.2/- each aggregating to Rs.280 million).
Page 4 of 22 for a total consideration of Rs. 27 lakhs. The payment for these shares was made in staggered manner till December,
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Source: SecMarx — sebi:SD/AO/10/2008. 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.