sebi:SD/AO/13/2008
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Facts / Headnote
Penalty of Rs.50,000 imposed on the Noticee for violation of Regulation 3(c) of PFUTP Regulations, 2003
Provisions invoked
- s. 15H
- s. 15J
- s. 15
Regulations
- Reg. 3
- Reg. 200
- Reg. 3(c)
Parties
- M/s. Aurora Fastners Pvt Ltd.
Holding
The Noticee violated Regulation 3(c) of PFUTP Regulations, 2003 by off-loading shares of Shiva Cement Ltd in conjunction with false, non-genuine and misleading corporate announcements, and is liable to penalty under Section 15HA of SEBI Act, 1992. A monetary penalty of Rs.50,000 was imposed on M/s. Aurora Fastners Pvt Ltd.
Full text
Page 2 of 19 3. At BSE, during the period of investigation, the scrip opened at Rs. 4.00 on November 1, 2004 and touched a high of Rs. 5.14 on November 08, 2004, an increase of 28.5%.
Page 3 of 19 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 19 c) It is observed from the Investigation Report that M/s Starpoint Management Pvt Ltd had bought 15,00,000 shares in off-market from the M/s. Shivom Sales Ltd on 28th January 2004 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/13/2008. 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.