sebi:SD/AO/79/2010
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Facts / Headnote
Violation established; monetary penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
Regulations
- Reg. 7
- Reg. 13
- Reg. 8
- Reg. 8(2)
Parties
- Shri Bimlesh Kumar Mishra
Holding
The Noticee Shri Bimlesh Kumar Mishra violated Regulation 7(1) read with Regulation 7(2) and Regulation 8(2) of SAST Regulations and Regulations 13(1) & 13(3) read with Regulation 13(5) of Insider Trading Regulations, attracting liability under Section 15A(b) of the SEBI Act, and a monetary penalty of Rs.5,00,000 was imposed.
Full text
Page 2 of 8 with Rule 3 of SEBI (Procedure for holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Adjudication Rules’) to inquire into and adjudge under Section 15A (b) of the SEBI Act, the alleged violation of Regulation 7 (1) read with Regulation 7 (2) and Regulation 8 (2) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 (hereinafter referred to as ‘SAST Regulations’) and Regulations 13 (1) & 13 (3) read with Regulation 13 (5) of the SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as the ‘Insider Trading Regulations’) by inter alia Shri Bimlesh Kumar Mishra.
Page 3 of 8 the Noticee’s last known address. However, the Noticee failed to attend the said personal hearing. 6. In absence of any response from the Noticee, I am proceeding in this matter based on material available on record.
Page 4 of 8 9. The abovementioned provisions as they existed at the relevant time have to be looked into. The same inter alia read as follows. SAST Regulations: Acquisition of 5 per cent and more shares or voting rights of a company. 7. (1) Any acquirer, who acquires shares or voting rights which (taken together with shares or voting rights, if any, held by him) would entitle him to more than five per cent or ten per cent or fourteen per cent shares or voting rights in a company, in any manner whatsoever, shall disclose at every stage the aggregate of his shareholding or voting rights in that company to the company and to the stock exchanges where shares of the target company are listed. (2) The disclosures mentioned in sub-regulations (1) and (1A) shall be made within two days of,—
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Source: SecMarx — sebi:SD/AO/79/2010. 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.