sebi:SEBI/WTM/MPB/EFD/42/2019
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Facts / Headnote
Revision proceedings under Section 15-I(3) disposed of without enhancement; invocation held not required; SEBI held at liberty to initiate fresh adjudication proceedings
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13
- Reg. 13(3)
- Reg. 13(5)
- Reg. 29(2)
- Reg. 29(3)
Parties
- Nitin Goenka
Holding
The Whole Time Member disposed of the Section 15-I(3) revision without enhancing penalty, holding invocation of Section 15-I(3) was not required and that the AO order dated March 27, 2018, which did not decide merits, is not res judicata and does not bar fresh adjudication on the same cause of action.
Full text
Order in the matter of Goenka Diamond and Jewels Limited Page 2 of 13 “ … Issue a) Whether Mr. Nitin has violated the Takeover Regulations and PIT Regulations for allegedly failed to disclose the change his holdings? 16. Mr. Nitin, Promoter & Managing Director of Goenka, held 4,09,76,250 shares (12.93% of the share capital of Goenka). On November 11, 2013, Mr. Nitin through off-market transferred 4,09,76,250 shares to Ms. Nirmala, which resulted in change in holdings of Mr. Nitin. Subsequent to the transfer of shares, the holdings of Nitin reduced to nil in the Company. 17. Mr. Nitin in his submissions has contested that the disclosure would arise only in case of change in the shareholding. It has been contested that the very transfer of the shares out of his account itself is being agitated in the court of law as the same has been alleged to have been fraudulently done. Given the same, it has been mentioned that the competent authority has applied a freeze on the holding and thus neither Mr. Nitin nor Ms. Nirmala are able to exercise any rights arising out the disputed holding.
Order in the matter of Goenka Diamond and Jewels Limited Page 3 of 13 registered. Ms. Nirmala had to obtain Anticipatroy Bail from the Hon’ble High Court in this regard”.
Order in the matter of Goenka Diamond and Jewels Limited Page 4 of 13 2018. He also submitted his submissions and requested that the same may be taken on record. No further opportunity of hearing was sought by the Noticee.
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Source: SecMarx — sebi:SEBI/WTM/MPB/EFD/42/2019. 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.