sebi:SP/AO/01/2018
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Facts / Headnote
Penalty of Rs.6,00,000 imposed under Section 15A(b) of SEBI Act; proceedings decided ex-parte
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
- s. 15F
Regulations
- Reg. 13
- Reg. 13(3)
- Reg. 11
- Reg. 13(4)
- Reg. 13(5)
- Reg. 29(2)
- Reg. 29(3)
- Reg. 30(1)
- Reg. 31(1)
- Reg. 16
- Reg. 22
- Reg. 04
Parties
- Shri Obul Reddy Puppala
Holding
The Noticee, promoter-director of Covidh Technologies Ltd., violated Regulations 13(4) and 13(4A) read with 13(5) of PIT Regulations and Regulation 29(2) read with 29(3) of SAST Regulations by failing to disclose share sales to the stock exchange in time, and is liable to a monetary penalty of Rs.6,00,000 under Section 15A(b) of the SEBI Act.
Full text
_____________________________________________________________________________________ Adjudication Order against Obul Reddy Puppala in the matter of Covidh Technologies Ltd. Page 2 of 13 APPOINTMENT OF ADJUDICATING OFFICER
_____________________________________________________________________________________ Adjudication Order against Obul Reddy Puppala in the matter of Covidh Technologies Ltd. Page 3 of 13 SEBI (Substantial Acquisition of Shares &Takeovers) Regulations, 2011. e. That the non-disclosure was never the intention nor was any undue advantage or gain made out of the non-disclosure or caused any loss or damage to the interest of the investors. f. That SEBI is requested to kindly pardon him for this time and take a lenient view on the same and that he assures SEBI that henceforth they will comply with the regulatory provisions without fail.
_____________________________________________________________________________________ Adjudication Order against Obul Reddy Puppala in the matter of Covidh Technologies Ltd. Page 4 of 13 Thereafter, hearing Notice dated March 09, 2018 was sent to the Noticee at latest address given by the Noticee i.e. 12-108/1, B C Colony, Aganampudi (Post), Gajuwaka, Vishakhapatnam 530046 via speed post acknowledgment due (“SPAD”) wherein the Noticee was once again given the opportunity of personal hearing on March 23, 2018 but the notice was returned undelivered. The hearing Notice was also sent through e-mail to puppalaor2015@gmail.com; which was given on an earlier occasion. However, no reply was received form the Noticee.
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Source: SecMarx — sebi:SP/AO/01/2018. 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.