sebi:SRP/DL/AO:255/2012
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Facts / Headnote
Violation established; penalty imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 11
- Reg. 14
- Reg. 14(1)
- Reg. 2
- Reg. 10
- Reg. 11(1)
- Reg. 20
- Reg. 20(4)
Holding
The Noticee violated regulation 11(1) read with regulation 14(1) of the SAST Regulations by increasing its individual shareholding from 36.62% to 42.87% without making a public announcement, and is liable to a penalty of Rs. 1.87 crore under Section 15H(ii) of the SEBI Act.
Full text
Page 2 of 10 referred to as ‘the Company’] for the quarter ended December 31, 2009 filed with the Bombay Stock Exchange Ltd.(hereinafter referred to as ‘BSE’) under the listing agreement, that the Noticee belong to the promoter group of the Company and hold 94,47,814 shares (36.62% of the share capital/voting rights) of the Company. Further, from the announcement filed by the Company with BSE, it was observed that the Company had made preferential allotment of 28,25,000 shares to the Noticee on March 03, 2010.
Page 3 of 10 5. The Noticee responded to the SCN vide its letter dated December 08, 2010 and made submissions in respect of the violations referred therein. In its reply the Noticee also desired a personal hearing in the matter. In consideration of the same and for the purpose of inquiry under rule 4 of the Rules an opportunity of hearing was granted to the Noticee on January 13, 2011 vide notice No. EAD-1/SRP/DA/30397/2010 dated December 20, 2010. Ms. Shailashri Bhaskar, the authorized representative of the Noticee appeared for the hearing alongwith Mr. Ramvilas J Yadav and Mr. Deepak Biyani.
Page 4 of 10 acquisition of shares of M/s. S Kumars Online Limited, which are listed on BSE. However, during the course of the aforesaid adjudication proceedings, it was noticed that no company in the name of S Kumars Online Limited was listed/traded on BSE. Therefore, the matter was referred to SEBI to confirm whether the name of the Company has subsequently been changed. Final confirmation/clarification was received from SEBI on December 09, 2011, wherein it was informed, inter alia, that the name of the Company was changed to S Kumars Online Ltd. in July 2001. However, till date the scrip is traded on BSE as S. Kumars.Com Ltd. On getting the said clarification from SEBI the undersigned informed the Noticee vide letter No. EAD-1/SRP/DL/OW/37553/2011dated December 12, 2011 that in the matter of the instant proceedings against it, wherever, the reference has been made towards trading/listing etc. on BSE, the scrip name may be read as S Kumars.Com Ltd. (now known as S Kumars Online Ltd.), and in view of the same if it had anything to say or if it has any additional submissions to make in respect of the adjudication proceedings conducted so far, then the same may be filed/made before the undersigned within 7-days. The Noticee responded to the same and confirmed its no-objection vide its letter dated December 22, 2011.
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Source: SecMarx — sebi:SRP/DL/AO:255/2012. 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.