sebi:SRP/DL/AO-53/2010
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Facts / Headnote
Penalty of Rs. 1,25,000 imposed on the Noticee for violation of SAST and PIT Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7
- Reg. 13
- Reg. 13(1)
- Reg. 7(1)
- Reg. 13(5)
- Reg. 7(2)
Parties
- Sumedha Fiscal Services Limited
Holding
The Noticee violated regulation 7(1) read with regulation 7(2) of the SAST Regulations and regulations 13(1) and 13(3) read with regulation 13(5) of the PIT Regulations by failing to make timely disclosures of substantial shareholding changes, and a penalty of Rs. 1,25,000 was imposed under section 15A(b) of the SEBI Act.
Full text
Page 2 of 9 Pre-acquisition holdings of the Acquirers % to the issued and paid-up capital No. of Shares acquired Date Post acquisition holdings of the Acquirers % to the issued and paid- up capital 324660 4.96 6100 03.11.2006 330760 5.05 651162 9.98 4211 17.04.2007 655373 10.04 851362 13.05 81969 20.07.2007 933331 14.30
Page 3 of 9 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING 6. Show Cause Notice No. EAD-1/SRP/DSL/187878/2009 dated December 18, 2009 (hereinafter referred to as “SCN”) was issued to the Noticee under rule 4 of the Rules to show cause as to why an inquiry be not initiated against it and penalty be not imposed under sections 15A (b) of the SEBI Act for the alleged violation of the provisions of regulation 7(1) read with regulation 7 (2) of the SAST Regulations and regulations 13(1) and 13(3) read with regulation 13(5) of the PIT Regulations.
Page 4 of 9 • That subsequent to June 2007 i.e. from the date of first compliance, they have been complying with the law within stipulated time. • That they have not gained any advantage nor caused any losses to anybody due to such unintended delay and therefore a lenient view may be taken in the matter.
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Source: SecMarx — sebi:SRP/DL/AO-53/2010. 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.