sebi:SRP/RK/AO-101/2010
Facts / Headnote
Violation of regulation 7(1) of SAST Regulations found established; penalty of Rs.50,000 imposed under Section 15A(b) of the SEBI Act, proceeding ex-parte.
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations relied on
- SEBI (SAST) Regulations, 1997 — 7(1)
Holding
The Noticee violated regulation 7(1) of the SAST Regulations by failing to disclose within the prescribed time after its holding in IFL increased to 1,50,500 shares (5.02%) on February 12, 2008, and is liable to monetary penalty under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 6 (Substantial Acquisition of Shares and Takeover) Regulations, 1997 (hereinafter referred to as “SAST Regulations”).
Page 3 of 6 12, 2008 which was the maximum holding. The holding of the company reduced to 1,900 shares on March 31, 2008. We are not aware that we have crossed the 5% limit as mentioned in Reg. 7(1) of SEBI (SAST) Regulations, 1997 till your letter received by us. We had intimated the disclosure under Reg.7 (1) of SEBI (SAST) Regulations, 1997 with the Stock Exchanges and the company on May 6, 2009 i.e., after receiving your letter. Please find enclosed copies of the same.”
Page 4 of 6 11. Before moving forward, it would be appropriate to refer to the relevant provisions of the SAST Regulations :
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