sebi:SRP/RK/AO-102/2010
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Facts / Headnote
Violation of regulation 7(1) of SAST Regulations established; penalty of Rs.50,000 imposed under Section 15A(b) of SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 7(2)
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 1,65,800 shares (5.52%) on March 26, 2008, and is liable to monetary penalty under Section 15A(b) of the SEBI Act. A penalty of Rs.50,000 was imposed as commensurate with the violation.
Full text
Page 2 of 6 (Substantial Acquisition of Shares and Takeover) Regulations, 1997 (hereinafter referred to as “SAST Regulations”).
Page 3 of 6 which was the maximum holding. We are not aware that we have crossed the 5% limit as mentioned in Reg. 7(1) of SEBI (SAST) Regulations, 1997. We had intimated the disclosure under Reg.7 (1) of SEBI (SAST) Regulations, 1997 with the Stock Exchanges and the company on August 12, 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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Source: SecMarx — sebi:SRP/RK/AO-102/2010. 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.