sebi:SVKM/AO/35-46/2015-16
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Facts / Headnote
Violation established; joint and several monetary penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
- s. 15H
- s. 15F
Regulations
- Reg. 7(1)
- Reg. 2(b)
- Reg. 7(2)
- Reg. 35
Holding
The 12 Noticees, as Persons Acting in Concert, crossed 5% shareholding in Era Infra Engineering Limited on February 27, 2009 without making disclosure under Regulation 7(1) read with 7(2) of SAST Regulations, 1997, and were held jointly and severally liable to a penalty of Rs. 1,00,00,000 under Section 15A(b) of the SEBI Act.
Full text
Adjudication Order in the matter of Era Infra Engineering Limited Page 2 of 14 Engineering Limited (hereinafter referred to as "EIEL / Company") for the period January 1, 2008 to April 30, 2009. It revealed that Alok Electricals Pvt. Ltd., Antique Texfab Pvt. Ltd., Balaji Texfab Pvt. Ltd., Coronation Builders & Engineers Pvt. Ltd., Durga Fabricators and Engg Pvt. Ltd., Florid Infrastructure Pvt. Ltd., Mahima Developers & Builders Ltd., Olive Vinimay Pvt. Ltd., Pensive Agencies Pvt. Ltd., Salasar Texfab Pvt. Ltd., Tanvi Fincap Pvt. Ltd. and Vibhut Builders & Engg Pvt. Ltd. (hereinafter individually referred to as “Noticee no. 1, 2, 3 & so on and collectively as "Noticees"), are inter-connected on the basis of common address, common directorship and common contact numbers. All the Noticees are part of the members of Kiran Group who were disclosed as „Persons Acting in Concert‟ (PACs) to stock exchanges in terms of Regulation 7(1) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations,1997 (hereinafter referred to as "SAST Regulations, 1997").
Adjudication Order in the matter of Era Infra Engineering Limited Page 3 of 14 5 Durga Fabricators and Engg Pvt Ltd. 176,984 0.124 176,984 0.124 6 Florid Infrastructure Pvt Ltd. 667,193 0.467 667,193 0.467 7 Mahima Developers & Builders Ltd. 1,828,614 1.279 2,441,481 1.707 8 Olive Vinimay Pvt Ltd. 1,600 0.001 1,600 0.001 9 Pensive Agencies Pvt Ltd. 1,455,858 1.018 991,555 0.693 10 SalasarTexfab Ltd. 26,462 0.019 26,462 0.019 11 Tanvi Fincap Pvt Ltd. 1,782,928 1.247 1,782,928 1.247 12 Vibhut builders & Engg Pvt Ltd. 1,054,960 0.738 1,055,899 0.738
Adjudication Order in the matter of Era Infra Engineering Limited Page 4 of 14 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING
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Source: SecMarx — sebi:SVKM/AO/35-46/2015-16. 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.