sebi:VSS/AO-03/2008
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Facts / Headnote
Monetary penalty of Rs.2,00,000 imposed on the Noticee for violations of Regulations 6(2), 6(4) and 8(3) of SAST
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 6
- Reg. 8
- Reg. 8(3)
- Reg. 6(2)
- Reg. 6(4)
Parties
- ETCL
Holding
The Noticee admittedly delayed compliance with Regulations 6(2), 6(4) for 1997 and 8(3) for 1998 to 2003, and the Adjudicating Officer held the violations established and imposed a monetary penalty of Rs.2,00,000 under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 8 September 06, 2006 with Mr.Sushil Kumar Sanghai and others (represented by Mr. Sushil Kumar Sanghai, constituted attorney holder) – promoter group, to acquire 1,54,000 fully paid up equity shares of Rs.10/- each aggregating to 62.86% of the voting capital of the company at a price of Rs.8/- per share. Pursuant to this, the acquirers made a public announcement on September 08, 2006 in compliance with the provisions of the SEBI (Substantial Acquisition of Shares and Takeovers Regulations) 1997 (hereinafter referred to as “SAST”) to acquire 49,000 equity shares representing 20% of the voting capital of the company at a price of Rs.41/- per share. As mentioned in the Letter of Offer dated December 08, 2006, the offer opened on December 15, 2006 and closed on January 03, 2007.
Page 3 of 8 Regulations, disclose to all the stock exchanges on which the shares of the company are listed, the aggregate number of shares held by each person.
Page 4 of 8 to 20, United Western Building, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025. The aforesaid SCN was, thereafter, delivered by hand to the representative of the Noticee on November 23, 2007.
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Source: SecMarx — sebi:VSS/AO-03/2008. 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.