sebi:VSS/AO-11/2009
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Facts / Headnote
Penalty imposed on Noticees for violation of regulation 11(1) of SAST Regulations
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 10
- Reg. 11(1)
- Reg. 3(1)
- Reg. 3(1)(c)(i)
- Reg. 3(1)(c)
Parties
- Sukumar Nandlal Shah
- Texplast Industries Limited
Holding
The Noticees violated regulation 11(1) of SAST Regulations by failing to make a public announcement after acquiring additional shares taking their holding from 24.06% to 46.50%, and are liable for a monetary penalty of Rs.50,000 under section 15H(ii) of the SEBI Act.
Full text
Page 2 of 11 3(1) (c) of SAST Regulations. The shares of TIL are listed on the Bombay Stock Exchange (hereinafter referred to as “BSE”) and Ahmedabad stock Exchange Limited (hereinafter referred to as “ASE”).]
Page 3 of 11 SHOW CAUSE NOTICE, HEARING AND REPLY 5. Show Cause Notice/s dated May 05, 2008 was issued to the Noticees (hereinafter referred to as “SCN”) under rule 4(1) of the Rules to show cause as to why an inquiry should not be held against the Noticee and penalty be not imposed on the Noticee under section 15H(ii) of SEBI Act for the alleged violation specified in the said SCN.
Page 4 of 11 • The Company had issued 3610300 Equity Shares at Rs.10/- each at a premium of Rs.10/- per share. The issue was fully subscribed and the shares were listed with Bombay Stock Exchange and Ahmedabad Stock Exchange.
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Source: SecMarx — sebi:VSS/AO-11/2009. 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.