sebi:VSS/AO-33/2008
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Facts / Headnote
Noticees held liable for violation of regulations 7(1) and 7(2) of SAST Regulations and monetary penalty of Rs.1,50,000 imposed jointly and severally
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15I
- s. 15J
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 11
- Reg. 16
- Reg. 10
- Reg. 45
- Reg. 2(1)(b)
- Reg. 22
- Reg. 21
- Reg. 7(2)
- Reg. 20
- Reg. 199
Parties
- M/s Money Matters India Private Limited
- Mr. Rajesh Sharma
Holding
The Noticees violated regulations 7(1) read with 7(2) of the SAST Regulations by disclosing their acquisition 111 days late and are liable for monetary penalty under section 15A(b) of the SEBI Act.
Full text
Page 2 of 18 Offer and other related documents before the Securities and Exchange Board of India (hereinafter referred to as “SEBI”) in the matter of the said Public Offer.
Page 3 of 18 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING 8. Show Cause Notice (hereinafter referred to as “SCN”) dated May 30, 2008 was issued to the Noticees under rule 4 of the Rules to show cause as to why an inquiry should not be initiated against them and penalty be not imposed under section 15A (b) of the SEBI Act for their failure to make a disclosure under regulations 7(1) & (2) of SAST Regulations. The supplementary Notice was issued to the Noticees vide letter dated June 03, 2008.
Page 4 of 18 (c) The acquisitions of DSL by us have benefited the shareholders of DSL to a greater extent as the valuation of the company has gained tremendously after its takeover by us. (d) We are planning to make DSL a legend in the financial sector by carrying out various changes in the structure and working of the company. Para-wise reply to the observations in the show cause notice is as under: IV With regard to observations made in para 1 of the show cause notice it is submitted that your appointment as the adjudicating officer vide order dated March 05, 2007 is a matter of record, and therefore we do not have any comments to offer on the same. Further, we vehemently deny that we have violated Regulation 7(1) and 7(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 1997, as alleged. V With regard to observation in para 2 of the show cause notice it is submitted that the open offer made by us along with Mr. Rajesh Sharma is a matter of record and therefore we do not have any comments to offer on the same. VI With regard to observations made in para 3 of the show cause notice it is submitted that the observations made from the draft letter of offer submitted by the manager to the offer is a matter of record and therefore we do not have any comments to offer on the same. Further, it may be noted that the shareholding of Mr. Rajesh Sharma had alone increased and had reached 4.99% of the total paid up equity capital of DSL, and there was no change in o
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Source: SecMarx — sebi:VSS/AO-33/2008. 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.