sebi:VSS/AO-40/2009
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Facts / Headnote
Penalty imposed on Noticee for violation of SAST regulations 6(3) and 8(2)
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 6
- Reg. 2(1)(c)
- Reg. 2(1)
- Reg. 8(2)
- Reg. 6(3)
Parties
- Emmanuel Anthraper
Holding
The Noticee, as a member of a three-member Board of Directors of YSL, was a 'person having control over a company' under regulation 2(1)(c) of SAST and therefore was required to make disclosures under regulations 6(3) and 8(2) of SAST, which he failed to do; a penalty of Rs. 60,000 was imposed under section 15A(b) of the SEBI Act.
Full text
Page 2 of 14 2. Upon examination of the offer document pertaining to the aforesaid open offer, it was alleged that, Mr. Emmanuel Anthraper (hereinafter referred to as “Noticee”) had failed to comply with regulation 6(3) of SAST for the year 1997 and regulation 8(2) of SAST for the financial years 1998 to 2001 and consequently, liable for monetary penalty under section 15A (b) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”). APPOINTMENT OF ADJUDICATING OFFICER
Page 3 of 14 Mr. Ramesh Mishra, Authorized Representative (hereinafter referred to as “AR”) appeared. During the hearing, the AR contended that the provisions of regulations 6(3) and 8(2) of SAST were not attracted by the Noticee. In support of this contention, written submissions along with supporting documents were submitted by the AR. A summary of the said written submissions is as under:
Page 4 of 14 7. Before moving forward, it is pertinent to refer to the provisions of regulations 6(3) and 8(2) of SAST, which reads as under:-
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Source: SecMarx — sebi:VSS/AO-40/2009. 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.