sebi:VSS/AO-41/2009
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Facts / Headnote
Violation of regulations 6(4) and 8(3) of SAST established; penalty of Rs.3,00,000 imposed under section 15A(b)
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 6
- Reg. 2(1)(c)
- Reg. 2(1)
- Reg. 8(3)
- Reg. 6(1)
- Reg. 6(2)
- Reg. 6(4)
Parties
- Matra Realty Limited (formerly known as Yashraj Securities Limited)
Holding
The Noticee violated regulation 6(4) of SAST for the year 1997 and regulation 8(3) of SAST for the financial years 1998-2003, but did not violate regulation 6(2) of SAST, and was held liable to a monetary penalty of Rs.3,00,000 under section 15A(b) of the SEBI Act.
Full text
Page 2 of 16 2. Upon examination of the offer document pertaining to the aforesaid open offer, it was alleged that, Matra Realty Limited (formerly known as Yashraj Securities Limited) {hereinafter referred to as “Noticee”} had failed to comply with regulations 6(2) and 6(4) of SAST for the year 1997 and regulation 8(3) of SAST for the financial years 1998 to 2003 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 16 notice dated January 29, 2009. Mr. Ramesh Mishra, Authorized Representative (hereinafter referred to as “AR”) appeared. During the hearing, the AR contended that provisions of regulations 6(2), 6(4) and 8(3) of SAST were not attracted by the Noticee. He further stated that:
Page 4 of 16 (b) The composition of the Board also not controlled by them as they are not interrelated to each other; and (c) Any of the disclosed shareholding pattern amply informed the existing shareholders about the same position; and (d) That was one of the reasons of change of management during the period of 2006 – 2007.
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Source: SecMarx — sebi:VSS/AO-41/2009. 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.