sebi:VSS/AO-49/2009
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Facts / Headnote
Violation of Regulations 11(1) and 11(2) of SAST held established and penalty imposed under section 15H(ii); allegation of violation of Regulation 7(1A) held not established.
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 7
- Reg. 11
- Reg. 10
- Reg. 11(1)
- Reg. 11(2)
Holding
The Erstwhile Promoters violated Regulations 11(1) and 11(2) of SAST by acquiring shares in concert without making a public announcement, attracting monetary penalty under section 15H(ii) of the SEBI Act, while the allegations under Regulation 7(1A) were held not established.
Full text
Page 2 of 15 referred to as (“Erstwhile Promoters/Acquirers”) and individually referred to as “Noticee”), acquired/sold shares/voting rights in the company in violation of the provisions of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as “SAST”).
Page 3 of 15 5. The Noticee made submissions vide reply dated February 16, 2009 and requested for a personal hearing in order to substantiate upon the said submissions.
Page 4 of 15 e. Does the non-compliance, if any, attract monetary penalty under section 15H (ii) of SEBI Act? f. If so, what would be the monetary penalty that can be imposed taking into consideration the factors mentioned in section 15J of SEBI Act?
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Source: SecMarx — sebi:VSS/AO-49/2009. 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.