sebi:VSS/AO-51/2009
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Facts / Headnote
Allegations under Regulation 7(1A) held not established; violations of Regulations 11(1) and 11(2) held established; monetary penalty imposed under section 15H(ii)
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 7
- Reg. 11
- Reg. 10
- Reg. 11(1)
- Reg. 11(2)
Parties
- Erstwhile Promoters/Acquirers of BSL
Holding
The Noticee complied with or was not subject to Regulation 7(1A), so that charge was not established, but the Erstwhile Promoters acting in concert acquired shares on February 23, 2002, March 18, 2002 and June 22, 2006 without public announcement in violation of Regulations 11(1) and 11(2), attracting penalty under section 15H(ii).
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-51/2009. 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.