sebi:VSS/AO-52/2009
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Facts / Headnote
Alleged violation of Regulation 7(1A) held not established; violations of Regulation 11(1) for acquisitions on February 23, 2002 and March 18, 2002 and Regulation 11(2) for acquisition on June 22, 2006 held established; Noticee directed to pay Rs.1,00,000 as its share of total Rs.5,00,000 penalty on Erstwhile Promoters under section 15H(ii) of SEBI Act.
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 7
- Reg. 11
- Reg. 10
- Reg. 11(1)
- Reg. 11(2)
Parties
- M/s Gowri Gopal Hospitals Pvt. Ltd.
Holding
The Noticee, as part of the Erstwhile Promoters acting in concert, violated Regulation 11(1) for the February 23, 2002 and March 18, 2002 acquisitions and Regulation 11(2) for the June 22, 2006 acquisition by failing to make a public announcement, while no violation of Regulation 7(1A) was established.
Full text
Page 2 of 15 and M/S Gowri Gopal Hospitals Pvt.Ltd. (hereinafter collectively 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 alleged violation of provisions of regulations 7(1A), 11(1) and 11(2) of SAST. 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 d. Whether the Noticee violated the provisions of Regulation 11(2) of SAST with regard to acquisition made on June 22, 2006? 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-52/2009. 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.