sebi:VSS/AO-53/2009
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Facts / Headnote
Violations of Regulations 11(1) and 11(2) of SAST held established; allegation under Regulation 7(1A) held not established; monetary penalty imposed 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
- Noticee, part of the Erstwhile Promoters/Acquirers of BSL
Holding
The allegations of violation of Regulation 7(1A) of SAST were held not established, while 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 were held established, attracting penalty under section 15H(ii). The Noticee, as part of the Erstwhile Promoters of BSL, was directed to pay its share of Rs.1,00,000 out of total Rs.5,00,000 penalty on the group.
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-53/2009. 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.