sebi:VSS/AO-61/2008
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Facts / Headnote
Violation established; joint and several monetary penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 6
- Reg. 8(3)
- Reg. 6(1)
- Reg. 8(2)
Parties
- Mr. Rasik A. Patel
- Mrs. Aruna R. Patel
- Mr. Hasmukh A. Patel
Holding
The Noticees violated regulations 6(1) and 6(3) for financial year 1997 and 8(2) for financial years ended 1998-2004 of the SAST Regulations and are liable for monetary penalty under section 15A(b) of the SEBI Act, with a penalty of Rs.75,000 imposed jointly and severally.
Full text
Page 2 of 11 each representing 20% of the issued and subscribed equity share capital ( and representing 20.25% voting capital ) for cash at a price of Rs. 2.75 per fully paid up equity share. As mentioned in the Letter of Offer dated October 18, 2004, the offer opened on October 29, 2004 and closed on November 17, 2004.
Page 3 of 11 3. Since the Noticees had failed to make necessary disclosures in accordance with regulations 6(1), 6(3) and 8(2) of SAST Regulations, it was alleged that the Noticees had violated the provisions of the said regulations and therefore, 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 4. Mr. Piyoosh Gupta was appointed as Adjudicating Officer under section 15 I of SEBI Act read with rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) vide order dated February 07, 2007 to inquire into and adjudge under section 15A(b) the alleged violation of regulations 6(1), 6(3) and 8(2) of SAST Regulations.
Page 4 of 11 application and requested to keep the proceedings in abeyance till the outcome of the consent process. 8. The Noticees did not file any consent application till October 23,
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Source: SecMarx — sebi:VSS/AO-61/2008. 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.