sebi:WTM/AB/IVD/ID13/15754/2021-22
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Facts / Headnote
Adjudication Order dated May 28, 2021 found erroneous; penalties imposed on Noticees 1 and 2; violations not established against Noticee 3.
Provisions invoked
- s. 11B
- s. 11
- s. 15A
- s. 15
- s. 19
- s. 10
- s. 15H
- s. 12
- s. 15J
- s. 15F
- s. 23E
- s. 58(2)
- s. 9(1)
Regulations
- Reg. 4
- Reg. 6
- Reg. 9
- Reg. 7
- Reg. 31
- Reg. 29(2)
- Reg. 29(3)
- Reg. 7(2)
- Reg. 7(2)(a)
- Reg. 7(2)(b)
- Reg. 58
- Reg. 31(1)
- Reg. 9(1)
- Reg. 4(1)
- Reg. 6(2)
- Reg. 79
- Reg. 9(3)
- Reg. 2(1)(c)
Parties
- Sohan Lal Agarwal (Noticee 1)
- Websol Energy System Limited (Noticee 2)
- Sima Jhunjhunwala (Noticee 3)
Holding
The Adjudication Order dated May 28, 2021 was held erroneous; Noticee 1 (Sohan Lal Agarwal) was held to have violated Regulation 7(2)(a) of PIT Regulations and Clauses 4 and 6 of Schedule B of PIT Regulations, Noticee 2 (Websol Energy System Ltd) was held to have violated Regulation 7(2)(b) of PIT Regulations and Regulation 31(1) read with Regulation 4(1)(e) of LODR Regulations, while violations were not established against Noticee 3 (Sima Jhunjhunwala).
Full text
Order under Section 15-I (3) of SEBI Act, 1992 in respect of Websol Energy System Ltd. Page 1 of 22 WTM/AB/IVD/ID13/15754/2021-22
Order under Section 15-I (3) of SEBI Act, 1992 in respect of Websol Energy System Ltd. Page 2 of 22 with Regulation 29(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and under Section 15HB of SEBI Act, 1992 for alleged violation of Code of conduct as prescribed under Clause 4 and 6 of Schedule B of Regulation 9(1) of PIT Regulations, 2015.
Order under Section 15-I (3) of SEBI Act, 1992 in respect of Websol Energy System Ltd. Page 3 of 22 Regulations and the Code of conduct as prescribed under Clause 4 and 6 of Schedule B of Regulation 9(1) of PIT Regulations is not established against Noticee 1.
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Source: SecMarx — sebi:WTM/AB/IVD/ID13/15754/2021-22. 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.