sebi:WTM/PS/17/IVD/ID-03/JUN/10
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Facts / Headnote
Show cause notice disposed of without imposing any penalty or direction
Provisions invoked
- s. 19
Parties
- Mr. Sanjay Choudhary
Holding
The show cause notice issued to Mr. Sanjay Choudhary alleging sale of ARL shares under lock-in was disposed of without imposing any penalty or direction.
Full text
Page 2 of 3 (hereinafter referred to as ‘SEBI Act’). The SCN alleged that the noticee had sold the shares of ARL which were under lock-in for a period of five years.
Page 3 of 3 b. I note from the CA certificate that the distinctive numbers as shown in it are exactly different from the distinctive numbers as given in the SCN. I note that the SCN no where discusses as to how the shares with distinctive numbers as mentioned in it were under lock-in. In the absence of any further explanation regarding the lock-in shares, the charge against the noticee is not sustainable.
4. The noticee replied to the SCN vide its letter dated July 22, 2004. The submissions of noticee in its reply, in brief, are:
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Source: SecMarx — sebi:WTM/PS/17/IVD/ID-03/JUN/10. 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.