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Penalties and directions recorded
- Impugned order upheld with modification of penalty
- Each appellant to pay a penalty of Rs. 1 lakh
- Impugned AO orders upheld with penalty reduced to Rs 1 lac per appellant
- Reduced penalty to be paid within two months from receipt of order, else recoverable with interest as per law
- Impugned SEBI orders upheld with modification.
SAT-appeal
- Failure by each appellant to make disclosures to stock exchanges after acquiring 5.22% shareholding in Murli Industries Ltd., marginally exceeding the 5% threshold.Impugned order upheld with modification of penalty · Each appellant to pay a penalty of Rs. 1 lakhAppeal: Appeal Nos. 201, 202, 203, 204 and 205 of 2013 partly allowed on 15 January 2014; penalties reduced from Rs. 5 lakh to Rs. 1 lakh per appellant.
- Failure to disclose acquisition of 5.22% shares in Murli Industries Ltd on warrant conversion, marginally crossing 5% threshold.Impugned AO orders upheld with penalty reduced to Rs 1 lac per appellant · Reduced penalty to be paid within two months from receipt of order, else recoverable with interest as per lawAppeal: Appeal Nos. 201-205 of 2013 heard 24.12.2013, decided 15.01.2014, partly allowed with penalty reduced
- Failure by the appellants to make required disclosures to stock exchanges after acquisition of shares in Murli Industries Ltd., when their holdings reached 5.22%, marginally exceeding the 5% threshold.Impugned SEBI orders upheld with modification. · Penalty reduced to Rs 1 lakh for each appellant.Appeal: Appeal Nos. 201, 202, 203, 204 and 205 of 2013 were partly allowed by common SAT order dated 15 January 2014.
- Failure by acquirers to disclose to stock exchanges acquisition of 5.22% in Murli Industries Ltd on conversion of preferential warrants, marginally crossing 5% disclosure threshold.Impugned AO orders upheld with modification reducing penalty to Rs 1 lac per appellant · Appeals Nos. 201-205 of 2013 partly allowed with no costsAppeal: Appeal Nos. 201-205 of 2013 heard 24.12.2013 and partly allowed by common SAT order dated 15.01.2014
- Failure to disclose acquisition of 5.22% shares in Murli Industries Ltd on conversion of preferential warrants, marginally exceeding 5% threshold.Impugned AO orders upheld on liability for disclosure defaults under SAST and PIT Regulations · Penalty reduced from Rs 5 lakh to Rs 1 lakh per appellant to meet ends of justiceAppeal: Appeal Nos. 201, 202, 203, 204 and 205 of 2013 partly allowed by SAT common order dated 15.01.2014 (hearing 24.12.2013)
Source: SecMarx — Ambaji Papers Pvt. Ltd.. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (charges, outcomes, appeal chain) is cited to us.