Grantview Properteis Pvt. Ltd.

SAT-appeal

• Alleged failure to disclose acquisition exceeding 5% in Mahan Industries Limited under the Takeover and PIT Regulations, and failure to provide information and appear pursuant to SEBI summons under Sections 11C(3) and 11C(5).
  Penalties for alleged violations of the 1997 Takeover Regulations and PIT Regulations were quashed and set aside. · Penalties for violating Sections 11C(3) and 11C(5) were upheld for each appellant.
  Appeal: Appeal Nos. 22, 26, 42, 138, 145, 146 and 161 of 2016 disposed of by SAT on 14 July 2016; disclosure penalties quashed and summons-related penalties upheld.
• Alleged failure to disclose acquisition causing shareholding to exceed 5% under the Takeover and PIT Regulations, and failure to furnish information and appear pursuant to SEBI summons.
  Penalties for alleged disclosure violations under the 1997 Regulations and PIT Regulations quashed and set aside. · Penalties for violating Sections 11C(3) and 11C(5) upheld.
  Appeal: Appeal Nos. 22, 26, 42, 138, 145, 146 and 161 of 2016 disposed of by SAT on 14 July 2016
• Alleged failure to disclose acquisition exceeding 5% under the takeover and insider-trading regulations, and failure to provide information and appear pursuant to SEBI summons under Sections 11C(3) and 11C(5).
  Penalties for alleged violations of the 1997 Takeover Regulations and PIT Regulations were quashed and set aside. · Penalties for violations of Sections 11C(3) and 11C(5) were upheld.
  Appeal: Appeal Nos. 22, 26, 42, 138, 145, 146 and 161 of 2016 disposed of on 14 July 2016; disclosure-related penalties quashed and summons-related penalties upheld.
• Acquiring 1,69,50,000 shares of Mahan Industries on 20.02.2010 exceeding 5% without disclosure under SAST and PIT; failure to furnish info and appear on SEBI summons under 11C(3) and 11C(5).
  Penalty u/s 15A(b) for SAST 1997 and PIT violations quashed and set aside for all appellants · Penalty u/s 15A(a) for 11C(3) violation (Rs 2 lakh) upheld
  Appeal: Appeal Nos. 22, 26, 42, 138, 145, 146 and 161 of 2016 decided on 14.07.2016; 15A(b) penalties set aside, 15A(a) penalties upheld
• Alleged failure to disclose acquisition exceeding 5% under the takeover and insider trading regulations, and failure to furnish information and appear pursuant to SEBI summons under Sections 11C(3) and 11C(5).
  Penalties for alleged takeover and PIT disclosure violations were quashed and set aside. · Penalties for violations of Sections 11C(3) and 11C(5) were upheld for each appellant.
  Appeal: Appeal Nos. 22, 26, 42, 138, 145 and 146 of 2016 were disposed of on 14 July 2016; the text also refers to Appeal No. 161 of 2016 in the common decision.