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TMI Blog2015 (6) TMI 294X X X X Extracts X X X X X X X X Extracts X X X X ..... order passed by the Adjudicating Officer of SEBI on August 28, 2014 whereby penalty of Rs. 4 lac is imposed u/s. 15A(b) of the Securities and Exchange Board of India Act, 1992 ('SEBI Act' for short) for violating Regulation 29(2) r/w 29(3) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulation, 2011 ('SAST Regulations 2011' for short) and Regulation 13(3) r/w Regulation 13(5) of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 ('PIT Regulations' for short). 3. Admittedly, appellant was holding 7,21,346 shares of Seasons Textiles Limited ('target company' for short) representing 9.63% paid-up capital of the company. On June 18, 2013 appellant sold 2,50, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the fact that the whole time director of the appellant who was looking after the affairs of the company was suffering from cancer at the relevant time and ultimately died on July 22, 2013, in my opinion, it would be just and proper to reduce the penalty from Rs. 4 lac to Rs. 2 lac. 6. Accordingly, the appeal is partly allowed by reducing the penalty imposed under the impugned order dated August 28, 2014 from Rs. 4 lac to Rs. 2 lac. The appellant is directed to pay the penalty of Rs. 2 lac within a period of four weeks from today. 7. The appeal is disposed of in the above terms with no order as to costs. Per : A.S. Lamba (Oral) 1. This appeal, heard on January 28, 2015, has been preferred by M/s.Vizwise Commerce Pvt. Ltd. against SEBI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pany at its registered office, and requirement under Regulation 13(3) r/w Regulation 13(5) is "any person who holds more than 5% shares for voting rights in any listed company shall disclose to the company in Form C the number of shares or voting rights held and change in shareholding or voting rights, even if such change results in shareholding falling below 5%, if there has been change in such holdings from the last disclosure made under sub-regulation (1) or under this subregulation; and such change exceeds 2% of total shareholding or voting rights in the company and that disclosure is to be made within 2 working days of receipt of intimation of allotment of shares or the acquisition or sale of shares or voting rights. 3. It may be poin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed i.e. Vizwise Commerce Pvt. Limited, did not make the requisite disclosure to target company i.e. Seasons Textiles Limited, within 2 days of sale of 2,50,000 shares, representing 3.34% of share capital of Seasons Textiles on 18/6/2013 and as such can be held violative of provisions of Regulation 13(3) r/w Regulation 13(5) of SEBI (PIT) Regulations, 1992. 7. However, it may also be pointed out by Ld. A.O. in para 12 that "...........the required disclosures should have reached the company/stock exchanges by June 20, 2013 and June 27, 2013, for the transactions carried out on June 18, 2013 and June 25, 2013" and in the opinion of this Tribunal, Regulation 29(2) r/w Regulation 29(3) of SEBI (SAST) Regulations, 2011 and Regulation 13(3) r/w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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