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TMI Blog2014 (6) TMI 898X X X X Extracts X X X X X X X X Extracts X X X X ..... bliterate the obligation cast upon the appellant to make disclosure as a seller of the shares in question. Similarly, fact that the appellant had made disclosures under PIT Regulations, 1992 does not absolve appellants obligation to make disclosure under regulation 7(1A) of SAST Regulations, 1997. Reliance placed on decision of this Tribunal in the case of Vitro Commodities Pvt. Ltd. [2015 (7) TMI 36 - SECURITIES APPELLATE TRIBUNAL MUMBAI ] has been rightly distinguished by the AO by recording that the acquisition therein was not on account of sale or purchase of shares but as a result of issuance of bonus shares. In the present case, admittedly appellant had sold shares which attracted disclosure requirements under regulation 7(1A) re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 75 of 2014 would apply to Appeal No. 76 of 2014. 4. Appellant who was a promoter of Blue Blends (India) Limited sold 4,43,580 shares of Blue Blends (India) Limited on March 28, 2006 constituting more than 2% of share capital in Blue Blends (India) Limited which required disclosure to be made within 2 days of the transaction under regulation 7(1A) read with regulation 7(2) of SAST Regulations, 1997. Admittedly, no such disclosure was made by the appellant either to the company or to the Exchanges on which the shares of the company were listed. Accordingly, proceedings were initiated and by the impugned order penalty of ₹ 4 lac has been imposed upon the appellant which is challenged in the present appeal. 5. Counsel for the appel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r of the shares in question. Similarly, fact that the appellant had made disclosures under PIT Regulations, 1992 does not absolve appellants obligation to make disclosure under regulation 7(1A) of SAST Regulations, 1997. AO was justified in relying upon a decision of this Tribunal in the case of Ambaji Papers Pvt. Ltd. vs Adjudication Officer, SEBI (Appeal No. 201 of 2013 decided on 15.01.2014) wherein similar view has been taken by this Tribunal. 7. Reliance placed on decision of this Tribunal in the case of Vitro Commodities Pvt. Ltd. (supra) has been rightly distinguished by the AO by recording that the acquisition therein was not on account of sale or purchase of shares but as a result of issuance of bonus shares. In the present case ..... X X X X Extracts X X X X X X X X Extracts X X X X
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