https://www.taxtmi.com/caselaws?id=171277 The disclosure requirement under Regulation 7(1A) read with Regulation 7(2) of the takeover regulations applied to both purchase and sale of shares, including transactions within the promoter group. A purchaser's disclosure did not remove the seller's separate obligation to disclose the sale, and disclosure under the insider trading regulations did not satisfy the takeover disclosure duty. The bonus-share decision was distinguished because this matter involved an actual sale attracting the disclosure regime. The penalty under Section 15A(b) was therefore upheld, and the challenge failed. en-us Mon, 09 Jun 2014 00:00:00 +0530 Mon, 13 Jul 2015 15:33:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=171277 The disclosure requirement under Regulation 7(1A) read with Regulation 7(2) of the takeover regulations applied to both purchase and sale of shares, including transactions within the promoter group. A purchaser's disclosure did not remove the seller's separate obligation to disclose the sale, and disclosure under the insider trading regulations did not satisfy the takeover disclosure duty. The bonus-share decision was distinguished because this matter involved an actual sale attracting the disclosure regime. The penalty under Section 15A(b) was therefore upheld, and the challenge failed. Case-Laws Companies Law Mon, 09 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=171277