2015 (7) TMI 414

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.... of Rs. 12,57,500/- (Rupees Twelve Lakhs Fifty Seven Thousand and Five Hundred Only) on the Appellant for contravention of the provisions contained in Regulation 10 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations, 1997 (hereinafter referred to as Takeover Regulations, 1997). From the pleadings it appears that the Respondent conducted an investigation into the buying, selling and dealings in the scrip of Axon InfoTech Ltd. (Axon) for the period from March 17, 2006 to September 19, 2006. The investigation revealed that the Appellant M/s. Octant Industries Ltd., earlier known as Kushal Software Ltd. alongwith seven others namely: 1. Mr. Giriraj Kishore Agarwal 2. M/s. Kushagra So....

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....ary 4, 2013 were not committed by the present promoters or directors of the Appellant company and that they were never informed by the Respondent or given notice or given the opportunity to explain their case before passing the impugned order. It is thus submitted by Shri Keyur Bhakshi, learned authorized representative for the Appellant company, that the impugned order deserves to be set aside on this ground alone. No other ground is taken in the appeal or pressed at the time of oral hearing. 3. We have also heard Shri Shyam Mehta, learned senior counsel for the Respondent who appears along with Shri Mihir Mody and Mr. Pratham V. Masurekar. Shri Mehta submits that it is only the name of the Appellant company that has changed from that o....