2014 (6) TMI 898

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.... For The Appellant : Mr. Joby Mathew, Advocate with Mr. Deepak Dhane, Advocate For The Respondent : Mr. Kumar Desai, Advocate with Mr. Mihir Mody, Advocate Per: Justice J.P. Devadhar (Oral) 1. Whether the Adjudicating Officer ("AO" for short) of Securities and Exchange Board of India ("SEBI" for short) by his two orders both dated January 31, 2014 was justified in imposing penalty of Rs. ....

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....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 t....

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....he date of sale itself and Shri Anand Arya had made disclosure under SAST Regulations, 1997. Therefore, sale transaction effected by the appellant being disclosed to the investors, failure on part of the appellant to make disclosures ought to have been held to be technical violation without causing any prejudice to the investors in any manner whatsoever. In support of above contention, reliance is....

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....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....