2015 (8) TMI 139

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.... Appellant : Mr. Rajesh Khandelwal, Advocate For The Respndent : Mr. Kumar Desai, Advocate with Mr. Pratham V. Masurekar, Advocate Per: Justice J.P. Devadhar (Oral) 1. Three appellants namely, Virat Shah, Alok Shah and Rajan Shah, have filed this appeal to challenge adjudication order dated December 27, 2013 passed by Adjudicating Officer ("AO" for short) of Securities and Exchange Board ....

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....delay in another transaction AO ought to have taken a lenient view and ought not to have imposed heavy penalty of Rs. 5 lac, especially when delay was marginal and that there was no mala fide intention. Counsel for appellants further submitted that due to delay in making disclosures, neither the appellants have made any unfair gain nor any loss is caused to any investors due to non-disclosure. Mor....

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....March 4, 2011 i.e., after delay of two days. 5. Similarly, in respect of second transaction dated September 30, 2012 involving acquisition of 5,39,700 shares of the company (10.77%), due date for compliance was October 3, 2012, but was complied on October 9, 2012 i.e., after delay of six days. 6. Since default was repetitive in nature and delay in respect of second transaction being more tha....