2015 (8) TMI 670

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....on of Regulations 8(3) and Regulations 30(1), (2) read with Regulation 30(3) of the SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 respectively and Rs. 2,50,000/- on appellant no. 3 for the violation of Regulations 8(1), 8(2) of the SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 1997, hereinafter referred to SAST Regulations. 2. While examining the letter of offer document of one Mr. P. B. Krishna Prasad, the acquirer, to acquire the shares of appellant no. 1 i.e. the company, it was observed by SEBI that the erstwhile promoter of the company, i.e. appellant no. 2 did not comply with the provisions of Regulation 30(1) & 30(2) read with 30(3) of the SEBI (Substantial Acquisition of Shares & Takeo....

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.... has been preferred by the three appellants before this Tribunal challenging the impugned order dated April 30, 2014. 3. The relevant regulatory provisions which are alleged to have been violated by the three appellants are reproduced hereinbelow for the sake of convenience :- SAST Regulations, 1997 "8(1) Every person, including a person mentioned in regulation 6 who holds more than fifteen per cent shares or voting rights in any company, shall, within 21 days from the financial year ending March 31, made yearly disclosures to the company, in respect of his holdings as on 31st March. (2) A promoter or every person having control over a company shall, within 21 days from the financial year ending March 31, as we....

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....ays from the end of each financial year to, - (a) every stock exchange where the shares of the target company are listed; and (b) the target company at its registered office." 4. We have heard both the learned counsel for the parties at length and have perused pleadings and records. 5. It is an admitted position that Shri Benny Abraham, appellant no. 2 did not comply with the provisions of Regulation 30(1) and (2) read with Regulation 30(3) of the SAST Regulations, 2011 for the financial year ending March 31, 2012 within stipulated period and there was a delay of ten days in making such disclosures on one occasion. In the case of appellant no. 3, Ms. S. Subashini, it is noted that she did not comply with the provisio....