2015 (8) TMI 776

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....ak Awasthi, Advocate For The Respondent : Mr. Chirag Balsara, Advocate with Mr. Mihir Mody, Advocate Per : Jog Singh (Oral) 1. The present appeal has been preferred by five appellants, namely, Mr. Vijay Jain, Ms. Urvashi Jain, Ms. Sunita Jain, Ms. Shivani Jain and Vijay Jain (HUF) against the impugned order dated January 15, 2014 imposing a monetary penalty of Rs. 3 lac, to be paid by the....

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....cating Officer found the appellants guilty of the allegations levelled against them and imposed a penalty of Rs. 3 lac to be paid by them, jointly and severally. 3. We have heard the learned counsel for the parties and perused the pleadings. The case of the appellants is that on September 21, 2012, a Share Purchase Agreement was entered into between acquirer and the promoters of the target comp....

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.... thirty-first day of March, in such target company in such form as may be specified.' Similarly, Regulation 30(3) requires that 'the disclosures required under sub-regulation (1) and sub-regulation (2) shall be made within seven working days 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 registe....

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.... the relevant period and, therefore, it is just and proper to delete the penalty. We see no merit in the above contentions. Obligation to make disclosures under Regulation 30(2) and 30(3) is mandatory irrespective of declaration under Regulation 8(2). Therefore, fact that declaration was made under regulation 8(2) does not absolve the appellants from making declaration under regulation 30(2) and 3....