Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
1. This appeal by The Dhanalakshmi Bank Limited, the Appellant herein, is against the order dated November 9, 1998 made by the Adjudicating Officer appointed by the Securities & Exchange Board of India (SEBI), imposing a penalty of Rs. 50,000/- for non-compliance of certain requirements under the Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994.2. The Appellant, a scheduled Bank engaged in the banking business was registered as "Banker to an Issue" under section 12 of the Securities and Exchange Board of India Act, in 1994. Registration has been renewed in 1997 for a further period of 3 years.3. SEBI vide its order dated June 15, 1998 had appointed an Adjudicating Officer " to adjudicate and hold an enquiry under section 15B of the Act, in the prescribed manner for contravention of Rule 4 (a) and Regulation 14 (1) and 14 (2) of the SEBI (Banker to an Issue) Rules and Regulations, 1994" by 9 banks including the Appellant. The Adjudicating Officer issue...
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
1. This appeal is directed against the order dated September 26, 1997 made by the Adjudicating Officer, appointed by the Securities and Exchange Board of India, holding the appellants guilty of contravening the statutory provisions relating to substantial acquisition of shares.2. The appellant company viz. M/s. Fascinating Leasing & Finance Pvt.Ltd. is a private limited company registered under the Companies Act, 1956 with the main object of carrying on non-banking financial business. The appellants acquired about 67% in the equity share capital of a public limited company viz. Hindustan Finstock Ltd. (hereinafter referred to as HFL). Acquisition of these shares was enquired into by the Adjudicating Officer appointed by the Securities and Exchange Board of India. The Adjudicating Officer, after enquiry came to the conclusion that the appellants had violated regulation 10 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 19...
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
Reported in : (1998)3CompLJ145SAT
1. This appeal under Section 15T of the Securities and Exchange Board of India Act, 1992 by Shri Sharad Doshi , the Appellant, is directed against the Order dated 25.11.97 made by the Adjudicating Officer, imposing one lakh rupees as penalty for contravention of regulations 6 and 9 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations , 1994, while acquiring shares of a listed company namely M/s Ancient Traders Ltd. 2. Certain irregularities relating to acquisition of shares of M/s Ancient Traders Ltd. (ATL) by Shri Sharad Doshi, noticed by the Income Tax Department in the course of investigations were brought to the notice of the Securities and Exchange Board of India. Shares of ATL are listed on Delhi Stock Exchange. SEBI followed up the matter by carrying out an investigation and based on the findings thereof, the matter was referred for adjudication. The Adjducating Officer, after enquiry, came to the conclusion that Shri Doshi...
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