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2014 (6) TMI 898 - SECURITIES APPELLATE TRIBUNAL MUMBAIPenalty u/s 15A(b) of the SEBI Act, 1992 - Violation of regulation 7(1A) & 7(2) of the SAST Regulations, 1997 - Failure to disclose the transaction of sale of shares - Transfer within the promoter group - Held that:- As rightly contended by counsel for the respondent and also held by the AO, obligation to make disclosure under regulation 7(1A) read with regulation 7(2) of SAST Regulations, 1997 is applicable to both purchase and sale whether effected within the promoter group or not and, therefore, disclosure made by Shri Anand Arya as purchaser does not obliterate the obligation cast upon the appellant to make disclosure as a seller of the shares in question. Similarly, fact that the appellant had made disclosures under PIT Regulations, 1992 does not absolve appellants obligation to make disclosure under regulation 7(1A) of SAST Regulations, 1997. Reliance placed on decision of this Tribunal in the case of Vitro Commodities Pvt. Ltd. [2015 (7) TMI 36 - SECURITIES APPELLATE TRIBUNAL MUMBAI ] has been rightly distinguished by the AO by recording that the acquisition therein was not on account of sale or purchase of shares but as a result of issuance of bonus shares. In the present case, admittedly appellant had sold shares which attracted disclosure requirements under regulation 7(1A) read with regulation 7(2) of SAST Regulations, 1997 and hence decision of this Tribunal in case of Vitro Commodities [2015 (7) TMI 36 - SECURITIES APPELLATE TRIBUNAL MUMBAI ] -does not support the case of the appellant. - Decided against the appellant.
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