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2014 (1) TMI 1658 - AT - Companies LawPenalty under section 15H(ii) of SEBI Act, 1992 - Violation of the provisions of regulation 10 of the SEBI (Takeover Regulations), 1997 - Aspect of common objective - Held that:- The element of “common objective” is clearly established by the learned AO in the impugned order. It is evident from the records that the same person namely, Shri. Dhiren Shukla, sold shares to all the eight entities including the three appellants before us at the rate of ₹ 2 each in the off market. It is vividly brought on record that at that time the price of the scrip of AIL in the market was in the range of ₹ 67 to ₹ 70. Therefore, transfer of bulk shares, that too at the same rate of ₹ 2 per share and in almost equal numbers to all the eight entities within two days is a clear indicator of the appellants having acted in concert with each other to acquire the shares/voting rights of AIL. The factual details of commonality of management and control of these eight entities are convincingly proved by the learned AO. Judgment of this Tribunal dated February 9, 2010 passed in Appeal No. 183 of 2009 in the case of Triumph International Finance India Ltd. vs SEBI [2010 (2) TMI 1127 - SECURITIES APPELLATE TRIBUNAL MUMBAI] is clearly distinguishable and does not advance the case of the appellants in any manner. - Decided against the appellants.
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