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2015 (8) TMI 139 - AT - Companies LawViolation of Disclosure of shareholding – Penalty was imposed for violating of regulation 7(1) & 7(2) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations, 1997 and regulation 29(2) & 29(3) SAST Regulations, 2011 – Held that:- making disclosures under SAST Regulations, 1997 and SAST Regulations, 2011 was mandatory – In 2011 there was delay of two days, while in 2012 there was delay of six days in compliance after due date – Default was repetitive in nature and evident that appellants instead of being more careful were more carefree – Appellants who were seeking to acquire control over company ought to have been vigilant about their mandatory obligation – Penalty imposed by AO cannot be said to be harsh or unreasonable, especially when default was repetitive – Appeal hereby dismissed – Decided against Appellant.
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