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2015 (8) TMI 776 - AT - Companies LawViolation of continual disclosures – Vide impugned order monetary penalty was imposed for violation of Regulations 30(2) and 30(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 – Held that:- appellants were required to make relevant disclosures under provisions of SAST Regulations, 2011 within seven working days from end of each financial year to concerned Stock Exchange as well as to target company – Appellants admittedly failed to do so and were liable to pay penalty as there was delay of 147 days in making mandatory disclosures – Obligation to make disclosures was mandatory irrespective of declaration under Regulation 8(2) – When there was no plausible explanation for violation, impugned order was liable to be upheld – Principle of proportionality would come to rescue only when penalty imposed by SEBI was highly disproportionate – Appeal dismissed – Decided against Appellant.
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