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2015 (8) TMI 670 - SECURITIES APPELLATE TRIBUNAL MUMBAIViolation to make disclosures of shareholding–SEBI imposed monetary penalty upon appellants for violating Regulation 8 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 r/w Regulation 30 of SAST Regulations, 2011 – Held that:- Appellant no. 1 made disclosure after delay of ten days, whereas appellant no. 3 after delay of 38 and 5 days during years 2003 and 2005 and appellant no. 1 after delay of 30 days – Penalty imposed cannot be said to be unreasonable on ground of proportionality as this principle was applicable when penalty imposed was rather disproportionate to gravity of loss caused to investors – Appeal dismissed – Decided against Appellant.
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