TMI Blog2015 (4) TMI 23X X X X Extracts X X X X X X X X Extracts X X X X ..... 1) including that of regulation 8(3), is to make a company law abiding and compliant. In the present case, learned counsel for the appellant, Shri Sunil Humbre has stated that the company shall file proper disclosure to the stock exchanges within a period of two weeks although it is claimed that such disclosures have already been made in the past. In addition, we also note the conduct of appellant in approaching SEBI on its own and thereby bringing the violation in question to the notice of SEBI. In the peculiar facts and circumstances of the case, therefore, we are convinced that ends of justice would be met with by disposing of this appeal with a direction to the appellant to make the required disclosure to the stock exchanges in qu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the shareholding by the promoters and persons in control of the affairs of the company has been violated by the appellant for years together. Therefore, Shri Kumar Desai, learned counsel for the respondent submits that the penalty imposed on the appellant is justified. 3. On the other hand, the case advanced by the learned counsel for the appellant, Shri Sunil Humbre is that the two stock exchanges, where the shares of the company are listed, namely, Delhi Stock Exchange and UP Stock Exchange, are non functional and no trading is being carried on by the investors or shareholders in the scrip of the appellant company since last many years. The learned counsel for the appellant further submits that they have been disclosing regularly t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the technical violation in question and asked for consent proceedings which, somehow, could not materialize. Be that as it may. We have given our thoughtful consideration to the whole matter and we note that the basic purpose of SAST Regulations, 1997 (now Substantial Acquisition of Share and Takeovers Regulations, 2011) including that of regulation 8(3), is to make a company law abiding and compliant. In the present case, learned counsel for the appellant, Shri Sunil Humbre has stated that the company shall file proper disclosure to the stock exchanges within a period of two weeks although it is claimed that such disclosures have already been made in the past. In addition, we also note the conduct of appellant in approaching SEBI on it ..... X X X X Extracts X X X X X X X X Extracts X X X X
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