TMI Blog2015 (8) TMI 670X X X X Extracts X X X X X X X X Extracts X X X X ..... oportionate to gravity of loss caused to investors – Appeal dismissed – Decided against Appellant. - Appeal No. 209 of 2014 - - - Dated:- 11-8-2014 - J.P. Devadhar, Jog Singh and A.S. Lamba, JJ. For The Appellant : Mr. Pankaj P. Pandit, Advocate with Mr. Sahil Vora, Advocate For The Respondent : Mr. Kumar Desai, Advocate with Ms. Khushboo Tatia, Advocate Per : Jog Singh (Oral) This appeal has been filed by the appellants against the impugned order dated April 30, 2014 imposing a monetary penalty of ₹ 2,00,000/- each on appellant nos. 1 and 2 for the violation of Regulations 8(3) and Regulations 30(1), (2) read with Regulation 30(3) of the SEBI (Substantial Acquisition of Shares Takeovers) Regulations, 1997 resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the SEBI Act for the alleged violations. In response to the said SCN, the three appellants filed their replies vide letters dated 28/25/27th March, 2014 respectively. The learned adjudicating officer after considering replies filed by the appellants and after affording an opportunity of personal hearing held the appellants guilty of violating the regulatory provisions in question and imposed a penalty of ₹ 2,00,000/- each on the company and Shri Benny Abraham and further a penalty of ₹ 2,50,000/- on appellant no. 3 under Section 15A(b) of SEBI Act, 1992. This is how the present appeal has been preferred by the three appellants before this Tribunal challenging the impugned order dated April 30, 2014. 3. The relevant regulatory ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e per cent or more of the voting rights in a target company, shall disclose their aggregate shareholding and voting rights as of the thirty- first day of March, in such target company in such form as may be specified. (2) The promoter of every target company shall together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the thirty-first day of March, in such form as may be specified. (3) The disclosures required under sub-regulation (1) and sub-regulation (2) shall be made within seven working days from the end of each financial year to, - (a) every stock exchange where the shares of the target company are listed; and (b) the target company at its registered office. 4. W ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of shares and voting rights within 21 days from the financial year ending March 31 to the company as per the provisions of Regulations 8(1) and 8(2) of the SAST Regulations, 1997. She also failed to do so. In the same manner the company was required to make yearly disclosures within thirty days from the financial year ending March 31 to all the concerned stock exchanges alongwith changes, if any, in respect of the holdings of the persons referred to in the sub-regulation (1) of Regulation 8. Therefore, the meager penalty of ₹ 2 lac each on appellant nos. 1 2 and ₹ 2.5 lac on appellant no. 3 cannot be said to be unreasonable on the ground of proportionality as contended by the learned counsel for the appellants. The principle ..... X X X X Extracts X X X X X X X X Extracts X X X X
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