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TMI Blog2014 (1) TMI 1826X X X X Extracts X X X X X X X X Extracts X X X X ..... which each of the appellants is imposed a monetary penalty of Rs. 5 lac for the alleged violations of the provisions of Regulations 7(1) and 7(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 read with Regulation 35(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 as well as Regulations 13(1), 13(3) and 13(5) of SEBI (Prohibition of Insider Trading) Regulations, 1992. 2. With the consent of both learned counsel for the parties, all the five appeals are being heard together and are being disposed of by this common order. However, for factual purposes, Appeal no. 201 of 2013 is treated as the leading case. 3. The common allegation in all the cases against the appellants levelled b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sition which emerges from a minute perusal of the impugned order as well as the appeals and facts as brought out on record is that on each and every stage of allotment of warrants till their conversion into shares, the MIL duly kept the stock exchanges informed. All these developments have also been displayed on the website of BSE from time to time. The decision of the board of directors of MIL to allot 5 lac preferential warrants and their conversion was duly approved by the shareholders. 6. Thus, the public at large as well as the shareholders had due knowledge of the acquisition of number of shares by the appellants. This information also duly includes the exact percentage of decrease in promoter's shareholding and the corresponding inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 Murli Agro Board approves interim dividend Murli Agro Products Ltd has informed BSE that the Board of Directors of the Company at its meeting held November 20, 2006, has transacted the following : 1. Considered and decided to pay 20% Interim Dividend 2. Considered and decided to allot the Shares on receipt of payment from the Share Warrant Holders. 3. Fixed the date of Extra Ordinary General Meeting and EOGM will be held on December 15, 2006. ... 06 Dec 2006 Murli Agro - Board Meeting on Dec 15, 2006 Murli Agro Products Ltd has informed BSE that a meeting of the Board of Directors of the Company will be to consider the following : 1. Conversion of share warrant in to shares of the Company. 2. Overview in the overall status ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company but by the individual acquirer as well. To this extent, the appellants, though inadvertently and without any intention, have defaulted in complying with the regulations regarding disclosures in question in our considered view and in the facts and circumstances of the present cases. The infraction, although venial in nature, is an infraction nonetheless. This Tribunal has held time and again that the penalty levied on any wrong-doer ought to be commensurate with the gravity of the deviation effected. Therefore, we feel that for this lapse a penalty of Rs. 1 lac on each of the appellants would suffice to meet the ends of justice. 9. Accordingly, the impugned order in each case is upheld with a modification of the penalty to Rs. 1 lac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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