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An announcement dated 9th January 2018 informing the schedule and timings of the CA Examinations-May 2018 was hosted on www.icai.org The s...

Friday, 4 July 2014

Impose penalty for each offence independently for delay or default in making disclosures- SAT


Date of Hearing : 2.7.2014 Date of Decision : 2.7.2014

Appeal No.182 of 2014

Splash Media & Infra Ltd.


Securities and Exchange Board of India

Mr. Joby Mathew, Advocate for the Appellant.

Mr. Kumar Desai, Advocate with Mr. Mihir Mody and Mr. Pratham V. Masurekar, Advocates for the Respondent.

CORAM : Justice J. P. Devadhar, Presiding Officer A S Lamba, Member

Per : Justice J. P. Devadhar (Oral)

This appeal is filed to challenge adjudication order passed by SEBI on March 25, 2014. Grievance of Appellant is that Adjudicating Officer, in the impugned order has not considered various submissions made by Appellant. Perusal of impugned order shows that composite penalty of Rs. 15 lac has been imposed upon Appellant on ground that Appellant has failed to make disclosures or made disclosures belatedly under Regulations 6(2), 6(4), 7(3) and 8(3) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. Since failure to make disclosure under each regulation constitutes independent offence attracting independent penalty, in the facts of present case, where there are multiple offences it would be just and proper to impose penalty for each offence independently depending upon the delay or default in making disclosures which are mandatory.

2. In this view of the matter we set aside the Adjudication Order dated March 25, 2014 and restore the matter for fresh decision on merits and in accordance with law after considering the submissions made by Appellant.

3. Appeal is disposed of in above terms with no order as to costs