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Appeal No. 63 of 2014. Case: Vijay Jain Vs Securities and Exchange Board of India. Securities and Exchange Board of India

Judgment Cited in Precedent Map Related
Case NumberAppeal No. 63 of 2014
CounselFor Appellant: Joby Mathew and Deepak Awasthi, Advocates and For Respondents: Chirag Balsara and Mihir Mody, Advocates
JudgesJ.P. Devadhar, J. (Presiding Officer), Jog Singh and A.S. Lamba, Members
IssueSEBI
Judgement DateAugust 13, 2014
CourtSecurities and Exchange Board of India

Judgment:

Jog Singh, Member

  1. The present appeal has been preferred by five appellants, namely, Mr. Vijay Jain, Ms. Urvashi Jain, Ms. Sunita Jain, Ms. Shivani Jain and Vijay Jain (HUF) against the impugned order dated January 15, 2014 imposing a monetary penalty of ` 3 lac, to be paid by them, jointly and severally, for violation of Regulations 30(2) and 30(3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (for short 'SAST Regulations, 2011').

  2. Briefly stated the facts of the case are that while processing an open offer made by M/s. Vista Vyapaar Pvt. Ltd. (the Acquirer) and one Mr. Ankit Jain (Person Acting in Concert with the acquirer) to acquire 26% shares of the Gaylord Commercial Co. Ltd. (target company), SEBI noted violation of Regulations 30(2) and 30(3) of SAST Regulations, 2011 and, accordingly, issued a Show Cause Notice to the appellants under Rule 4(1) of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 on September 3, 2013. After holding an enquiry as per law, the learned...

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