Adjudication Order in respect of Saral Mining Ltd. in the matter of Sun and Shine Worldwide Limited

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Last updated: 30 September 2020
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This adjudication order concerns Saral Mining Ltd. (formerly XO Infotech Ltd.) and its failure to make timely disclosures regarding significant changes in its shareholding in Sun and Shine Worldwide Limited. SEBI found that Saral Mining Ltd. acquired shares on two occasions, resulting in a change of over 2% in its holdings each time. However, the company failed to disclose these acquisitions to the stock exchange and the company within the stipulated two working days, making disclosures only on April 10, 2015, which was significantly delayed. Consequently, SEBI has imposed a monetary penalty on Saral Mining Ltd. for violating SEBI (Substantial Acquisition of Shares and Takeover Regulations) and SEBI (Prohibition of Insider Trading) Regulations.

Court :
SEBI

Brief :
UNDER SECTION 15-I OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH RULE 5 OF SEBI (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES BY ADJUDICATING OFFICER) RULES, 1995.

Citation :
ADJUDICATION ORDER No.: ORDER/AP/SK/2020-21/9139

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1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

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