Settlement Order in respect of 8 entities in the matter of Punjab Alkalies and Chemicals Limited

Last updated: 29 October 2020

Court :
SEBI

Brief :
Mr. Sukhbir Singh Dahiya along with 7 other ‘Persons Acting in Concert’ (referred to above and hereinafter referred to as the ‘applicants’) had filed suo motu settlement applications in terms of the SEBI (Settlement Proceedings) Regulations, 2018 (hereinafter referred to as the ‘Settlement Regulations’) proposing to settle, without admitting or denying the findings of fact and conclusions of law, through a settlement order, the probable enforcement proceedings for the alleged violations of Regulation 29(1) and 29(2) read with Regulation 29(3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as the ‘SAST Regulations’) in respect of the acquisition of shares in Punjab Alkalies and Chemicals Limited (hereinafter referred to as the ‘Company’).

Citation :
SO / EFD-2/ SD / 354 / OCTOBER / 2020

SO / EFD-2/ SD / 354 / OCTOBER / 2020

BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA

SETTLEMENT ORDER

in Settlement Application Nos.

1. 4069 of 2019 – Mr. Sukhbir Singh Dahiya [PAN: ACCPD9200H],
2. 4070 of 2019 – Mrs. Prerna Ahlawat [PAN: AAGPP5953R],
3. 4071 of 2019 – Mr. Jagbir Singh Ahlawat [PAN: AAHPA2745B],
4. 4072 of 2019 – Himalaya Alkalies and Chemicals Limited [PAN: AAKCS5199R],
5. 4073 of 2019 – Mrs. Garima [PAN: AQUPG7083K],
6. 4074 of 2019 – Flowtech Industrial Projects Private Limited [PAN: AABCF7849J],
7. 4075 of 2019 – Mrs. Dayawati Dahiya [PAN: AAFPD0929C] and
8. 4076 of 2019 – Advance Chemicals [PAN: AAEFA7026J]
in the matter of Punjab Alkalies and Chemicals Limited

1. Mr. Sukhbir Singh Dahiya along with 7 other ‘Persons Acting in Concert’ (referred to above and hereinafter referred to as the ‘applicants’) had filed suo motu settlement applications in terms of the SEBI (Settlement Proceedings) Regulations, 2018 (hereinafter referred to as the ‘Settlement Regulations’) proposing to settle, without admitting or denying the findings of fact and conclusions of law, through a settlement order, the probable enforcement proceedings for the alleged violations of Regulation 29(1) and 29(2) read with Regulation 29(3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as the ‘SAST Regulations’) in respect of the acquisition of shares in Punjab Alkalies and Chemicals Limited (hereinafter referred to as the ‘Company’).

2. On March 05, 2018, the applicants, acting as ‘Persons in Concert’ (hereinafter referred to as the ‘PACs’), acquired 1,17,701 (0.434%) equity shares of the Company, thereby increasing their shareholding from 4.987% to 5.421%, which was required to be disclosed to the stock exchanges within 2 days under Regulation 29(1) read with 29(3) of the SAST Regulations. The same was disclosed only on September 25, 2019, i.e. with a delay of 568 days.

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