Adjudication order in respect of 16 entities in the matter of Focus Industrial Resources Limited

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Last updated: 23 September 2020
Quick Summary
The Securities and Exchange Board of India (SEBI) investigated Focus Industrial Resources Ltd. (FIRL) concerning potential disclosure violations by its promoters. The investigation covered the period from February 1, 2013, to July 30, 2013. SEBI found that 16 entities, including key promoters, violated the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SAST) and SEBI (Prohibition of Insider Trading) Regulations, 1992 (PIT). These violations primarily involved failures to make required disclosures for share acquisitions or disposals exceeding 2% and, in some cases, failing to make an open offer when share acquisition exceeded 5%.

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) RULES, 199

Citation :
ADJUDICATION ORDER NO. Order/BD/AA/2020-21/9117-9132

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