Adjudication Order in respect of Ms. Sushila Devi in the matter of Maithan Alloys Limited

This adjudication order concerns Ms. Sushila Devi and Maithan Alloys Limited. SEBI investigated the company's shareholding disclosures between April and June 2015. It was observed that Ms. Sushila Devi, a promoter, sold 57,295 shares during this period, leading to a decrease in promoter shareholding. This action potentially contravened SEBI's disclosure requirements under the Prohibition of Insider Trading Regulations.

BEFORE THE ADJUDICATING OFFICER
SECURITIES AND EXCHANGE BOARD OF INDIA

[ADJUDICATION ORDER No.: Order/AP/SK/2020-21/9768]

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.

In respect of:

Ms. Sushila Devi
(PA No. ACXPD9987E)
F-3 Circular Mansion,
222 AJC Bose Road,
Kolkata – 700017.

In the matter of Maithan Alloys Limited

1. Maithan Alloys Limited (hereinafter referred to as 'the company' or 'MAL'), is a company having its shares listed on National Stock Exchange of India limited (‘NSE’), The Calcutta Stock Exchange Limited (‘CSE’) and Metropolitan Stock Exchange of India Limited (MSE) and is traded on BSE Ltd. (‘BSE’) trading platform under “Permitted to Trade” category. Securities and Exchange Board of India ("SEBI") conducted investigation in the affairs of the company during the period from April 13, 2015 to June 12, 2015. Pursuant to the investigation, SEBI observed the following with regard to disclosure requirements to be made by the promoter/promoter group of the company under SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter also referred to as “PIT Regulations”) read with SEBI (Prohibition of Insider Trading) Regulations, 2015 (hereinafter also referred to as “2015 PIT Regulations”):

Observations pertaining to disclosure requirements under Regulation 13(4A) read with 13(5) of the PIT Regulations:

a) The promoter shareholding decreased from 73.86% in quarter ended March 2015 to 72.46% in quarter ended June 2015. In this regard, it was observed that Ms. Sushila Devi (hereinafter referred to as ‘the Noticee’) had sold 57295 shares (0.39% of total shareholding) between April 07, 2015 and May 06, 2015. The following table gives the list of transactions done by the Noticee during the investigation period indicating the requirement of disclosures under PIT Regulations.

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