were Director/ deemed
Director. Thus, reading regulation 2(e) with regulation
2(c) & 2(h) of the PIT Regulations, it is evident that ... deemed
connected person under regulation 2(h)(viii) read with
regulation 2(h)(i) of the PIT Regulations and Section
6 of the Companies
entities had violated the Takeover Regulations and Regulation
13(3) and Regulation 13(5) of the PIT Regulations. The above was
discussed at the meeting ... investigation‖. As the caption indicates, the
provisions of Regulation 4A to Regulation 10 of the PIT Regulations
relate essentially to the investigation that
profits made
out of insider trading, whichever is higher]."
" Regulation 3 PIT Regulations, 1992 -. No insider
shall--
(i) either on his own behalf ... found in the subordinate legislation i.e Regulation 3 of PIT
Regulation, was deleted by amendment to the PIT Regulations in
2002, still in view
person”
in terms of Regulation 2(1)(d)(i) and an “insider” under
Regulation 2(1)(g) of the PIT Regulations.
iii. That allegedly ... Balram Garg as required by Regulation 2(1)(d)(ii)(a)
read with Regulation 2(1)(f) of the PIT Regulations, as
none
were 'connected person' within the
meaning of Regulation 2(1)(d) of the PIT Regulations. It was argued
that the learned WTM expressly ... UPSI' under the Regulation 2(1)(g)(ii) of
the PIT Regulation, which distinguishes ruling in case of Balram
Garg (supra). In our considered
benefit of proviso to
Regulation 4(1) of the PIT Regulations.
11. Regulation 4 of the PIT Regulations prohibits any insider
from trading in securities ... trading in securities while in possession of
UPSI. For facility, Regulation 4 of the PIT Regulations is extracted
hereunder :-
"4. (1) No insider shall
well as the
decision of this Tribunal.
12. Regulation 3 of PIT Regulations, 1992 provides as
under.
"Prohibition on dealing, communicating, or
counselling ... Company. The Code of Conduct as framed under the
PIT Regulation, 2015 requires that such designated
16
officer shall not enter into opposite transactions (contra
Schedule II read with Regulation 12(2) of the SEBI
(Prohibition of Insider Trading) Regulations, 1992 ('PIT
Regulations of 1992' for short ... comes merger,
amalgamation etc. Price sensitive information as
defined under PIT Regulation 2 (ha) "means any
information which relates directly or indirectly
Securities Contracts (Regulation)
Act, 1956 („SCRA‟ for short) and Regulation 12(2) of the
SEBI (Prohibition of Insider Trading) Regulations, 1992
(„PIT Regulations ... comes merger, amalgamation
etc. Price sensitive information as defined under PIT
Regulation 2 (ha) "means any information which relates
22
directly or indirectly
disclose to the company which was required under
Regulation 7(2)(a) of the PIT Regulations.
3. Consequently, adjudication proceedings were initiated against
the appellants ... appropriate penalty should not be levied for violation of
Regulation 7(2)(a) of the PIT Regulations.
4. The Adjudicating Officer (hereinafter referred
