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C.ACHUTHAN
Mega Resources Ltd. – Appellant
Versus
Securities & Exchange Board of India – Respondent
1. The Chairman, Securities and Exchange Board of India (‘the Board’), made and order on 29-8-2001 debarring Shri Arun Kumar Bajoria (Shri Bajoria) an certain other persons, viz., Mega Resources Ltd. (the appellant), Mega Stock Ltd., the Hooghly Mills Ltd., Pooja Bajoria, Mohini Devi Bajoria, Lata Devi Bajoria and Meenakshi Jatia, stated to be persons acting in concert with Shri Bajoria, from accessing the capital market, and dealing directly or indirectly in securities, for a period of one year. It was also directed that an Adjudicating Officer be appointed to inquire into violations, if any, of section 15A(b) of the Securities and Exchange Board of India Act, 1992 (‘the Act’) in respect of failure by Shri Bajoria and others to comply with the disclosure requirements under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (‘the 1997 Regulations’). The order further stated that as Shri Bajoria and the persons acting in concert have already reduced their holding to below 5 per cent of the paid-up capital of Bombay Dyeing & Mfg. Co. Ltd. (Bombay Dyeing) no specific directions are being issued to sell the shares acquir
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