sebi:10318
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Facts / Headnote
No action taken against M/s. Apple Finance Ltd.
Provisions invoked
- s. 11B
- s. 11
- s. 19
Regulations
- Reg. 13
Parties
- M/s. Apple Finance Ltd.
Holding
The Whole Time Member held that Apple Finance Ltd. had taken reasonable steps and fulfilled its obligations under Regulation 13 read with Schedule III of the SEBI (Merchant Bankers) Regulations, 1992, and directed that no action be taken against it.
Full text
whereas, the aforesaid complaint was forwarded to M/s. Apple Finance Ltd. (hereinafter referred to as ‘Apple’) by SEBI vide letter dated 18.01.96 for its comments, since Apple, a merchant banker registered with SEBI acted as the post-issue lead manager to the issue and was responsible for ensuring due despatch of the share certificates/allotment advices, and, whereas, Apple replied vide its letter dated 23.01.96 mentioning, inter-alia, that it was not aware of the handing over of shares to the company by M/s. Online Share Management Services Ltd., Registrar to the issue, and, whereas an investigation ordered by SEBI in the matter was completed and the report submitted on 17.11.99 where after an enquiry was initiated to look into any violations committed by Apple, and, whereas, the enquiry officer vide his report dated 18.02.00 noted that the certificate of registration as a merchant banker of Apple had expired by the time the report was being submitted and thereby no recommendation could be made against Apple in the enquiry report. However, SEBI decided to proceed under Section 11B of the SEBI Act, 1992, and, whereas, a notice dated 30.09.04 was issued to Apple, charging it with failure to ensure timely despatch of allotment advice/ refund orders for all the respondents to the public offer of the company in violation of Regulation 13 read with Schedule III of SEBI (Merchant Bankers) Regulations, 1992, and asking it to show cause as to why suitable
22.02.05, when Apple through its counsels made its submissions relating to the allegations made against it in the show cause notice and also filed further written
Place: Mumbai MADHUKAR Date: August 8, 2005 WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA
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Source: SecMarx — sebi:10318. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.