sebi:6618
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Facts / Headnote
Show cause notices disposed off without imposing any prohibitory direction or debarment
Provisions invoked
- s. 11B
- s. 11
- s. 11(4)
- s. 73
- s. 283(1)
Regulations
- Reg. 13
- Reg. 3
Parties
- Monarch Projects and Finmarkets Ltd
- Shri Rajeshkumar V Patel
- Shri Kamlesh M Shah
- Shri Ashwin P Patel
- Shri Yogesh J Shah
- Shri Mahendra P Vora
- Shri Narendra Kapoor
- Shri Pravinkant V Desai
- Shri S M Gupta
Holding
The show cause notices issued to Monarch Projects and Finmarkets Ltd and its directors in connection with the Dhanlaxmi Lease Finance Ltd public issue were disposed of without imposing any prohibitory direction or debarment.
Full text
APPEARANCES: FOR THE COMPANY/ DIRECTORS / PROMOTERS: Shri Gaurav Joshi and Ms Rea Zaiwalla, Advocates with Shri Suresh Bafna and Shri Sanjay Mota, Company Secretaries attended for Monarch Project and Finmarkets Ltd. Shri Vinay Chauhan and Ms Kirti Sasnur, Advocates with Shri Kamlesh M. Shah Shri Pravinkant Desai. Shri Narendra Kapoor Shri Mahendra P. Vora. FOR SEBI: Shri Sanjiv Dutt, CGM Shri Mohamed Rahaz P. M., Legal Officer Ms Muthulakshmi K, Manager.
India (hereinafter referred to as “SEBI”) by the Lead Manager, Monarch Projects and Finmarkets Ltd. (hereinafter referred to as “Monarch”).
4.2 They have submitted that they are not carrying out any business relating to Merchant Banking or any other business of the erstwhile Monarch. They further stated that they have acquired the right to act as a trading member of NSE from erstwhile Monarch by executing a Memorandum of Understanding dated June 18, 1996 and a supplementary agreement dated August 31, 1997. As per these agreements, all nominee directors of the erstwhile Monarch have to exit and complete managerial control will vest with Shri Ashok Bafna and Shri Vaibhav J. Shah and at the same time Shri R. V. Patel will continue in the present management with 51% holding. 4.3 They have already applied to NSE for change in management to acquire 51% holding of Shri R. V. Patel.
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Source: SecMarx — sebi:6618. 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.