sebi:ACL/UKH/AO/DRK/AS/EAD-3/120/09-22/2010
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Facts / Headnote
Penalty imposed
Provisions invoked
- s. 15
- s. 11B
- s. 15H
- s. 15J
Regulations
- Reg. 3
Parties
- Shri Umesh Khariwala
Holding
The Adjudicating Officer held that Shri Umesh Khariwala, Director of Adam Comsof Ltd., violated Regulations 3(b), 3(c), 4(1) and 4(2)(r) of the SEBI PFUTP Regulations, 2003 by being part of a scheme of false and misleading corporate announcements to induce trading while the RKB group off-loaded shares, and imposed a penalty of Rs. 20,00,000.
Full text
Page 2 of 15 investigations are completed. Shri Umesh Khariwala (noticee) was also one of the persons against whom the directions under Section 11B was issued.
Page 3 of 15 accessing the capital market for 3 years, RKB has resigned from the Board of Directors to ensure smooth going of the process of expansion. As per the records available with SEBI, the Board of Directors for 2003 - 04, was:
Page 4 of 15 49.39 million, respectively. The net profit for the quarter ended March 31, 2004 and June 30, 2004 were Rs. 3.68 million and Rs. 4.76 million, in comparision to the quarter ended December 31, 2003, which stood at Rs. 47.1 million.
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Source: SecMarx — sebi:ACL/UKH/AO/DRK/AS/EAD-3/120/09-22/2010. 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.