sebi:AO/SBM/EAD-1/320/2018
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Facts / Headnote
Noticee held liable for monetary penalty under Section 15A(b) of the SEBI Act for failure to furnish information in response to summons; penalty imposed (amount not specified in extracted text)
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 12
- s. 11C
Regulations
- Reg. 199
- Reg. 13(1)
- Reg. 29(1)
- Reg. 29
- Reg. 7(1)
- Reg. 29(3)
- Reg. 12
- Reg. 1
Parties
- Heranba Finvest Services Private Limited (PAN-AABCH4523R)
Holding
The Noticee, Heranba Finvest Services Private Limited, failed to furnish records, documents and information sought by the Investigating Authority vide summons dated December 4, 2014, and is therefore liable for monetary penalty under Section 15A(b) of the SEBI Act. The Noticee also failed to respond to the Show Cause Notice and did not appear for personal hearing.
Full text
Page 1 of 18 BEFORE THE ADJUDICATING OFFICER SECURITIES AND EXCHANGE BOARD OF INDIA (ADJUDICATION ORDER NO: AO/SBM/EAD-1/320/2018) UNDER SECTION 15-I OF THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH RULE 5 OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES BY ADJUDICATING OFFICER) RULES, 1995. In respect of: Heranba Finvest Services Private Limited (PAN-AABCH4523R) A-2, Block No. 9, Kripa Nagar, S. V. Road, Vile Parle West, Mumbai-400056 In the matter of Ravi Kumar Distilleries Ltd.
Page 2 of 12 in the securities market either directly or indirectly in any manner whatsoever till further directions. 2. RKDL came out with its IPO for issue of 1,15,00,000 equity shares of Rs. 10 each during the month of December 2010. The price band of the issue was Rs 56 to Rs 64 per equity share and the bid period of the IPO was from December 08, 2010 to December 10, 2010. The IPO was subscribed by 2.16 times and the issue price of the IPO was fixed at Rs. 64 per equity share, aggregating to Rs. 73.60 crore. The scrip of RKDL was listed at Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on December 27, 2010.
Page 3 of 12 APPOINTMENT OF ADJUDICATING OFFICER 4. A pictorial representation of the above mentioned flow of funds from the account of RKDL to the account of the Noticee and then to the bank account of the stock broker of the Noticee i.e. CSL is mentioned as under:-
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Source: SecMarx — sebi:AO/SBM/EAD-1/320/2018. 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.