sebi:ASK/RGA/AO/120-127/2014-15
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Facts / Headnote
Violation established; monetary penalty of Rs. 50,00,000 imposed on Noticee Nos. 1,2,3,4,6,7 and 8 under Section 15H(ii) of SEBI Act, 1992; proceedings against Noticee No. 5 (Mr. Shyam Sunder Saraf) abated due to death.
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 6
- Reg. 11
- Reg. 3
- Reg. 10
- Reg. 14(1)
- Reg. 14
- Reg. 11(1)
- Reg. 11(2)
- Reg. 3(4)
- Reg. 20(4)
- Reg. 3(1)(e)
- Reg. 11o
Parties
- M/s Saraf Holding Pvt Ltd.
- M/s Surface Holdings Ltd.
- M/s Tower Properties Pvt Ltd.
- Ms. Aradhita Saraf
- Mr. Shyam Sundar Saraf
- Rama Devi Saraf
- Sujata Saraf
- Dev Saraf
Holding
The Noticees (Nos. 1-4, 6-8), erstwhile promoters of Comfort Fincap Ltd., violated regulation 11(2) read with regulation 14(1) of SAST Regulations, 1997 for FYs 1997-98, 2004-05 (twice), 2005-06 and regulation 11(1) read with regulation 14(1) for FY 1998-99, and are liable to a monetary penalty of Rs. 50,00,000; proceedings against Noticee No. 5 abated on his death on December 06, 2014.
Full text
Adjudication order in the matter of Comfort Fincap Ltd.. Page 2 of 17 January 16 , 2015 Fincap Ltd. (hereinafter referred to as 'CFL/company'), Target Company listed at Calcutta Stock Exchange (CSE), Uttar Pradesh Stock Exchange (UPSE) & Delhi Stock Exchange (DSE), through a public announcement dated February 27, 2013 for acquisition of 21,70,260 fully paid up equity shares of ` 10 each representing 20% of the present equity and voting share capital of the Target Company at the prices mentioned therein.
Adjudication order in the matter of Comfort Fincap Ltd.. Page 3 of 17 January 16 , 2015 Regulations, 1997. Consequent to the transfer of Shri Piyoosh Gupta, I have been appointed as Adjudicating Officer vide order dated November 08, 2013.
Adjudication order in the matter of Comfort Fincap Ltd.. Page 4 of 17 January 16 , 2015 any reply to the SCN's. It was also informed by the concerned department of the SEBI that the Noticees had filed consent applications for settling the proceedings initiated by the aforementioned SCN's. Subsequently, it was informed that the consent applications filed by the Noticees were rejected and the Noticees were also informed of the same vide letter dated November 14, 2014. Vide letter dated November 17, 2014, Noticees had sought time till December 05, 2014 for filing reply to the SCN's. Vide letter dated December 04, 2014, Noticees filed their reply to the SCN's. Further, vide letter dated December 18, 2014, Mr. Girish Saraf, director M/s Saraf Holdings Ltd. (Noticee No.1)informed that Mr. Shyam Sunder Saraf (Noticee No. 5) had expired on December 06,
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Source: SecMarx — sebi:ASK/RGA/AO/120-127/2014-15. 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.