sebi:BD/NR/2020-21/8060-8080
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 19
- s. 12A
- s. 12
- s. 15H
- s. 15I
- s. 15J
- s. 11C(3)
- s. 28A
Regulations
- Reg. 3
- Reg. 4
- Reg. 13
- Reg. 4(1)
- Reg. 12
- Reg. 13(1)
- Reg. 15
- Reg. 29(1)
- Reg. 29
- Reg. 5
- Reg. 3(a)
- Reg. 13(4)
- Reg. 3(b)
- Reg. 29(2)
- Reg. 3(1)
- Reg. 201
Parties
- Bipin P Divecha
- Sham Gandhi
- Vinayak Trimbak Sarkhot
- Sharad Ramchandra Gadi
- Jagdish Dilip Sarkhot
- Sajjad Abdul Qadir
- Wahadatali Gulam Rasoon Khan
- Dilip Shah
- Jiger Shah
- Santosh Jayaram Sawant
- Bipin Divecha HUF
Holding
The Adjudicating Officer found that Noticees 1 to 15, Vinayak Sarkhot, Sajjad Abdul Qadir and Wahadatali Gulam Rasoon Khan violated Section 12A(a), (b) and (c) of the SEBI Act read with PFUTP Regulations by forging consolidated share certificates and fraudulently selling them, and that certain Noticees also violated SAST and PIT Regulations by failing to make required disclosures and open offers. The matter was decided ex-parte against Noticees 1, 4 and 15.
Full text
Adjudication Order in the matter of Finalysis Credit & Guarantee Co., Ltd., Page 2 of 85 H/73, Mahindra Park, Bldg 1, LBS Marg, Ghatkopar (West), Mumbai – 400086 3rd Floor, Near City Hospital, Kurla (West), Mumbai – 400070.
Adjudication Order in the matter of Finalysis Credit & Guarantee Co., Ltd., Page 3 of 85 2. The Company was incorporated on April 07, 1988 as Finalysis Credit & Guarantee Company Private Limited. The name of the Company was changed on August 23, 1995 to Finalysis Credit & Guarantee Company Limited. The Company was listed on June 19, 1996 at the Bombay Stock Exchange (‘BSE’) and was suspended on May 13, 2002 for not complying with the terms of the Equity Listing Agreement. Subsequently, upon an application from the Company, the said suspension was revoked on March 28, 2012; however, the listing of the Company was again suspended on September 9, 2014.
Adjudication Order in the matter of Finalysis Credit & Guarantee Co., Ltd., Page 4 of 85 consolidated share certificates and thereafter, fraudulently selling these forged consolidated share certificates to purchasers brought by Bipin Divecha making them believe that the shares transferred to them were original, though they were not so. Accordingly, the investigation found that the Noticees 1 to 15, Vinayak Sarkhot, Sajjad Abdul Qadir and Wahadatali Gulam Rasoon Khan, had violated the provisions of Section 12 A(a), (b) and (c) of SEBI Act read with regulation 3(a), 3(b), 3(c) and 3(d) and regulation 4(1) and 4(2)(h) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 {hereinafter referred to as “SEBI (PFUTP) Regulations}. Further, the investigation observed that Noticees 7, 9 to 14 and Wahadatali Gulamrasool Khan while acting in concert with each other had together acquired shareholding entitling them to exercise more than 25% of the voting rights in Finalysis during the quarter ended September 2013 and accordingly they were required under Regulation 3(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 {hereinafter referred to as SEBI (SAST) Regulations} to make a public announcement of an open offer for acquiring the shares in Finalysis, which the eight entities taken together failed to do so. The investigation also observed that the Noticees 7 to 14 and Wahadatali Gulamrasool Khan acting i
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:BD/NR/2020-21/8060-8080. 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.