sebi:BM/AO-2/2013
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Facts / Headnote
Adjudication proceedings initiated vide order dated March 22, 2012 cannot be proceeded with without leave of the Company Court and the matter is accordingly disposed of
Provisions invoked
- s. 15A
- s. 15
- s. 446
- s. 391
- s. 450
- s. 446(1)
Regulations
- Reg. 7(1)
- Reg. 13
- Reg. 3(a)
- Reg. 13(1)
Parties
- Venture Business Advisers Private Limited
Holding
The adjudication proceedings initiated against the Noticee on March 22, 2012 cannot be proceeded with after the winding-up order dated July 13, 2012 without leave of the Company Court under Section 446 of the Companies Act, 1956, and the matter is accordingly disposed of.
Full text
_____________________________________________________________________________________ Venture Business Advisers Private Limited in the matter of Kohinoor Foods Limited Page 2 of 12 with the PFUTP Regulations and Takeover Regulations and consequently liable for
_____________________________________________________________________________________ Venture Business Advisers Private Limited in the matter of Kohinoor Foods Limited Page 3 of 12 c. The alleged two off market transactions dated 02/12/2008 and 24/12/2008 is again merely in exchange between TFL and VBAPL (PAC) to get margin funding and was done by this broker to fund this shares. You may also note that the share brokers vide circular dated 28/08/1998 issued by RBI given guideline to fund shares including transfer to their DPID and this cannot be construed as sale/purchase as it is merely lending of securities again funds required. Thus, there is no infringement of Regulation 13 of Insider Trading Regulations as made out to be. d. We have all times within 2 days as was dated submitted the relevant disclosures to concerned authorities. All alleged off market transactions were done within VBAPL and TFL and /or share broker for purpose of margin funding. At no time was there a sell order or buy order and there was no acquisition of fresh shares or disposal of existing shares. Further, Regulation 7(1) of Takeover Regulations relates only to acquisitions of shares and every disclosures has been made. Thus the company has made no wrong disclosures at any time to SEBI and other authorities and have done all it was required to do so as per law. Inferences
_____________________________________________________________________________________ Venture Business Advisers Private Limited in the matter of Kohinoor Foods Limited Page 4 of 12
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Source: SecMarx — sebi:BM/AO-2/2013. 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.