sebi:BM/AO-58/2012
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Facts / Headnote
Noticee absolved of all charges; no monetary penalty imposed; case disposed of
Provisions invoked
- s. 15
- s. 12
- s. 15J
Regulations
- Reg. 3
- Reg. 3(a)
Parties
- Subhashchandra Maheshwari
Holding
The Noticee, Subhashchandra Maheshwari, was absolved of charges of violating Section 12A(a), (b) and (c) of the SEBI Act and Regulations 3(a), 3(b), 3(c), 3(d), 4(1) and 4(2)(f) of the PFUTP Regulations, and no monetary penalty was imposed.
Full text
Page 2 of 5 2. In view of the above it was alleged that, Subhashchandra Maheshwari (hereinafter referred to as 'the Noticee'), as a director of Megna Developers Pvt. Ltd., Praneta Reality Pvt. Ltd. and Praneta Properties Pvt. Ltd., companies allegedly connected to Pravin Tayal/and or his relatives and alleged to be PACs, through the above actions violated Section 12 A (a), (b) and (c) of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as 'SEBI Act') and Regulation 3(a), 3(b), 3(c), 3(d), 4(1) and 4(2)(f) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulation, 2003 (hereinafter referred to as ‘PFUTP Regulations’). The above violations make the Noticee liable for monetary penalty under Section 15 HA of the SEBI Act.
Page 3 of 5 the Noticee was a director along with details such as the date of appointment of the Noticee as director. Copies of the Form 32 for his appointment as the director of Megna Developers Pvt. Ltd., Praneta Reality Pvt. Ltd. and Praneta Properties Pvt. Ltd., filed by the companies were also submitted by the Noticee. The submissions of the Noticee, are summarized below: The Noticee was not a director of any of the companies named in the SCN during the investigation period. The Noticee was appointed as Director of Megna Developers Pvt. Ltd., Praneta Reality Pvt. Ltd. and Praneta Properties Pvt. Ltd. after the investigation period.
Page 4 of 5 PFUTP Regulations Prohibition of certain dealings in securities 3. No person shall directly or indirectly— (a) buy, sell or otherwise deal in securities in a fraudulent manner;
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Source: SecMarx — sebi:BM/AO-58/2012. 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.