sebi:BM/AO-66/2012
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Facts / Headnote
Noticee absolved of charges; no monetary penalty imposed; case disposed of
Provisions invoked
- s. 15
- s. 12
- s. 15J
Regulations
- Reg. 3
- Reg. 3(a)
Parties
- Kailash Nath Bhandari
Holding
The charges of violation of Section 12A(a), (b) and (c) of the SEBI Act and Regulation 3(a), 3(b), 3(c), 3(d), 4(1) and 4(2)(f) of the PFUTP Regulations against the Noticee were not established, and the Noticee was absolved of all charges with no monetary penalty imposed.
Full text
Page 2 of 5 2. In view of the above it was alleged that Kailash Nath Bhandari (hereinafter referred to as 'the Noticee'), as a director of Jaybharat Textiles and Real Estate Ltd and KSL and Industries 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 appeared for the hearing, and made submissions before me on behalf of the Noticee, reiterating the earlier written submissions. 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 Jaybharat Textiles and Real Estate Ltd and KSL and Industries 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-66/2012. 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.