sebi:BS/AO-72/2008
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Facts / Headnote
Adjudication proceedings disposed of as infructuous following the Supreme Court order dated December 15, 2008 vacating all interim orders passed by SEBI.
Provisions invoked
- s. 15H
Parties
- Shri Siddhartha Agarwal
Holding
The adjudication proceedings against the noticee for non-compliance with SEBI's directions dated August 19, 2005 were disposed of as infructuous in view of the Supreme Court's order dated December 15, 2008 vacating all interim orders passed by SEBI.
Full text
2 4. It is noted that the noticee vide his letter dated January 19, 2006 replied to the show cause notice. Considering the reply submitted by the noticee and also considering facts of the case, it was decided to conduct an inquiry in the matter and the noticee was advised to attend the inquiry scheduled on February 3, 2006.
3 the shares had been sold approximately for a sum of Rs 109.71 crores in just 10 trading days. 8. By an ex-parte order dated 19.08.2005, DLF was prohibited from dealing in the scrip of BFSL and the sellers were directed to deposit the proceeds of the sale transactions in an escrow account with a nationalized bank. It was observed in the order that “any person aggrieved by this interim ex- parte order may approach SEBI within 30 days of this order showing cause for reconsideration of the directions.”
4 2) What would be the duration of the said account. 3) Who is to be appointed as the Escrow Agent. 4) What will be the conditions for opening /operating the Escrow Account.
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Source: SecMarx — sebi:BS/AO-72/2008. 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.