sebi:CO/170/IMD/10/2003
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Facts / Headnote
Directions issued that Indo Biotech Foods Ltd. and its four named directors shall dissociate from the securities market and not deal in securities in any manner for 5 years, with immediate effect
Provisions invoked
- s. 11B
- s. 11
- s. 621
Parties
- Indo Biotech Foods Ltd.
- Dilip Dahanukar
- Java H. Haresh
- Save P. Ramesh
- G.C. Bapna
Holding
Indo Biotech Foods Ltd. and its directors viz. Dilip Dahanukar, Java H. Haresh, Save P. Ramesh and G.C. Bapna shall dissociate themselves from the securities market for 5 years and shall not deal in securities in any manner whatsoever for 5 years. This is without prejudice to SEBI's right to take further action under the SEBI Act and the Companies Act, 1956.
Full text
a) Prosecution under section 621 of the Companies Act b) The company and its directors would be debarred from dealing in and/or accessing the capital market for a period of 5 years.
This order shall come into force immediately. G.N. BAJPAI Place : Mumbai CHAIRMAN Date : 10th Oct, 2003 SECURITIES AND EXCHANGE BOARD OF INDIA
4.0 The company failed to redress the grievances of investors within the time specified in the order dated 14.10.2002. Subsequently, though it was not required to do so, SEBI vide letter dated 9.5.2003, granted an opportunity to be heard before me. The hearing was fixed for 31.5.2003. The company was represented in the hearing before me and the representatives made their submissions in this regard.
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Source: SecMarx — sebi:CO/170/IMD/10/2003. 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.