sebi:CO/173/IMD/10/2003
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Facts / Headnote
Company and its directors debarred from dealing in and/or accessing the capital market for 5 years
Provisions invoked
- s. 11B
- s. 11(1)
Parties
- Lesha Steels Ltd
- Mr. Shalin Ashok Shah
- Mr. Shivani Ashok
- Mr. Ashok C. Shah
- Mr. Jasvant Ray P. Shah
- Mr. Ramesh K. Gupta
- Mr. J.S. Varshnay
- Mr. Mahesh Parikh
Holding
Lesha Steels Ltd and its seven named directors are directed to dissociate themselves from the securities market and not deal in securities in any manner for a period of 5 years for failing to redress investor grievances as directed by SEBI.
Full text
b) The company and its directors would be debarred from dealing in and/or accessing the capital market for a period of 5 years.
of the SEBI Act and the Companies Act, 1956. 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; however, the company vide letter dated 25.5.2003 sought an adjournment. A fresh opportunity was granted to the company on 9.7.2003 and this was informed to them vide letter dated 23.6.2003. However, the company failed to appear before me and make submissions in this regard.
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Source: SecMarx — sebi:CO/173/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.