sebi:CO/ISD/162/2009
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Disposed of via consent settlement subject to compliance with payment and sale directions
Parties
- Parag P. Jhaveri
- Kamal P. Jhaveri
- Ambuja Estates and Holding Pvt. Ltd
- Sugandh Estates and Investment Pvt. Ltd. (SEIPL)
Holding
SEBI passed a consent order disposing of pending proceedings under sections 11 and 11B and adjudication proceedings in IPO irregularities matter upon disgorgement of Rs. 24,00,000 plus Rs. 1,80,00,000 settlement charges and 3-year debarment from March 1, 2009, permitting limited sale of frozen demat shares to fund payment.
Full text
2 of 4 c. SEBI initiated adjudication proceedings under chapter VI A of SEBI Act, 1992 against the applicants. The Adjudicating Officer issued a show cause notice to the applicants on June 07, 2006. d. SEBI approved initiation of prosecution against SEIPL and Parag P. Jhaveri. e. SEBI filed a criminal complaint with Special Court, CBI dated February 20, 2006 against various entities, including SEIPL and Parag P. Jhaveri. f. SEBI filed a protest petition (MA No. 63/2008 on 24.01.2008) before CBI Special Court against non-inclusion of certain persons, including SEIPL, in the charge sheet filed by the CBI (Special Case No. 47/2007).
3 of 4 6. Therefore, in view of the facts and circumstances of the case, following directions are issued:- a. NSDL shall permit operation of demat accounts (as mentioned in para 4) for the limited purpose of sale of the shares in the enclosed list. This is subject to any encumbrance/attachment by any Enforcement/Investigating Agency/Court on the shares stated in the list or by operation of law.
4 of 4 9. A copy of this order shall be served on all stock exchanges, depositories, M/s. Karvy Stockbroking Ltd., DP of NSDL and M/s. Khandwala Integrated Financial Services Pvt. Ltd., member of NSE to ensure implementation of directions contained herein.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:CO/ISD/162/2009. 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.