sebi:CO/IVD-1/1401/208/2009
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Facts / Headnote
Disposed by consent on payment of settlement charges and voluntary debarment
Provisions invoked
- s. 11
Parties
- Shri Rasiklal D. Thakkar
- M/s. Gravity (India) Ltd.
- M/s. Gravity Textile Ltd.
Holding
This consent order disposes of the pending proceedings under Sections 11, 11B and 11(4) and Chapter VI A of the SEBI Act, 1992 in the matter of Gravity (India) Ltd. upon payment of Rs.10,00,000 towards settlement charges and a two-year restraint from buying, selling or dealing in securities from April 21, 2009.
Full text
Page 2 of 3 Act, 1992 against the company and Gravity Textiles Pvt. Ltd. The Adjudicating Officer issued show cause notices on November 27, 2007.
Page 3 of 3 6. A copy of this Order shall be served on all recognized stock exchanges and the depositories to ensure that the applicants Shri Rasiklal D. Thakkar (PAN AABPT1003H), M/s. Gravity (India) Ltd. (PAN AAACG2779H) and M/s. Gravity Textile Ltd. (PAN AAACG0622P) do not buy, sell or deal in securities market in any manner, whatsoever, directly or indirectly for a period of two years.
3. While the above proceedings were in progress, the applicants vide letter dated December 14, 2007, proposed settlement of the said proceedings through a consent order in terms of SEBI Circular No. EFD/ED/Cir–1/2007 dated April 20, 2007. The applicants proposed revised consent terms vide letter dated December 15, 2008. The High Powered Advisory Committee, constituted by SEBI, considered the consent terms proposed by the applicants and after deliberations, recommended the case for settlement. Accordingly, the applicants shall pay Rs.10,00,000 (Rupees ten lakh only) towards settlement charges and undertake voluntary debarment for two years. SEBI accepted the said recommendations and communicated the same to the applicants vide letter dated March 02, 2009.
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Source: SecMarx — sebi:CO/IVD-1/1401/208/2009. 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.