sebi:DSR/AO-33/2008
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Facts / Headnote
All 26 noticees held guilty ex-parte of violating FUTP Regulations; penalties imposed (e.g., Rs 1,00,000 each on Shri Rajkumar Basantani, Aravali Housing and Finance Ltd., and Shri Maruti Gudulkar)
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 3
Holding
All 26 noticees were held guilty of violating Regulations 3(a), (b), (c), (d) and 4(1), 4(2)(a) of the FUTP Regulations, attracting penalty under Section 15HA of the SEBI Act. Shri Rajkumar Basantani, as director of Kalbadevi Finance Ltd, was additionally held to have violated Regulation 3(a)-(d) and sub-regulations (1), 2(a) and 2(d) of Regulation 4 of the FUTP Regulations.
Full text
Page 2 of 42 Aravali Housing and Finance Ltd Shri Maruti Gudulkar (Director) __________________________________________________________________ ______
Page 3 of 42 3. Show cause notices (SCNs), all dated April 25th, 2008, were issued to all the entities through registered post with acknowledgment due (RPAD). The details of all the 26 entities (hereinafter referred to as noticees) are as follows:
Page 4 of 42 Adsul, Director of Adsul Trading Pvt. Ltd. and Sangam Infotech Pvt. Ltd., Sangam Infotech Pvt. Ltd., Structure Housing and Finance Pvt. Ltd., Million Investrade Ltd., Mastermind Mercantile Co-op. Pvt. Ltd., Jugnu Securities Pvt. Ltd. and Kalbadevi Finance Ltd. were found on record. Therefore, letters all dated October 15, 2008 were again issued to all these entities, interalia, (through registered post with acknowledgment due) for collecting the show cause notices issued to them from SEBI’s office, on or before October 24, 2008, on any working day between 9:30 a.m. to 5:30 p.m. The entities were also advised to send their replies and to indicate their desire, if any, for personal hearing in the matter, within 10 days of collecting the show cause notice, failing which it would be assumed that they had no reply to submit and the matter would be proceeded ex-parte. All the letters came back undelivered with the remark that the addressees were unknown.
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Source: SecMarx — sebi:DSR/AO-33/2008. 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.