sebi:DSR/AO-36/2008
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Regulations
- Reg. 3
- Reg. 4
Holding
The order records findings that KBL, Shri Raj Kumar C Basantani and related entities allegedly issued false and misleading advertisements, created artificial volume and price, and off-loaded shares through connected entities during July-August 2004. The order also finds that Shri Janba Chougle and Smt Shantabai Chougle cannot be said to have aided and abetted Shri Rajkumar Basantani as they were unaware of the scheme.
Full text
Page 2 of 36 that the meeting to consider GDR issue would be held at its registered office. Further, various other complaints against the company and its promoters/ directors were also received. APPOINTMENT OF AO
Page 3 of 36 advising them to collect the show cause notices 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 noticees 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 notices, failing which it would be assumed that they had no reply to submit and the matter would be proceeded ex-parte.
Page 4 of 36 CONSIDERATION OF ISSUES AND FINDINGS 8. I have perused the entire material available on record. Kolar Biotech Ltd. was incorporated on January 13, 1994 with an initial focus on providing services as Registrar and Transfer agents and other financial services. It was initially promoted in the name of Kolar Securities Services Pvt. Ltd. by Shri Nazeer Ahmed N. Desai and Shri Maqbool Matwanker. On February 28, 1994, Adam Comsof Ltd. (ACL) a company controlled by Shri Raj Kumar.
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Source: SecMarx — sebi:DSR/AO-36/2008. 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.