sebi:EAD-2/DSR/RG/589-592/2017
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Facts / Headnote
All charges against the noticees dropped; SCN dated May 15, 2013 disposed of
Provisions invoked
- s. 15A
- s. 15
- s. 61
- s. 15H
- s. 23A
- s. 21
- s. 23
Regulations
- Reg. 3
- Reg. 6
- Reg. 9
- Reg. 3(a)
- Reg. 111
Parties
- GSS Infotech Limited
- Shri Bhargav Marepally
- Shri Ramesh Yerramsetti
- Shri Kamal Kishore Avutapalli
Holding
The Adjudicating Officer concluded that the charges against GSS Infotech Limited, Shri Bhargav Marepally, Shri Ramesh Yerramsetti and Shri Kamal Kishore Avutapalli do not stand established, and the adjudication proceedings initiated vide SCN dated May 15, 2013 stand disposed of without any penalty.
Full text
Page 2 of 18 Regulations, 2003 (hereinafter referred to as the PFUTP Regulations), Regulation 6.2, 6.15.2(b), 9.1.0, 9.1.14B(b) of the SEBI (Disclosure and Investor Protection) Guidelines, 2000 (hereinafter referred to as DIP Guidelines, 2000) read with Regulation 111 of ICDR Regulations, 2009 and Clause 43A of the Listing Agreement read with Section 21 of the Securities Contacts (Regulation) Act, 1956 (hereinafter referred to as the SCRA) by GSS, Shri Bhargav Marepally and Shri Ramesh Yerramsetti and for the alleged violation of Regulation 6.2 and 6.15.2(b) of the DIP Guidelines, 2000 read with Regulation 111 of the ICDR Regulations by Shri Kamal Kishore Avutapalli, being the Compliance Officer of the Company.
Page 3 of 18 on various dates. Further ,in the interest of natural justice, an opportunity of personal hearing was also granted on various dates. The authorized representatives of the noticees attended the same on August 10,2016 and November 30,2016.The noticees also submitted their reply vide letters dated August 24,2016 and December 20,2016 in the matter.
Page 4 of 18 (b) use or employ, in connection with issue, purchase or sale of any security listed or proposed to be listed in a recognized stock exchange, any manipulative or deceptive device or contrivance in contravention of the provisions of the Act or the rules or the regulations made there under; (c) employ any device, scheme or artifice to defraud in connection with dealing in or issue of securities which are listed or proposed to be listed on a recognized stock exchange; (d) engage in any act, practice, course of business which operates or would operate as fraud or deceit upon any person in connection with any dealing in or issue of securities which are listed or proposed to be listed on a recognized stock exchange in contravention of the provisions of the Act or the rules and the regulations made there under.
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Source: SecMarx — sebi:EAD-2/DSR/RG/589-592/2017. 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.