sebi:EAD-2/DSR/RG/863/2017
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Facts / Headnote
Adjudication proceedings against Shri Karan Malhotra stand abated and the matter is disposed of.
Provisions invoked
- s. 15A
- s. 15
Regulations
- Reg. 13
- Reg. 13(3)
- Reg. 13(4)
Parties
- Shri Dileep Malhotra
- Shri Ranjit Malhotra
- Shri Karan Malhotra
- Arjun Transport Co. Pvt. Ltd
- Ms Anjali Malhotra
- Shri Kabir Malhotra
- Shri Satish Chandra Malhotra
- Ms. Uma Malhotra
Holding
The adjudication proceedings initiated against Shri Karan Malhotra vide show cause notice dated March 03, 2017 stand abated and the matter is disposed of.
Full text
Page 2 of 3 3. SEBI, therefore, had initiated adjudication proceedings against the Noticees for the following alleged violation of the provisions of law:
Page 3 of 3 6. Further, with respect to the SCN issued to Shri Karan Malhotra, vide letter dated July 31, 2017, Shri Ranjith Malhotra, father of Shri Karan Malhotra submitted that Shri Karan Malhotra passed away on September 05, 2014 and the entire shareholding of Shri Karan Malhotra has been transferred to Shri Ranjith Malhotra on November 19, 2014. In support of the said submission, Shri Ranjith Malhotra has submitted a copy of the Death Certificate dated November 19, 2014 issued by the Health Department, Municipal Corporation of Greater Mumbai, Government of Maharashtra in this regard. In view of the same, the adjudication proceedings initiated against Shri Karan Malhotra stand abated.
(a) against Shri Dileep Malhotra and Shri Ranjit Malhotra for the alleged violation of Regulation 13(3), 13(4) and 13(4A) of the PIT Regulations, (b) against Shri Karan Malhotra, Arjun Transport Co. Pvt. Ltd, Ms Anjali Malhotra and Shri Kabir Malhotra for the alleged violation of Regulation 13(4A) of the PIT Regulations, (c) against Shri Satish Chandra Malhotra and Ms. Uma Malhotra for the alleged violation of the provisions of Regulation 13(4) and 13(4A) of the PIT Regulations.
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Source: SecMarx — sebi:EAD-2/DSR/RG/863/2017. 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.