sebi:EAD-2/DSR/RG/PU/343-344/2015
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Proceedings against Noticee No.1 abated due to death; charges against Noticee No.2 not established; matter disposed of with no penalty
Provisions invoked
- s. 15
- s. 15H
- s. 12
- s. 4A
Regulations
- Reg. 3
- Reg. 12
Parties
- Shri Amitabh Arun Parekh
- India Infoline Finance Limited
Holding
Adjudication proceedings initiated against Noticee No.1 stand abated due to his death, and the charges levelled against Noticee No.2 under Regulations 3(a), 4(1), 4(2)(a) and 4(2)(g) of the PFUTP Regulations do not stand established, and the matter is accordingly disposed of.
Full text
Page 2 of 17 up capital of PAL and further had transferred the said shares to a third party's demat account viz. India Infoline Finance Limited, Non-Banking Financial Institution (NBFC) (hereinafter referred to as Noticee No. 2) on December 10, 2010 which was within a period of 6 months from the date of the transaction (March 05, 2011). The entire transaction was reversed on February 16, 2011. The said transfer of shares ultimately resulted in promoter shareholding falling in December 2010 quarter and rising back again in January 2011 quarter.
Page 3 of 17 adjudge under Section 15 HA and 15 HB of the Act, the alleged violations of the provisions of law by Noticee No. 1 and under Section 15HA of the SEBI Act the alleged violations of the provisions of law by Noticee No.2.
Page 4 of 17 dated August 14, 2014, the Noticee No. 2 submitted its reply along with a letter dated April 01, 2011 issued to Noticee No. 1. However, vide letter dated September 03, 2014, the Noticee No. 2 was once again advised to produce the documentary evidence in support of its contentions made vide its letter dated August 14, 2014. Also, vide the said notice, the Noticee No. 2 was granted another opportunity of personal hearing on September 16, 2014. The Noticee No. 2, vide letter dated September 12, 2014, submitted the requisite documents in support of its submissions. Further, the ARs attended the hearing on the scheduled date and reiterated the submissions made by the Noticee No. 2 vide letters dated November 25, 2013, August 14, 2014 and September 12, 2014. Further, the Noticee No. 2 requested for one week time to file its additional
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:EAD-2/DSR/RG/PU/343-344/2015. 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.