sebi:EAD-2/DSR/VS/879/2017
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Facts / Headnote
Adjudication proceedings initiated against the noticee are not maintainable; matter disposed of.
Provisions invoked
- s. 15A
- s. 15
- s. 74(7)
- s. 105
- s. 102
Regulations
- Reg. 7(1)
- Reg. 13(1)
- Reg. 13(3)
- Reg. 13(5)
Parties
- India Focus Cardinal Fund
Holding
The Adjudication proceedings initiated against India Focus Cardinal Fund vide SCN dated February 24, 2016 are not maintainable and the matter is disposed of.
Full text
______________________________________________________________________________________ Page 2 of 6 cause as to why an inquiry should not be held for the alleged violation of provisions of law. However, the SCN sent at India Focus Cardinal Fund, 365, Royal road, Rose Hill, Mauritius had returned undelivered with the reason ‘gone away’.
______________________________________________________________________________________ Page 3 of 6 Consideration of Issues
______________________________________________________________________________________ Page 4 of 6 23/09/10 Sale of Tulsi Shares 8,70,082 shares 2,29,918 shares and 50,000 GDRs 2.92% No disclosure required Yes, under Regulation 13(3) read with 13(5) 24/09/10 Purchase of GDRs 97,000 GDRs 2,29,918 shares and 1,47,000 GDRs 6.80% Yes, under Regulation 7(1) Yes, under Regulation 13(1) 07/10/10 Purchase of GDRs 70,000 GDRs 2,29,918 shares and 2,17,000 GDRs 9.60% No disclosure required Yes, under Regulation 13(3) read with0 13(5) 25/10/10 Purchase of GDRs 75,000 GDRs 2,29,918 shares and 2,92,000 GDRs 7.80% No disclosure required No disclosure required Conversion of GDRs in Tulsi Shares 9,70,000 shares 11,99,918 shares and 1,95,000 GDRs Sale of Tulsi Shares 11,99,918 shares 0 shares and 1,95,000 GDRs 26/10/10 Conversion of GDRs in Tulsi Shares 12,00,000 shares 12,00,000 shares and 75,000 GDRs 3.00% No disclosure required Yes, under Regulation 13(3) read with 13(5) Sale of Tulsi Shares 12,00,000 shares 0 shares and 75,000 GDRs 27/10/10 Purchase of GDRs 1,59,000 GDRs 0 shares and 2,34,000 GDRs 9.36% Yes, under Regulation 7(1) Yes, under Regulation 13(1) 28/10/10 Conversion of GDRs in Tulsi Shares 12,00,000 shares 12,00,000 shares and 1,14,000 GDRs 10.56% Yes, under Regulation 7(1) No disclosure required Sale of Tulsi Shares 6,00,000 shares 6,00,000 shares and 1,14,000 GDRs Purchase of GDRs 90,000 GDRs 6,00,000 shares and 2,04,000 GDRs 29/10/10 Conversion of GDRs in Tulsi Shares 6,00,00
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Source: SecMarx — sebi:EAD-2/DSR/VS/879/2017. 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.