sebi:EAD-5/SVKM/AO/02/2016-17

SEBI · SEBI · 2004-11-16 · S. V. Krishnamohan, Chief General Manager & Adjudicating Officer

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Violation established; penalty of Rs. 1,00,000 imposed on the Noticee

Provisions invoked

• s. 15
• s. 15H
• s. 15I
• s. 15J
• s. 15A
• s. 11C(6)
• s. 11C
• s. 11C(3)
• s. 11C(5)

Parties

• Shri Sanjeev Bansal

Holding

The Noticee made an incorrect statement before the Investigating Authority in violation of Sections 11C(3) and 11C(5) of the SEBI Act, 1992 and is liable for monetary penalty under Section 15HB. A penalty of Rs.1,00,000 was imposed on Shri Sanjeev Bansal.

Full text

Adjudication Order against Shri Sanjeev Bansalin the matter of SRG Infotech Ltd.Page 2 of 15 subsequently deleted them either after updating the price or after part execution of the order.

Adjudication Order against Shri Sanjeev Bansalin the matter of SRG Infotech Ltd.Page 3 of 15 provisions of Section 11C(3), (5) and (6) of SEBI Act, 1992, by the Noticee.

Adjudication Order against Shri Sanjeev Bansalin the matter of SRG Infotech Ltd.Page 4 of 15 • That all the decisions were taken by Mr. Ashok Agarwal who forced me to sign on the dotted lines. Sometimes he would ask his employee to forge signatures. • That Arihant Equity belonged to Mr. Santosh Jain and Mr. Pramod Jain. I was a director of the co. for a very short period of time. • That even as per the statement of Mr. Ashok Agarwal dated 09/07/2004 which has been annexed as annexure VI to the SCN, he never said that “Sanjeev Bansal never dealt in the scrip of SRG Infotech on behalf of Arihant Equity Fund.” Even otherwise I cannot be penalized for the statements made by any other individual. • That during the year 1999 I used to sign as per my signature in bank documents (Annexure V), prima facie to the best of my knowledge and memory I don’t remember having signed the documents annexed as annexure VII, VIII, and IX as they have been different sign than my usual. • As per the order dated 23/09/2008(http:/ / www.sebi.gov.in/cms/sebi- _data/attachdocs/1291270971752.pdf) Page 24 Point No. (vii) of “ CONSIDERATION OF ISSUES” is reproduced below: “I find that Shri Sanjeev Bansal had admitted that he was director of both NASSB & UMNL during the period of investigation and that NASSB & UMNL were clients of IMS. Shri Sanjeev Bansal had also admitted that NASSB had dealt in shares of companies listed on BSE & NSE. Shri Sanjeev Bansal had stated that he was appointed as director of UMN

Source: SecMarx — sebi:EAD-5/SVKM/AO/02/2016-17. 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.