sebi:EAD-5/SVKM/DS/AO/14-18/2016-17
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Facts / Headnote
Allegations not established; adjudication proceedings disposed of without penalty
Provisions invoked
- s. 12A
Regulations
- Reg. 12(1)
- Reg. 3(i)
- Reg. 2
- Reg. 12
Parties
- Manish Kumar Kiri
- Kiri Industries Ltd.
- Aruna P Kiri
- Pravin A Kiri
- Suresh Gondalia
Holding
The allegations against Manish Kumar Kiri, Kiri Industries Ltd., Ms. Aruna P Kiri, Shri Pravin A Kiri and Shri Suresh Gondalia were held not established. The adjudication proceedings initiated vide SCN dated December 11, 2015 stand disposed of without penalty.
Full text
Adjudication Order in respect of Kiri Industries Ltd. Page 2 of 10 Regulations, 1992. It came into existence on December 01, 2009 when the final purchase negotiations started between KIL and DyStar Group.
Adjudication Order in respect of Kiri Industries Ltd. Page 3 of 10 5. Vide separate letters but all dated December 28, 2015, Noticees filed their replies to the SCN and made the following submissions:
Adjudication Order in respect of Kiri Industries Ltd. Page 4 of 10 6. On January 29, 2016 Noticee No. 4 and Shri Keyoor Bakshi appeared for all the Noticees and submitted the following: i. Clause 4.3 gives discretion to the Compliance Officer to permit the contra transaction in certain circumstances. In the instant case, the Compliance Officer permitted the transaction of sale of 12,681 shares by Noticee No. 1 in May
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Source: SecMarx — sebi:EAD-5/SVKM/DS/AO/14-18/2016-17. 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.