sebi:EAD-8/KS/AA/AO/156/2018-19
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Facts / Headnote
Abated - SCN disposed without going into merits
Provisions invoked
- s. 15
- s. 12A
- s. 21
- s. 15H
- s. 23
Regulations
- Reg. 2(1)
Parties
- Shri J P Sureka
Holding
The adjudication proceedings against Shri J P Sureka abate upon his death on December 22, 2017, and the SCN dated May 30, 2018 is disposed of accordingly without going into the merits of the case.
Full text
Page 2 of 4 Regulations; Clause 36 of the Listing Agreement; and Section 21 of the Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as ‘SCRA').
Page 3 of 4 malicious intent to safeguard Shri Salil Taneja and Shri C S Kameswaran, who were acting as Chairman and Managing Director respectively on the Board of TAAL, from losses and net liabilities worth Rs. 9.1 crore of TTPL and transfer the said losses and liabilities to the public shareholders of TAAL. It was also alleged that the revaluation of land by the Board of TAAL and subsequent utilization of Revaluation Reserves by TAAL presented an incorrect picture of its financial affairs to its shareholders by over stating the profits available for distribution and therefore, the Board of TAAL defrauded the shareholders of TAAL and the public by presenting misleading financial statements of FY 2008- 09 to FY 2010-11. In view of the same, it was alleged that the Noticee had violated the provisions of Section 12A(a), (b) and (c) of the SEBI Act, and Regulations 2(1) (c), 3 and 4(2) (e) of the PFUTP Regulations.
Page 4 of 4 first decide as to whether on the death of the Noticee, the present Adjudication proceedings against him would continue or abate.
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Source: SecMarx — sebi:EAD-8/KS/AA/AO/156/2018-19. 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.