sebi:EAD-9/SM/77-79/2018-19
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Facts / Headnote
Violations established; monetary penalty of Rs. 5,00,000 each imposed on three noticees under Section 23H of SCRA
Provisions invoked
- s. 13
- s. 16
- s. 18
- s. 23
- s. 23H
- s. 29A
- s. 17
- s. 16(1)
Parties
- Akshat Gupta
- Ankush Gupta
- Powerhouse Fitness Ltd (formerly known as Naaz Trading and Finance Ltd)
Holding
Noticee Nos. 1, 2 and 3 violated Section 2(i) read with Sections 13, 16 and 18 of SCRA by off-market transfer of shares on July 10, 2009 which did not qualify as spot delivery contracts. Monetary penalty of Rs. 5,00,000 each was imposed on them under Section 23H of SCRA.
Full text
In the matter of SVC Resources Ltd Page 2 of 12 Regulation (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 2005 (hereinafter referred to as SCRA Rules) to inquire and adjudge under Section 23H of SCRA on Noticees for the aforesaid alleged contravention of provisions of law. Subsequent to transfer of the case, the undersigned have been appointed as Adjudicating Officer vide order dated May 18, 2017 to inquire and adjudge under the provisions as enumerated above. Show Cause Notice, Reply and Personal Hearing:
In the matter of SVC Resources Ltd Page 3 of 12 9. Vide e-mail dated January 30, 2018, Noticees sought one week to reply to the SCN and sought for adjournment of the hearing. The date of hearing was adjourned to February 16, 2018.
In the matter of SVC Resources Ltd Page 4 of 12 16.3. It is submitted that the transaction between the Noticees was a repayment / settlement of the loan amount and hence for the reasons stated in paragraph hereinabove, the provisions of the SCRA would not be attracted.
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Source: SecMarx — sebi:EAD-9/SM/77-79/2018-19. 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.