sebi:IVD-ID-3/ACL/RB/AO/DRK/AS/EAD-3/139/09-42/2010
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Facts / Headnote
Consolidated penalty of Rs. 1,35,00,000 imposed on the noticee
Provisions invoked
- s. 11
- s. 15
- s. 11B
- s. 15H
- s. 12
- s. 11A
- s. 15J
Regulations
- Reg. 3
Parties
- Shri Rajkumar C. Basantani
Holding
The noticee violated Regulation 3(a), 3(b), 3(c), 4(1), 4(2)(a), 4(2)(e) and 4(2)(r) of SEBI PFUTP Regulations, 2003 and Section 11 and 11B of the SEBI Act, 1992, and a consolidated penalty of Rs. 1,35,00,000 under Sections 15HA and 15HB was imposed.
Full text
Page 2 of 22 ACL, SIL and KBL till the investigations are completed. The Chairman, SEBI passed order dated February 18, 2005 confirming earlier order dated September 30, 2004 and further directed that the order dated September 30, 2004 shall continue until further orders. Shri Rajkumar C. Basantani (hereinafter referred to as RKB/ the noticee) was also one of the entities against whom the aforesaid directions under Section 11B was issued.
Page 3 of 22 2003) and Dr. Umesh Khariwala (appointed on October 08, 2003). In the said annual report it was stated that the company was planning to come up with some expansion plans and since SEBI had passed an order against the noticee barring him from accessing the capital market for 3 years, the noticee has resigned from the Board of Directors to ensure smooth going of the process of expansion. As per the records available with SEBI, the Board of Directors for the year 2003 - 04, were:
Page 4 of 22 APPOINTMENT OF ADJUDICATING OFFICER 7. I was appointed as the Adjudicating Officer under section 15 I of the Securities and Exchange Board of India Act, 1992 read with Rule 3 of Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) vide order dated December 10, 2008 to inquire into and adjudge under Section 15HA and 15HB of the SEBI Act, 1992, the violations of the provisions of Section 11 & 11B of the SEBI Act, 1992 and Regulation 3 (a), 3(b), 3(c), 4(1), 4(2)(a), 4(2)(e) and 4(2)(r) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as SEBI PFUTP Regulations) alleged to have been committed by the noticee.
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Source: SecMarx — sebi:IVD-ID-3/ACL/RB/AO/DRK/AS/EAD-3/139/09-42/2010. 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.