sebi:IVD-ID3/ACL/AO/DRK/AS/EAD-3/145/09-48/2010
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Facts / Headnote
Penalty of Rs. 30,00,000 imposed on Adam Comsof Ltd. ex-parte for violation of PFUTP Regulations
Provisions invoked
- s. 15
- s. 11B
- s. 15H
- s. 15J
Regulations
- Reg. 3
Parties
- Adam Comsof Ltd.
Holding
The Adjudicating Officer held Adam Comsof Ltd. guilty of violating Regulations 3(b), 3(c), 4(1) and 4(2)(r) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 and imposed a penalty of Rs. 30,00,000 under Section 15HA of the SEBI Act, 1992.
Full text
Page 2 of 17 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. ACL (hereinafter referred to as the noticee) was also one of the entities against whom the aforesaid
Page 3 of 17 was stated that the company was planning to come up with some expansion plans and since SEBI had passed an order against RKB barring him from accessing the capital market for 3 years, RKB 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 2003 - 04, were: Table-1 Sr. No Name and address of the Director Designation Date of appointment Date of Resignation 1 Mr. Vinod Hingorani Chairman June, 27 2003 Continues 2 Mr. Vikas Sheth Additional Director June 27, 2003 Continues 3 Mr. Raja Yadav Additional Director November 25, 2003 Continues 4 Dr Umesh Khariwala Director October 8, 2003 Continues 5 Mr. Vijay Jain Director May 2001 June 27, 2003 6 Dr Swamy Pravin Karthikswamy Director January 2000 June 27, 2003 7 Mr. Rajkumar
Page 4 of 17 December 31, 2003 was Rs. 161.55 million, the same for the quarter ended March 31, 2004 and June 30, 2004 were Rs. 52.11 million and Rs. 49.39 million, respectively. The net profit for the quarter ended March 31, 2004 and June 30, 2004 were Rs. 3.68 million and Rs. 4.76 million, in comparision to the quarter ended December 31, 2003, which stood at Rs. 47.1 million.
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Source: SecMarx — sebi:IVD-ID3/ACL/AO/DRK/AS/EAD-3/145/09-48/2010. 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.