sebi:KBL/RKM/AO/DRK/AS/EAD-3/110/09-13/2010
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Facts / Headnote
Violation established; penalty of Rs. 25,00,000 imposed on noticee ex-parte
Provisions invoked
- s. 15
- s. 11B
- s. 15H
- s. 15J
Regulations
- Reg. 3
Parties
- Shri R.K. Maheswari, Additional Director of Kolar Biotech Ltd.
Holding
The noticee, as Additional Director and part of the Board of Kolar Biotech Ltd., violated Regulations 3, 4(1), 4(2)(f), 4(2)(k), 4(2)(r) of SEBI PFUTP Regulations, 2003 and is liable to a penalty of Rs. 25,00,000 under Section 15HA of the SEBI Act, 1992.
Full text
Page 2 of 16 2. Further, SEBI, vide its interim order dated September 30, 2004, had issued 11B directions restraining 58 entities who are either promoters, directors, major shareholders of KBL, Adam Comsof Ltd. (ACL) and Soundcraft Industries Ltd. (SIL) or major sellers in the said scrips and the entities related to them, from buying, selling or dealing in any other manner in the shares of KBL, ACL and SIL till the investigations are completed. Shri R.K. Maheswari (the noticee) was also one of the persons against whom the directions under Section 11B was issued.
Page 3 of 16 March 4, 1999 and on February 4, 2000 on Central Depository Services (India) Ltd. [hereinafter referred to as ‘CDSL’].
Page 4 of 16 Sales Officer of the Co-operative Department, Mumbai (Government of Maharastra) in the matter of recovery of advances given to SIL. However, it was observed that KBL vide its letter dated July 29, 2004 had intimated BSE that it would convene a Board Meeting on August 03, 2004, for considering various proposals interalia including considering issue of bonus shares. The letter was signed by Shri Vinod Hingorani, chairman of KBL. Again, KBL vide an unsigned letter dated August 03, 2004, sent to BSE with a copy of the audited results as on June 30, 2004 stated that board had decided to declare bonus shares in the ratio of 2:1, which was duly approved by the Board of Directors in their meeting held on August 03, 2004, at the registered office of the company and simultaneously issued an advertisement on the August 04, 2004 in Economic Times (ET) publishing the audited financial results for the quarter ended June 30, 2004.
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Source: SecMarx — sebi:KBL/RKM/AO/DRK/AS/EAD-3/110/09-13/2010. 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.