sebi:KM/AO/2/2010
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Provisions invoked
- s. 11
- s. 15A
- s. 12
- s. 15H
- s. 15J
- s. 11C
- s. 19G
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
- Reg. 54(5)
- Reg. 54
- Reg. 53A
Holding
The noticees, including promoters and associates of Parsoli Corporation, were found liable for fraudulent transfer of genuine shareholders' shares through forged transfer deeds and subsequent dematerialization, in violation of Regulations 53A, 54 and 55 of the DP Regulations. The company's retention of specimen signature cards in-house rather than handing them to the RTA was held to be a violation of Regulation 53A and not merely an inadvertent error.
Full text
2 4. Talha Yunus Sareshwala (hereinafter referred to as ’Noticee No. 4’) 5. Saleha Mohammed Yunus Sareshwala (hereinafter referred to as ‘Noticee No.5)
3 Accordingly, a common show cause notice dated 17th July 2009 was issued to the aforesaid entities. Mr. Abdulsamad Abdul Gaffar Memon, (Noticee No. 10) was issued a similar but separate show cause notice dated 23rd July 2009.
4 Sr. No. Name Relationship with the company/ promoters 1 Mr. Zafar Yunus Sareshwalal (Noticee No.2) / Mr. Talha Yunus Sareshwala (Noticee No. 4)/ Mr. Uves Yunus Sareshwala (Noticee No. 3) Brothers and promoters of the company. 2 Mr. Mohammed Yunus Sareshwala Belong to promoter group of the company and father of persons at Sr. No.1 3 Smt. Saleha Y Sareshwala Belong to promoter group of the company and mother of persons at Sr. No.1 4 Master Habib Zafar Sareshwala, Master Ahmed Zafar Sareshwala and Miss Khadija Zafar Sareshwala (Minors) Belong to Promoter group of the company and the children of Mr. Zafar Yunus Sareshwala - 5 Master Umar Uves Saresyhwala, Miss Fatema Uves Sareshwala and Miss Asma Uves Sareshwala (minors Belong to the promoter group of the company and children of Mr. Talha Yunus Sareshwala – Minor. 6 Miss Sumiya Talha Sareshwala and Miss Qudsiya Talha Sareshwala (Minors) Belong to the promoter group of the company and daughters of Mr. Talha Yunus Sareshwala 7 Mr. Mansuri Iftekar M Yusuf An ex-employee of the company. 8 Mr. Aslamkhan R Pathan An ex-employee of the company. 9 Mr. Mohammed Alibhai Kothawala (Noticee No.7) Ex- Munim of the company. He has also compensated genuine investor wherein the fraudulent transfer had taken place in the name of Mr. Talha Sareshwala 10 Mr. A Hameed Gaffar Memon (Noticee No.9) Compensated by Mr. Mohammad Alibhai Kothawala
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Source: SecMarx — sebi:KM/AO/2/2010. 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.