sebi:MO/47/IVD/1/04

SEBI · SEBI · 1994-09-01 · A.K. BATRA, Member

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Direction issued restraining M/s Sriven Corporate Services Pvt Ltd from accessing the securities market and from buying, selling or dealing in securities for a period of three years with immediate effect.

Provisions invoked

• s. 11B
• s. 11(4)
• s. 19

Parties

• M/s Sriven Corporate Services Pvt Ltd

Holding

SEBI directed that M/s Sriven Corporate Services Pvt Ltd (SCSPL), acting as Registrar to the Issue, be restrained from accessing the securities market and prohibited from buying, selling or dealing in securities for a period of three years from the date of the order, with immediate effect.

Full text

Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ Background 1. M/s Saatal Kattha and Chemicals Ltd (hereinafter referred to as "SKCL") having office at 42, Jaora Compound, M.Y Hospital Road, Indore – 452 001, came out with a public issue of 21,50,000 equity shares of Rs. 20/- each aggregating to Rs. 4,30,00,000. The public issue opened for public subscription on 30.1.95 and closed on 2.2.95. Central bank of India acted as a pre-issue lead manager and M/s Rajashree Fiscal Services Ltd (hereinafter referred to as RFSL) acted as the post issue Lead Manager and M/s Sriven Corporate Services Pvt Ltd (hereinafter referred to as SCSPL) acted as the Registrar to the said public issue.

Directions Date: Jan. 28, 2004 SCSPL and I find that it is a fit case for issue of directions under Section 11(4)(b) read with Section 11B of SEBI Act. I find that SCSPL committed violations as observed above and that the conduct of SCSPL is detrimental to the interest of investors and the securities market.

branches. The said certificate did not indicate any collection received from NRI’s. 9. In the interest of natural justice, an opportunity of hearing was granted to SCSPL before me on 09.12.03. However, SCSPL failed to avail the same. I am convinced that ample opportunity has been given to SCSPL to make submissions and I proceed further based on the material available on record.

Source: SecMarx — sebi:MO/47/IVD/1/04. 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.