sebi:O/3/IVD/04/04
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Sidh Global Equity Fund Ltd debarred from dealing in securities or associating with any of the activities in the capital market for a period of three years with immediate effect
Provisions invoked
- s. 11B
- s. 11
- s. 19
- s. 11o
Parties
- Sidh Global Equity Fund Ltd
Holding
Sidh Global Equity Fund Ltd, lead manager to the Baroda Agro Industries Ltd issue, was debarred from dealing in securities or associating with any capital market activities for a period of three years with immediate effect.
Full text
closed on 21.3.94. Out of the issue of 27,00,000 shares offered to public, 6,48,000 shares were reserved for preferential allotment to NRIs/Persons of Indian Origin residing abroad on repatriation basis.
as bad deliveries for no fault of theirs. The investors who had sold these shares were therefore forced to pick up shares in the auctions at much higher prices to give delivery for their obligations. As the price of the scrip of BAIL was moving upward during the same period, the sellers suffered financial losses. M/ s Sidh Global Equity Fund Ltd acted as one of the lead managers to the issue. SHOW CAUSE NOTICE AND HEARING
were forced to pick up shares in the auctions at much higher prices to give delivery for their obligations. As the price of scrip of BAIL was moving upward during the same period, the sellers suffered financial losses. Since the merchant banker failed to discharge its duties and also in view of the expiry of Certificate of Registration of the lead manager, I feel that it is a fit case for issue of directions under Section 11B read with Section 11of SEBI Act, 1992 against the lead manager. In view of the above, in exercise of powers conferred upon me by Section 19 read with Section 11 and 11B of SEBI Act, 1992, I hereby direct that Sidh Global Equity Fund Ltd be debarred from dealing in securities or associating with any of the activities in the capital market for a period of three years. This order shall come into force with immediate effect. A. K. BATRA Date: April 23, 2004 WHOLE TIME MEMBER Place: MUMBAI SECURITIES AND EXCHANGE BOARD OF INDIA SECURITIES AND EXCHANGE BOARD OF INDIA DIRECTION UNDER SECTION 11B READ WITH SECTION 11 OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 AGAINST SIDH GLOBAL EQUITY FUND LTD IN THE MATTER OF BARODA AGRO INDUSTRIES LTD. 1.
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Source: SecMarx — sebi:O/3/IVD/04/04. 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.