sebi:OIAE/EAD-3/AO/DRK-ASR/730/55-2015
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Facts / Headnote
No penalty levied
Provisions invoked
- s. 15H
Regulations
- Reg. 13
Parties
- TSR Darashaw Ltd
Holding
No penalty is levied on TSR Darashaw Ltd under Section 15HB of the SEBI Act, 1992 in the present adjudication proceeding, without precluding SEBI from taking any further action in accordance with law for the transfer of Tata Power Company Limited shares to Shri Anil Kumar Boothra.
Full text
Page 2 of 10 regulation 13 of Securities and Exchange Board Of India (Registrars to an Issue and Shares Transfer Agents) Regulations, 1993 (hereinafter referred to as ‘STA Regulations’) alleged to have been committed by the Noticee and the same was communicated vide proceedings of the Whole Time Member appointing Adjudicating Officer dated February 18, 2015.
Page 3 of 10 noted from the transfer form that the signature, name and address of witness is mentioned as one Shri Dilip Shah, 15A, Appavu Nagar, Dharmapuri, Tamilnadu. Within the short span of time from the issuance of the transfer form on February 01, 2002, the same was sent to Dharmapuri and then returned to Mumbai for its execution. The shares of TPCL were subsequently sold by AKB on March 15, 2002. (e) JPB did not send the death and succession certificate of his daughter prior to
Page 4 of 10 (a) JPB had made a complaint to SEBI with respect to same matter in May 2003, which was closed by SEBI in 2003 itself. (b) The STA Regulations are not retrospective in nature. (c) JPB ceased to be the PoA holder of Hemalatha after December 19, 1995 after she had expired. However, JPB forwarded the PoA dated December 11, 1991 executed by Hemalatha in his favour, for registration in June 1996. This shows malafide intention of JPB. (d) On September 10, 1996, TSR received letter from JPB, requesting to re-post the shares of TPCL. Clarification was sought from JPB in this regard by TSR. However, JPB did not respond to the same. JPB suppressed this fact from SEBI and The Hon'ble High Court of Judicature at Madras (hereinafter referred to as 'The High Court'). (e) The shares of TPCL were transferred based on transfer deed which was complete in all respects and signatures of JPB were also matching with the records available with TSR. (f) JPB also lodged shares of Andhra Valley Power Supply Co Ltd. (hereinafter referred to as "AVPS") for transfer with the signatures of PoA holder in November 1996 and 1997, which is much after the demise of Hemalatha. Thus, it is evident that JPB has himself acted unlawfully and concealed this information from SEBI and High Court. (g) The SCN does not mention anything regarding JPB concealing the fact of the death of Hemalatha and submissions of PoA after her death. (h) There is no mention of letter dated June 22, 2001 addressed by JPB to
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Source: SecMarx — sebi:OIAE/EAD-3/AO/DRK-ASR/730/55-2015. 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.