sebi:ORDER/VV/HS/2019-20/6833-6836
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Facts / Headnote
PFUTP/Section 12A charges against all Noticees not established; PIT Regulation 13(6) and 13(4)/13(5) violations alleged against Noticees 1-4 remain under consideration in the order
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 19
- s. 12A
- s. 13
Regulations
- Reg. 3
- Reg. 7(1)
- Reg. 4
- Reg. 13
- Reg. 199
- Reg. 3(a)
- Reg. 13(6)
- Reg. 13(4)
- Reg. 13(5)
- Reg. 12(2)
- Reg. 8
Parties
- M/s. J Kumar Infraprojects Limited (Noticee No. 1)
- Mr. Jagdish Kumar Gupta (Noticee No. 2)
- Mr. Kamal J Gupta (Noticee No. 3)
- Mr. Nalin J Gupta (Noticee No. 4)
Holding
The charges under Section 12A(a), (b), (c) of the SEBI Act read with Regulation 3(a)-(d) and 4(2)(f), (r) of the PFUTP Regulations against all Noticees do not stand established, as the Adjudicating Officer concurred with the earlier WTM Order finding that the fund transfers between JKIL and its promoter entities were part of regular business transactions and not financing of JKIL's own preferential allotment.
Full text
Adjudication Order in the matter of M/s. J Kumar Infraprojects Limited. Page 2 of 26 1992 (hereinafter referred to as “SEBI Act”) against the Company M/s. J Kumar Infraprojects Limited (Noticee No. 1) and its promoter director viz. Mr. Jagdish Kumar Gupta (Noticee No. 2), Mr. Kamal J Gupta (Noticee No. 3) and Mr. Nalin J Gupta (Noticee No. 4) (hereinafter collectively referred to as “Noticees”) for the alleged disclosure violations under SEBI (Prohibition of Insider Trading) Regulation, 1992 and violations of provisions of SEBI Act and SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 as detailed hereunder:-
Adjudication Order in the matter of M/s. J Kumar Infraprojects Limited. Page 3 of 26 (hereinafter referred to as “Adjudication Rules”) to conduct adjudication proceedings inter-alia in respect of the Noticees, in the manner specified under Rule 4 of the Adjudication Rules read with Section 15-I (1) and (2) of the SEBI Act, and if satisfied that penalty is liable, to impose such penalty deemed fit in terms of Rule 5 of the Adjudication Rules and in terms of Section 15A(b) and 15HA of the SEBI Act. Subsequently, in the matter the undersigned has been appointed as AO by SEBI, on August 13, 2019, in the place of Shri Sahil Malik to inquire into and adjudge, the violation of the provisions of PIT Regulations, SEBI Act and PFUTP Regulations alleged to have been committed by the Noticees.
Adjudication Order in the matter of M/s. J Kumar Infraprojects Limited. Page 4 of 26 S. No Name Status Holding in JKIL prior to conversion of warrants % of share Capital No. of warrants issued Holding in JKIL after the conversion of warrants % of Share Capital Change in holding 1 Jagdish Kumar Gupta Promoter 5093980 24.58% 200000 5293980 21.41% -3.17% 2 Kamal J Gupta Promoter 1222500 5.90% 100000 1322500 5.35% -0.55% 3 Nalin J Gupta Promoter 1207000 5.82% 100000 1307000 5.29% -0.54%
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Source: SecMarx — sebi:ORDER/VV/HS/2019-20/6833-6836. 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.