sebi:Order/AS/RM/2024-25/30267-30270

SEBI · SEBI · 2022-10-14 · Asha Shetty, Adjudicating Officer

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Facts / Headnote

Violations held established against all four Noticees; penalty of Rs. 3,00,000 imposed under Section 15HB of SEBI Act and Sections 23A(a) and 23(H) of SCRA.

Provisions invoked

• s. 11B
• s. 11
• s. 15
• s. 19
• s. 15H
• s. 27
• s. 15J
• s. 15I
• s. 15F
• s. 28A
• s. 23A
• s. 23I
• s. 21
• s. 23J
• s. 23
• s. 133
• s. 447
• s. 2(51)
• s. 129
• s. 2(40)

Regulations

• Reg. 4(1)
• Reg. 57
• Reg. 4(1)(a)
• Reg. 56
• Reg. 33(1)(a)
• Reg. 48
• Reg. 17(8)
• Reg. 33(2)(a)
• Reg. 34(3)
• Reg. 4(1)(g)

Parties

• Prabhu Steel Industries Limited (Noticee 1)
• Harish Gangaram Agrawal (Noticee 2)
• Dinesh Gangaram Agrawal (Noticee 3)
• Akshita Harish Agrawal (Noticee 4)

Holding

The Adjudicating Officer held that all four Noticees violated the cited provisions of SEBI LODR Regulations read with Sections 21 and 24 of SCRA and Section 27 of the SEBI Act, and imposed a penalty of Rs. 3,00,000 under Section 15HB of the SEBI Act and Sections 23A(a) and 23(H) of the SCRA.

Full text

Adjudication Order in the matter of Prabhu Steels Limited Page 2 of 74 2. Based on the findings of the investigation, SEBI initiated adjudication proceedings against Prabhu Steel Industries Limited, Harish Gangaram Agrawal (hereinafter referred to as Noticee 2), Dinesh Gangaram Agrawal (hereinafter referred to as Noticee 3) and Akshita Harish Agrawal (hereinafter referred to as Noticee 4) (hereinafter referred together to as ‘Noticees) under Sections 15HB of SEBI Act and Section 23A(a) and 23(H) of the SCRA for violation of the following provisions. a. Noticee 1: Regulations 4(1) (a), (b), (c), (g) and (h), 33(1) (a) (c), 48 and 34(3) read with part B of Schedule V of SEBI LODR Regulations read with Section 21 of SCRA. b. Noticee 2: Regulations 4(1) (a), (b), (c), (g) and (h), 4(2)(f)(i)(2), 4(2)(f)(ii)(2), 4(2)(f)(ii)(7), 4(2)(f)(ii)(8), 4(2)(f)(iii)(1), 4(2)(f)(iii)(3), 4(2)(f)(iii)(6), 4(2)(f)(iii)(12), 33(1)(a) (c), 48, 34(3) read with part B of Schedule V of SEBI LODR Regulations read with Sections 21 & 24 of SCRA and Section 27 of the SEBI Act. c. Noticee 3: Regulations 4(1) (a), (b), (c), (g) and (h), 4(2)(f)(i)(2), 4(2)(f)(ii)(2), 4(2)(f)(ii)(7), 4(2)(f)(ii)(8), 4(2)(f)(iii)(1), 4(2)(f)(iii)(3), 4(2)(f)(iii)(6), 4(2)(f)(iii)(12), 33(1)(a) (c), 33(2)(a), 48, 34(3) read with part B of Schedule V, 17(8) read with Part B of Schedule II of SEBI LODR Regulations read with Sections 21 & 24 of SCRA and Section 27 of the SEBI Act. d. Noticee 4: Regulations 33(2)(a), Regulation

Adjudication Order in the matter of Prabhu Steels Limited Page 3 of 74 Holding Inquiry and Imposing Penalties) Rules, 2005 (hereinafter referred to as ‘SCR Adjudication Rules’) to inquire into and adjudge under the provisions of the under Section 15HB of SEBI Act and Section 23A(a) and 23(H) of the SCRA for the violations alleged to have been committed by the Noticees.

Adjudication Order in the matter of Prabhu Steels Limited Page 4 of 74 Sl No Name of the director Designation 1 Mr. Dinesh Gangaram Agrawal (Noticee 3) Chairman and Managing Director 2 Mr. Harish Gangaram Agrawal (Noticee 2) Whole Time Director 3 Mr. Krishankumar Agrawal Independent Director 4 Ms. Sonali Paithankar Independent Director 5 Mr. Pramod Kale Independent Director 6 Mr. Radheshyam Agrawal Independent Director

Source: SecMarx — sebi:Order/AS/RM/2024-25/30267-30270. 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.