sebi:Order/BD/MG/2020-21/9116
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Facts / Headnote
The Adjudicating Officer found Gurmeet Singh liable for violating Section 12A(a), (b) and (c) of the SEBI Act read with Regulations 3(a), (b), (c), (d) and 4(1) of the PFUTP Regulations, and imposed a monetary penalty of Rs. 15,00,000.
Provisions invoked
- s. 15
- s. 12A
- s. 15H
- s. 15I
- s. 15J
- s. 28A
- s. 376
Regulations
- Reg. 4
- Reg. 3
- Reg. 3(a)
Parties
- Gurmeet Singh
Holding
The Adjudicating Officer held Gurmeet Singh liable for participating in the fraudulent GDR issuance scheme and violating the cited SEBI Act and PFUTP Regulations provisions. A penalty of Rs. 15,00,000 was imposed.
Full text
Adjudication Order in the matter of Beckons Industries Limited Page 2 of 25 Gurmeet Singh executed the Pledge Agreement. In view of the above, it was alleged that the Noticee violated the provisions of section 12A(a), (b) and (c) of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”) read with regulations 3(a), (b), (c), (d) and 4(1) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”).
Adjudication Order in the matter of Beckons Industries Limited Page 3 of 25 Subsequently, considering the prevailing circumstances, the Noticee was granted another opportunity of hearing before the undersigned on September 15, 2020, by way of video conference vide Hearing Notice dated August 26, 2020, which was sent through Professional Couriers and was duly delivered to the Noticee. As the Email address of the Noticee was not available on record, the Noticee was advised to furnish his Email address by September 10, 2020, to avail the opportunity of hearing. However, the Noticee not only failed to furnish his email address but also failed to respond.
Adjudication Order in the matter of Beckons Industries Limited Page 4 of 25 CONSIDERATION OF ISSUES 9. After perusal of the material available on record, I have the following issues for consideration, viz.,
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Source: SecMarx — sebi:Order/BD/MG/2020-21/9116. 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.