sebi:Order/BM/DS/2022-23/25159-25175

SEBI · SEBI · 2022-11-17 · Barnali Mukherjee, Adjudicating Officer

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Facts / Headnote

Allegations against all Noticees not established; SCN discharged; no penalty imposed. Proceedings abated against deceased Noticee 6 and discharged against struck-off Noticees 7 and 11.

Provisions invoked

• s. 15
• s. 12A
• s. 15H
• s. 15J
• s. 24
• s. 560
• s. 248(7)

Regulations

• Reg. 3
• Reg. 4(1)
• Reg. 200
• Reg. 3(a)

Holding

The Adjudicating Officer held that the allegations of violation of Regulations 3(a)-(d) and 4(1), 4(2)(a), (e) of the PFUTP Regulations read with Section 12A(a)-(c) of the SEBI Act against Noticees 1 to 17 do not stand established, and no penalty was imposed. Proceedings against deceased Noticee 6 were abated and against struck-off Noticees 7 and 11 were discharged.

Full text

Adjudication Order in the matter of Angels Enterprises Limited Page 2 of 28 12 Tanmoy Roy (Director of Vinahast Trading Private Limited ) BLJPR4160H 13 Pratap Chakraborty (Director of Vinahast Trading Private Limited ) AZLPC9917A 14 Bablu BIDPB9135R 15 Anil Kumar Talwar ANRPT9705F 16 Lalit Kumar BLGPK8913G 17 Amit Kumar Saxena DWOPS8186Q

Adjudication Order in the matter of Angels Enterprises Limited Page 3 of 28 referred to as Adjudication Rules, 1995) to inquire into and adjudge under Section 15HA of the SEBI Act, 1992, the alleged violations of provisions of Regulations 3(a),(b),(c),(d), 4(1), 4(2)(a) and (e) of PFUTP Regulations, 2003 read with Section 12A (a), (b) and (c) of SEBI Act, 1992.

Adjudication Order in the matter of Angels Enterprises Limited Page 4 of 28 inspection of documents was conducted by the AR on January 30, 2023. The AR also requested for provision of copies of Annexure C and H to the Investigation Report along with MCA records related to connections between entities noted in Annexure C. The said documents were shared with the AR vide mail dated February 08, 2023. The Noticees 1, 2, 3, 4, 5, 12 and 13 were advised to submit reply by February 15, 2023. Vide mail dated February 17, 2023, Noticees 1, 2, 3, 4, 5, 12 and 13 were advised to appear for hearing on March 02, 2023. Vide mail dated February 28, 2023, the AR requested for extension of time to submit response to the SCN and adjournment of hearing citing personal reasons, which was considered by the undersigned. Vide mail dated March 09, 2023, the AR was advised to appear for hearing on March 14, 2023 and submit reply to the SCN at least 4 days before the date of hearing. Vide mail dated March 10, 2023, the AR submitted reply to the SCN on behalf of Noticees 1, 2, 3, 4, 5, 12 and 13. The AR appeared for the scheduled hearing and reiterated its submissions made vide letter dated March 10, 2023. The AR requested for provision of KYC documents of the Companies of which Noticees 1, 2, 3, 4, 5, 12 and 13 were appointed as directors, which was agreed to by the undersigned. The AR sought time till March 22, 2023 to make additional submissions, which was granted by the undersigned. Vide mail dated

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