sebi:Order/BM/GN/2023-24/28378-28379
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Facts / Headnote
Show Cause Notice dated November 27, 2018 disposed of qua the Noticees without imposing any penalty
Provisions invoked
- s. 15
- s. 19
- s. 12
- s. 15J
- s. 15D
- s. 30
Regulations
- Reg. 71
- Reg. 73
- Reg. 3
- Reg. 199
Parties
- Angrez Singh Bhadwal, Surinder Kumar Trilokia, Naseeb Singh Pawar, Kamal Singh Bhau, Ajeet Lal Sharma, Kripal Singh, Yograj Singh, Sudershan Singh Jamwal (Noticee 1)
- Tej Pal Singh (Noticee 2)
Holding
The Adjudicating Officer disposed of the Show Cause Notice against Noticees 1 and 2 without imposing any penalty, finding no evidence that the Noticees were 'officers in default' responsible for the company's violation of Section 12(1B) of the SEBI Act read with Regulation 3 of the CIS Regulations.
Full text
Adjudication Order in respect of two entities in the matter of Sheen Agro & Plantation Limited Page 2 of 13 jointly and severally by Angrez Singh Bhadwal, Surinder Kumar Trilokia, Naseeb Singh Pawar, Kamal Singh Bhau, Ajeet Lal Sharma, Kripal Singh, Yograj Singh, Sudershan Singh Jamwal (hereinafter referred to as Noticee 1) and Tej Pal Singh (hereinafter referred to as Noticee 2) under section 15D(a) of SEBI Act for the violation of section 12(1B) of the SEBI Act and regulation 3 of the CIS regulation.
Adjudication Order in respect of two entities in the matter of Sheen Agro & Plantation Limited Page 3 of 13 PERSONAL HEARING & REPLY :
Adjudication Order in respect of two entities in the matter of Sheen Agro & Plantation Limited Page 4 of 13 capital in the form of deposit money with Shaheen finance and company used to give return of Rs.2,500/- per month up to 1998. (iv) Subsequently, Mr. Bhadwal along with Mr. Naseeb Singh Pawar again approached Noticees in the year 1998 to invest amount into the newly formed company by the name of Sheen Agro & Plantation and thereafter they had invested Rupees 2 lacs into the company and a fixed amount was promised to be paid to them and on that pretext Mr. Bhadwal along with Mr. Naseeb Singh Pawar had obtained there signatures on some documents. (v) Noticees submitted that at that time they had insisted on the details of the papers to be perused and in reciprocation, Mr. Bhadwal along with Mr. Naseeb Singh Pawar had pacified them to trust their demeanour and sign the documents without verifying the contents on the basis of their relationship as Mr. Bhadwal was brother-in-law to Noticee 1 and was uncle to Noticee 2. (vi) Noticees submitted that to know the status of their payments due and in that course of time in the year 2004, they came to know from other similar investors that both of us have been included in Sheen Agro as Directors of the company. (vii) Noticees further submitted that as soon as they came to know that they have been made the director in Sheen Agro, they resigned from Sheen Agro with immediate effect from May 29, 2004. (viii) Noticees submitted that the
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Source: SecMarx — sebi:Order/BM/GN/2023-24/28378-28379. 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.