sebi:Order/GG/AS/2022-23/16541
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Facts / Headnote
Noticees held liable for PFUTP and LODR violations; joint and several penalty of Rs 10,00,000 imposed; remand concluded.
Provisions invoked
- s. 11
- s. 15
- s. 12A
- s. 12
- s. 11(2)
- s. 15H
- s. 28A
- s. 21
- s. 23
- s. 23E
- s. 23H
Regulations
- Reg. 4(1)
- Reg. 4(2)
- Reg. 4(2)(f)
- Reg. 3(b)
- Reg. 4(1)(a)
- Reg. 33(2)(a)
- Reg. 17
- Reg. 15(2)
- Reg. 4(2)(f)(i)
- Reg. 16
- Reg. 16(1)(b)
- Reg. 17(1)(b)
- Reg. 18(1)(b)
- Reg. 19(1)
- Reg. 33(2)
- Reg. 19(1)(c)
- Reg. 12(A)(a)(b)
Parties
- MPF Systems Ltd
- Ms Kirti Salvi
- Mr Anil Kothari
- Mr Aakesh Chopra
- Mr Ambrish Barsati Pal
Holding
The Noticees were held liable for misrepresentation of financials in violation of PFUTP Regulations and corresponding LODR provisions, but not for violations of Regulations 16 to 19 of LODR Regulations, and a total joint and several penalty of Rs 10,00,000 was imposed (Rs 5,00,000 under Section 15HA and Rs 5,00,000 under Sections 23E/23H).
Full text
Adjudication Order in the matter of MPF Systems Ltd Page 2 of 15 necessary. Thereafter, BSE, NSE and MSEI, vide notices dated August 07, 2017 initiated action as envisaged in SEBI letter dated August 07, 2017 in respect of companies listed on respective exchanges. MPF Systems Limited was one of the 331 suspected shell companies, against which actions had been initiated by BSE interalia including the direction to conduct a Forensic Audit.
Adjudication Order in the matter of MPF Systems Ltd Page 3 of 15 and 4(2)(f) and (r) of PFUTP Regulations, Regulation 4(1)(a),(b),(c), (e) and (g), Regulation 4(2) (f) (i)(2), 4(2)(f)(ii)(6) and (7),4(2)(f)(iii)(1),(3),(6)&(12), Regulation 16(1)(b)(iv), Regulation 17(1)(b), Regulation 18(1)(b), Regulation 19(1)(c) and Regulation 33(2)(a) of LODR Regulations, Section 21 of the SCRA and Section 11(2)(i) and 11(2)(ia) of the SEBI Act. The chronology of events pursuant to issuance of SCNs is given hereunder.
Adjudication Order in the matter of MPF Systems Ltd Page 4 of 15 S No Date Details of SCN/Reply/Order Penalty/ Directions (if any) 8 September 11, 2020
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