sebi:Order/GR/BM/2022-23/16512-16516
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Facts / Headnote
All Noticees found liable for violations; penalty determination pending in the excerpt
Provisions invoked
- s. 11B
- s. 15
- s. 12A
- s. 15H
- s. 15J
- s. 28A
- s. 23I
- s. 21
- s. 31
- s. 23J
- s. 23
- s. 23E
- s. 14
- s. 376
- s. 33
- s. 14(4)
- s. 177
- s. 24(1)
Regulations
- Reg. 3
- Reg. 200
- Reg. 2(c)
- Reg. 3(a)
Parties
- Birla Cotsyn (India) Limited (Noticee No. 1)
- Mr. P.V.R. Murthy (Noticee No. 2)
- Noticee No. 3
- Noticee No. 4
- Noticee No. 5
Holding
Noticee No. 1 (BCIL) violated Section 12A(a), (b), (c) of the SEBI Act read with Regulations 3(a)-(d) and 4(1) of the PFUTP Regulations and Section 21 of SCRA read with Clauses 32, 36(7) and 50 of the Listing Agreement, and Noticees 2 to 5 acted as parties to the fraudulent GDR scheme in violation of the same SEBI Act and PFUTP Regulations provisions.
Full text
Adjudication Order in the matter of GDR issue by Birla Cotsyn (India) Limited Page 2 of 41 BACKGROUND IN BRIEF 1. The Securities and Exchange Board of India (hereinafter referred to as “SEBI”) conducted investigation into the alleged irregularities in the Global Depository Receipts (herein after referred to as “GDR”) Issue by Birla Cotsyn (India) Ltd. (hereinafter referred to as “Company / BCIL”) during the period from February 15, 2010 to April 15, 2010 (hereinafter referred to as “Investigation Period”).
Adjudication Order in the matter of GDR issue by Birla Cotsyn (India) Limited Page 3 of 41 21, 2009, and passed the aforementioned resolution. Further, Mr. P. V. R. Murthy had executed the Pledge Agreement on behalf of BCIL. It was therefore alleged that the individuals named above had acted as parties to the fraudulent scheme.
Adjudication Order in the matter of GDR issue by Birla Cotsyn (India) Limited Page 4 of 41 APPOINTMENT OF THE ADJUDICATING OFFICER
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Source: SecMarx — sebi:Order/GR/BM/2022-23/16512-16516. 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.