sebi:Order/GR/BM/2022-23/17931-17935
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Facts / Headnote
Violations upheld against Noticees 1, 2, 4, 5 and 6; penalties imposed under Section 15A(b) and Section 15HA of the SEBI Act, 1992
Provisions invoked
- s. 15A
- s. 15
- s. 12A
- s. 15H
- s. 15J
- s. 28A
Regulations
- Reg. 13
- Reg. 3
- Reg. 199
- Reg. 3(a)
- Reg. 13(5)
- Reg. 29(2)
- Reg. 29(3)
- Reg. 201
Parties
- Ullash Jayantilal Parikh (Noticee No. 1)
- Golden Legend Leasing & Finance Limited (Noticee No. 2)
- Ashok Hiralal Shah (Noticee No. 3)
- Ashok Hiralal Shah HUF (Noticee No. 4)
- Meena Shah / Meena Ashok Shah / Meenaben Ashok Kumar Shah (Noticee No. 5)
- Dhanlaxmi Lease Finance Limited (Noticee No. 6)
Holding
Noticee No. 1 violated Regulation 13(4A) read with 13(5) of PIT Regulations and Regulation 29(2) read with 29(3) of SAST Regulations by failing to disclose disposal of shares. Noticees No. 2, 4 and 5 violated Section 12A(a), (b), (c) of the SEBI Act read with Regulation 3(a)-(d) and 4(1) of PFUTP Regulations by engaging in a fraudulent scheme giving an impression of capital infusion through preferential allotment when GLLFL's own funds were used; Noticee No. 6 violated Section 12A(a), (b), (c) read with Regulation 3(a), (d) and 4(1) of PFUTP Regulations by aiding such scheme.
Full text
Adjudication order in the matter of Golden Legend Leasing and Finance Limited Page 2 of 35 Period/IP”). However, wherever deemed necessary, reference has been made outside this period. Investigation was carried out for: (i) disclosures under SEBI (PIT) Regulations, 1992 and SEBI (SAST) Regulations, 2011 by promoters with regard to change in promoters’ shareholding, and
Adjudication order in the matter of Golden Legend Leasing and Finance Limited Page 3 of 35 APPOINTMENT OF ADJUDICATING OFFICER
Adjudication order in the matter of Golden Legend Leasing and Finance Limited Page 4 of 35 the Noticee No. 1 sold 3,72,000 shares of GLLFL and thereby reducing his holding to NIL. The said change in shareholding of Noticee No. 1 required disclosures under Regulation 13 (4A) of PIT Regulations 1992 and Regulation 29(2) of SAST Regulations 2011 which was not made by the aforesaid Noticee. b) In view of the above non-compliance, it was alleged that Noticee No. 1 has violated the provisions of Regulation 13(4A) read with Regulation 13(5) of PIT Regulations, 1992 and Regulation 29(2) read with Regulation 29(3) of SAST Regulations 2011 by not making necessary disclosures regarding disposal of shares.
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Source: SecMarx — sebi:Order/GR/BM/2022-23/17931-17935. 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.