sebi:Order/GR/HK/2022-23/23300
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Facts / Headnote
Noticee held liable as party to fraudulent GDR issuance scheme; violation of PFUTP Regulations established attracting penalty under Section 15HA of SEBI Act, 1992
Provisions invoked
- s. 15
- s. 11B
- s. 12A
- s. 15H
- s. 27
- s. 15J
- s. 28A
- s. 376
Regulations
- Reg. 9
- Reg. 3
- Reg. 200
- Reg. 2(c)
- Reg. 3(a)
Parties
- Mr. P.V.R. Murthy
Holding
Mr. P.V.R. Murthy, Director and Authorised Signatory of Zenith Birla (India) Limited, was held to be a party to the fraudulent GDR issuance scheme by executing the pledge agreement securing Vintage FZE's loan to subscribe the GDRs, in violation of PFUTP Regulations attracting Section 15HA.
Full text
Adjudication Order in respect of Mr. P.V.R. Murthy in the matter of GDR Issue by Zenith Steel Pipes & Industries Limited [erstwhile Zenith Birla (India) Limited] Page 2 of 38
Adjudication Order in respect of Mr. P.V.R. Murthy in the matter of GDR Issue by Zenith Steel Pipes & Industries Limited [erstwhile Zenith Birla (India) Limited] Page 3 of 38
Adjudication Order in respect of Mr. P.V.R. Murthy in the matter of GDR Issue by Zenith Steel Pipes & Industries Limited [erstwhile Zenith Birla (India) Limited] Page 4 of 38
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Source: SecMarx — sebi:Order/GR/HK/2022-23/23300. 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.