sebi:Order/GR/KG/2021-22/11513-17
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Provisions invoked
- s. 15
- s. 12A
- s. 15H
- s. 27
- s. 73
- s. 15J
- s. 28A
- s. 73(2)
- s. 376
- s. 149(12)
- s. 24(1)
Regulations
- Reg. 4
- Reg. 3
- Reg. 2(c)
- Reg. 3(a)
- Reg. 201
- Reg. 25(5)
Parties
- Mr. P.V.R Murthy (Noticee No. 1)
- Mr. N. Nagesh, Company Secretary (Noticee No. 2)
- Mr. Rajesh V. Shah (Noticee No. 3)
- Mr. Upkar Singh Kohli (Noticee No. 4)
- Mr. Yashovardhan Birla, Chairman (Noticee No. 5)
Holding
The order finds that BPSL and its Board of Directors devised a fraudulent scheme of GDR issue by concealing the loan and pledge agreements with EURAM Bank securing Vintage FZE's subscription, and that Noticees 1 and 2 signed the Pledge Agreements on the basis of authority given by BPSL. The order rejects the Noticees' plea of inordinate delay in initiation of proceedings.
Full text
Page 2 of 60 Power Solutions Limited (“BPSL”/ “Company”) for the period January 01, 2010 to February 28, 2010 and June 01, 2010 to July 31, 2010 (hereinafter also referred to as ‘investigation period’) to ascertain whether shares underlying GDRs were issued with proper consideration and whether appropriate disclosures, if any, were made by BPSL. The details of the said GDR issues are tabulated as below:
Page 3 of 60 540012-040-8) with EURAM Bank, a bank based in Vienna, Austria and obtained loans of USD 20.01 million and USD 53.53 million by entering into two Loan Agreements dated December 21, 2009 and July 05, 2010, respectively, with EURAM Bank. The Company had provided security for the loan obtained by Vintage from EURAM Bank by pledging the GDR proceeds, through pledge agreements dated December 21, 2009 and July 05, 2010 with the EURAM Bank.
Page 4 of 60 not held and penalty be not imposed on them under Section 15HA of the SEBI Act, 1992, for the violations alleged to have been committed by them.
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Source: SecMarx — sebi:Order/GR/KG/2021-22/11513-17. 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.