sebi:Order/GR/PU/2021-22/15035-15043
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Facts / Headnote
Adjudication proceedings disposed of without any directions
Provisions invoked
- s. 11B
- s. 15
- s. 19
- s. 15H
Regulations
- Reg. 3
- Reg. 29(1)
- Reg. 3(1)
- Reg. 201
- Reg. 3(2)
- Reg. 2(q)(2)
- Reg. 200
- Reg. 39
Parties
- Mr. R V Ravikumar
- Ravikumar Properties Pvt. Ltd.
- Ms. R Amrithavalli
- Mr. S. Rajendran
- Siva Sankar V
- BPJ Holding Pvt. Ltd.
- Nandlal Vyapaar Pvt. Ltd.
- Ms. V Chitra
- Chiraag Suppliers Pvt. Ltd.
Holding
The Adjudicating Officer disposed of the adjudication proceedings initiated against the Noticees vide SCN dated February 28, 2019, without any directions, holding that until the allegations and counter-allegations of fraud and forgery are adjudicated upon by a competent court of law, the issue of whether an open offer was required cannot be adjudicated upon.
Full text
______________________________________________________________________________________ Adjudication Order in respect of Mr. R V Ravikumar and 8 others in the matter of Ravi Kumar Distilleries Limited Page 2 of 13 G Ramaraja acquired shares of RKDL indirectly by acquiring firms BPJ and Chiraag on September 10, 2012, which held shares of RKDL, thereby breaching the 25% shareholding threshold for open offer. RV Ravikumar along with said PACs failed to make a public announcement of open offer and hence violated Regulation 3(1) of the SAST Regulations, 2011.
______________________________________________________________________________________ Adjudication Order in respect of Mr. R V Ravikumar and 8 others in the matter of Ravi Kumar Distilleries Limited Page 3 of 13 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING
______________________________________________________________________________________ Adjudication Order in respect of Mr. R V Ravikumar and 8 others in the matter of Ravi Kumar Distilleries Limited Page 4 of 13 the fact that she has neither filed any reply nor has availed the opportunity of personal hearing despite service of notices upon it, I am of the view that she has nothing to submit in terms of Rule 4(7) of the Adjudication Rules and the matter may be proceeded ex parte on the basis of material available on record. In the absence of any response to the SCN, I presume that the Noticee Ms. V. Chitra has admitted the charges levelled against her.
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Source: SecMarx — sebi:Order/GR/PU/2021-22/15035-15043. 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.