sebi:Order/GR/PU/2022-23/16567-16572
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Facts / Headnote
Liability established against Noticee Nos. 2, 4, 5 and 6 for violation of Section 12A(a),(b),(c) read with Regulations 3(a),(b),(c),(d) and 4(1) of PFUTP Regulations; proceedings against the deceased Noticee abated; penalty quantum not contained in excerpt.
Provisions invoked
- s. 15
- s. 12A
- s. 15H
- s. 27
- s. 15J
- s. 28A
- s. 21
- s. 23
- s. 23E
- s. 376
- s. 560
- s. 143(3)
Regulations
- Reg. 3
- Reg. 200
- Reg. 2(c)
- Reg. 3(a)
Parties
- Rainbow Papers Ltd. (RPL)
- Shri Ajay Goenka (Noticee No. 2)
- Shri Radheshyam Goenka
- Ms. Sangeeta Goenka (Noticee No. 4)
- Shri Arun Panchariya (Noticee No. 5)
- Shri Mukesh Chauradiya (Noticee No. 6)
Holding
RPL fraudulently financed its own GDR issue through Vintage FZE's EURAM Bank loan secured by pledge of the GDR proceeds and suppressed material information, and Noticee Nos. 2 and 4 as directors in-charge and Noticee Nos. 5 and 6 as beneficial owner / Managing Director of Vintage violated Section 12A(a),(b),(c) read with Regulations 3(a),(b),(c),(d) and 4(1) of PFUTP Regulations, while proceedings against the Noticee who died on October 7, 2010 abated.
Full text
Adjudication Order in the matter of disclosures by Rainbow Papers Ltd. in respect of its GDR issue Page 2 of 49 (The aforesaid entities are hereinafter individually referred to by their respective names/ Noticee numbers. and collectively as “Noticees”, unless the context specifies otherwise)
Adjudication Order in the matter of disclosures by Rainbow Papers Ltd. in respect of its GDR issue Page 3 of 49 the Board Meeting of RPL held on November 27, 2009. It was also observed that the aforesaid directors had passed Board Resolution inter alia authorizing Shri Ajay Goenka (Noticee No. 2), Director of the Company for opening of an account with EURAM Bank for the purpose of receiving subscription money in respect of the GDR issue of RPL and also for using the funds deposited in the said bank account as security in connection with loans, if any.
Adjudication Order in the matter of disclosures by Rainbow Papers Ltd. in respect of its GDR issue Page 4 of 49 letters on behalf of Vintage and also signed the letter for the extension of loan repayment date as Managing Director of Vintage.
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Source: SecMarx — sebi:Order/GR/PU/2022-23/16567-16572. 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.