sebi:Order/GR/PU/2022-23/17202-17225
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Facts / Headnote
Noticee Nos. 2, 3, 6 and 7 held liable under Sections 15HA, 15HB and 15A(a) of SEBI Act for siphoning/mis-disclosure of IPO proceeds and non-compliance of summons and penalized; self-trade/market manipulation charges against broker Noticees not established; no penalty pursued against Noticee No.1 (Resurgere Mines and Minerals India Ltd.) in view of IBC moratorium/approved resolution plan.
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 11(3)
- s. 12A
- s. 15H
- s. 12
- s. 15I
- s. 15J
- s. 11C
- s. 28A
- s. 2(26)
- s. 14
- s. 14(1)
- s. 31(1)
Regulations
- Reg. 7
- Reg. 3
- Reg. 47
- Reg. 3(a)
- Reg. 57
- Reg. 60
- Reg. 55
- Reg. 57(1)
- Reg. 2
- Reg. 111
- Reg. 51A
- Reg. 59
Holding
The Adjudicating Officer held Noticee Nos. 2, 3, 6 and 7 liable for fraudulent diversion/non-utilisation and mis-disclosure relating to RMMIL IPO proceeds and for failure to furnish information, imposing monetary penalties, while exonerating the broker Noticees on self-trades and barring penalty against Noticee No.1 due to IBC protection.
Full text
__________________________________________________________________________________ Adjudication order in the matter of Resurgere Mines and Minerals India Ltd. Page 2 of 66
__________________________________________________________________________________ Adjudication order in the matter of Resurgere Mines and Minerals India Ltd. Page 3 of 66
__________________________________________________________________________________ Adjudication order in the matter of Resurgere Mines and Minerals India Ltd. Page 4 of 66
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Source: SecMarx — sebi:Order/GR/PU/2022-23/17202-17225. 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.