sebi:Order/KS/PP/2020-21/9685-9692
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Facts / Headnote
Penalty imposed on all 8 Noticees for contravention of Sections 13, 16 and 18 read with Section 2(i) of SCRA, 1956 and SEBI Notification dated March 01, 2000
Provisions invoked
- s. 15A
- s. 13
- s. 16
- s. 23H
- s. 18
- s. 23
- s. 17
- s. 23J
- s. 16(1)
- s. 29A
Parties
- B Zeenath Doshi (Noticee 1)
- Kantilal Jitendra Kumar (Noticee 2)
- Kantilal Kamalabai (Noticee 3)
- Kantilal Bharat Doshi (Noticee 4)
- Kantilal Arvind Kumar (Noticee 5)
- Damayanthi Pravin Kumar (Noticee 6)
- Arvind Kumar Madhu Doshi (Noticee 7)
- Everlight Tie Up Private Limited (Noticee 8)
Holding
The Adjudicating Officer held that Noticees 1 to 8, by entering into off-market transactions of KAFL shares outside a stock exchange which were not spot delivery contracts, contravened Sections 13, 16 and 18 read with Section 2(i) of SCRA, 1956 and SEBI Notification dated March 01, 2000. Penalties of Rs. 1,00,000 each were imposed on Noticees 1 to 7 and Rs. 2,00,000 on Noticee 8.
Full text
Adjudication Order in respect of 8 entities in the matter of Kailash Auto Finance Limited Page 2 of 28 (Regulation) Act, 1956 (hereinafter referred to as ‘SCRA, 1956’) in the scrip of KAFL during the period July 01, 2014 to August 31, 2014 (hereinafter referred to as ‘investigation period’).
Adjudication Order in respect of 8 entities in the matter of Kailash Auto Finance Limited Page 3 of 28 4. A Show Cause Notice ref. SEBI/HO/A&E/EAD/KS/AA/26317/2019 dated October 04, 2019 (hereafter referred to as 'SCN') was issued to the Noticees in terms of the provisions of Rule 4 of the SCRR, 2005 requiring the Noticees to show cause as to why an inquiry should not be held against them and why penalty, if any, should not be imposed on them under the provisions of Section 23H of the SCRA, 1956.
Adjudication Order in respect of 8 entities in the matter of Kailash Auto Finance Limited Page 4 of 28 NO.B80592 Vimalachal Apartments Ponnanmallee High Road, Purasaiwakkam. Entity no.1,2,3,4,5,6,7 and 8 have common address: Old No162, New No.249,1st Floor, Syden hams Road, Periyamet. As per MCA website entity no.,5,7,2 and 4 share common directorship with company named G.T.Housing Private Limited. 7 KANTILAL CHUNNILAL DOSHI (AAIPK6774B)
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Source: SecMarx — sebi:Order/KS/PP/2020-21/9685-9692. 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.