sebi:Order/MC/HP/2020-21/9613-9624
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Facts / Headnote
Adjudication proceedings concluded; Noticees 1, 2 and 3 held liable for violations of SAST and PIT Regulations with monetary penalty under Section 15A(b) of SEBI Act; Noticees 1 to 6 held liable under PFUTP Regulations for misleading promoter shareholding scheme
Provisions invoked
- s. 11B
- s. 15A
- s. 15
- s. 12A
- s. 12
- s. 15H
- s. 15J
- s. 21
- s. 138
- s. 2(27)
- s. 164
Regulations
- Reg. 3
- Reg. 13
- Reg. 11
- Reg. 4(1)
- Reg. 2(1)(e)
- Reg. 199
- Reg. 4(2)
- Reg. 4(2)(f)
- Reg. 3(a)
- Reg. 13(4)
- Reg. 13(5)
- Reg. 12
- Reg. 201
- Reg. 2(1)(q)
- Reg. 31(1)
- Reg. 3(2)
- Reg. 2(1)(e)(2)
- Reg. 11(2)
- Reg. 31(3)
- Reg. 31
Parties
- Sthithi Insurance Services Pvt Ltd
- Sudarshan Venkataraman
- Ramanujam Sesharathnam
- P Srikanth
- S. P. Srihari
- Srikanth Sripriya
- Aditicon Services India Private Ltd.
- Effica Systems Private Limited
- Mohan R
- Santhanakumar R
- Krishnaveni Ganesan
- M V Ganesan
Holding
Noticees 1, 2 and 3 violated Regulations 31(1) and 31(2) read with 31(3) of SAST Regulations and Regulation 13(4A) read with 13(5) of PIT Regulations 1992 read with Regulation 12 of PIT Regulations 2015 by failing to disclose pledge-related transactions, and are liable for penalty under Section 15A(b) of SEBI Act. Noticees 1 to 6 were part of a scheme pledging existing shareholding to raise funds to acquire further shares, misleading investors about true promoter shareholding, in violation of PFUTP Regulations.
Full text
Adjudication Order in the matter of Zylog Systems Limited Page 2 of 149 6) Srikanth Sripriya (PAN: AZAPS0630H) having address at - Old No 18 A, New No 39, Rajamannar Street, T Nagar, Chennai, Tamil Nadu, India - 600017. and Old No.24, New No.51, 7th Avenue, Ashok Nagar, Chennai, Tamil Nadu, India -
Adjudication Order in the matter of Zylog Systems Limited Page 3 of 149 BACKGROUND 1. Securities and Exchange Board of India (hereinafter referred to as, ‘SEBI’), initiated adjudication proceedings against (1) Sthithi Insurance Services Pvt Ltd, (2) Sudarshan Venkataraman, (3) Ramanujam Sesharathnam, (4) P Srikanth, (5) S. P. Srihari, (6) Srikanth Sripriya, (7) Aditicon Services India Private Ltd., (8) Effica Systems Private Limited, (9) Mohan R, (10) Santhanakumar R, (11) Krishnaveni Ganesan and (12) M V Ganesan (hereinafter referred to as "the Noticee 1 to 12" respectively or as "the Noticees/You" collectively) pursuant to investigation in the matter of trading activities of certain entities in the scrip of Zylog Systems Limited (hereinafter referred to as, ‘Company/ZSL’).
Adjudication Order in the matter of Zylog Systems Limited Page 4 of 149 d) Noticee 1 to 6 under Section 15H of SEBI Act for alleged violations of Regulation 3 (2) of SAST Regulations and Section 12 A (f) of SEBI Act.
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Source: SecMarx — sebi:Order/MC/HP/2020-21/9613-9624. 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.