sebi:Order/MC/HP/2021-2022/12813-12829
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Facts / Headnote
Penalty of Rs.70,00,000 jointly and severally on Noticees 1, 2, 3, 4, 5, 6, 16 and 17 for violation of PFUTP Regulations; violation not established for Noticees 7, 8, 9 and 14
Provisions invoked
- s. 15
- s. 12A
- s. 81
- s. 15H
- s. 15J
- s. 68A
- s. 77(2)
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
- Reg. 3(b)
- Reg. 200
Parties
- Tilak Finance Limited
- Rasikbhai Ratnabhai Dhameliya
- Maheshbhai M. Nayani
- Sanjay V. Parmar
- Kayaguru Health Solutions Ltd. (Now Agrawal Bullion Ltd.)
- Saloni Agrawal
- Esaar (India) Ltd.
- Five X Finance & Investment Ltd. (now Five X Tradecom Ltd.)
- Moryo Industries Ltd.
Holding
Noticees 1, 2, 3, 4, 5, 6, 16 and 17 violated Section 12A(a),(b),(c) read with Regulations 3(a),(b),(c),(d) and 4(1) of PFUTP Regulations by funding Tilak Finance Limited's own preferential allotment and are jointly and severally liable for Rs.70,00,000 penalty under Section 15HA; violation was not established against Noticees 7, 8, 9 and 14.
Full text
Adjudication Order in the matter of Tilak Finance Limited Page 2 of 72 8. Rasikbhai Ratnabhai Dhameliya (PAN: AATPD0550H) having address at - 48 Abhijat Bldg, 7th Floor, The Presidency CHS, JVPD Scheme, Vile Parle (W), Mumbai – 400056, Maharashtra
Adjudication Order in the matter of Tilak Finance Limited Page 3 of 72 17. Moryo Industries Ltd. (PAN: AACCM5166G) having address at - 203, 2nd floor, Reliable Business Centre, Commercial Premises CHSL, Oshiwara, Jogeshwari (W), Mumbai - 400102
Adjudication Order in the matter of Tilak Finance Limited Page 4 of 72 APPOINTMENT OF ADJUDICATING OFFICER 2. SEBI appointed the undersigned as Adjudicating Officer (hereinafter referred to as “AO”) under Section15-I of the SEBI Act read with Rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter be referred to as the 'Adjudication Rules'), vide order dated September 23, 2020 to inquire into and adjudge under section 15HA of the SEBI Act, the aforesaid alleged violations against the Noticees.
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Source: SecMarx — sebi:Order/MC/HP/2021-2022/12813-12829. 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.