sebi:Order/MC/HP/2021-22/11995-11997
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Provisions invoked
- s. 15A
- s. 15H
- s. 15G
- s. 15J
- s. 23J
- s. 23E
- s. 203
- s. 203(2)
- s. 2(24)
- s. 205(1)
- s. 118(3)
- s. 118(7)
- s. 205
Regulations
- Reg. 7
- Reg. 4
- Reg. 6
- Reg. 31
- Reg. 29(2)
- Reg. 29(3)
- Reg. 7(2)(a)
- Reg. 7(2)(b)
- Reg. 9
- Reg. 9(1)
- Reg. 30(1)
- Reg. 30(5)
- Reg. 4(1)
- Reg. 6(1)
- Reg. 31(1)
- Reg. 6(2)
- Reg. 9(3)
- Reg. 2(2)
- Reg. 2(1)(f)
Parties
- Sohan Lal Agarwal (Noticee 1)
- Websol Energy System Limited (Noticee 2)
- Sima Jhunjhunwala (Noticee 3)
Holding
The Adjudicating Officer found that the off-market transactions of Noticee 1 were loan transactions (creation of security) rather than sale transactions, and therefore there was no change in shareholding of the Company, meaning the quarterly shareholding disclosures by Noticee 2 and Noticee 3 were not wrong.
Full text
Adjudication Order in the matter of Websol Energy System Limited Page 2 of 32 2. Adjudication proceedings were initiated against,
Adjudication Order in the matter of Websol Energy System Limited Page 3 of 32 APPOINTMENT OF ADJUDICATING OFFICER 3. The undersigned was appointed as Adjudicating Officer (hereinafter referred to as ‘AO’) vide order dated September 28, 2020and December 21, 2020 to inquire into and adjudge under Section15A(b) and 15HBof SEBI Act and Section 23E of SCRA, the aforesaid alleged violations against the Noticees. The appointment of the AO was communicated vide order dated November 03, 2020 and December 28, 2020.
Adjudication Order in the matter of Websol Energy System Limited Page 4 of 32 7. The Company was incorporated in 1990 by Noticee 1 and began production in
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