sebi:Order/MC/HP/2021-22/14401
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Facts / Headnote
Penalty of Rs.10,00,000 imposed upon the Noticee under Section 15HA of the SEBI Act
Provisions invoked
- s. 15
- s. 12A
- s. 15H
- s. 292
- s. 15J
- s. 372
- s. 160
Regulations
- Reg. 4(1)
- Reg. 3(a)
- Reg. 6(1)(b)
Parties
- Ashish Bagrodia
Holding
The Noticee violated Section 12A(a), (b), (c) of SEBI Act read with Regulations 3(a), (b), (c), (d) and 4(1) of PFUTP Regulations by aiding the fraudulent GDR issuance scheme and is liable to a monetary penalty of Rs.10,00,000 under Section 15HA of the SEBI Act.
Full text
Adjudication Order in respect of Ashish Bagrodia in the matter of GDR issue of Winsome Yarns Ltd. Page 2 of 22 for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter be referred to as the 'Adjudication Rules'), vide order dated March 14, 2019 to inquire into and adjudge under Section 15HA of the SEBI Act, the aforesaid alleged violations against the Noticee. The appointment of the AO was communicated vide order dated March 28, 2019.
Adjudication Order in respect of Ashish Bagrodia in the matter of GDR issue of Winsome Yarns Ltd. Page 3 of 22 8. Winsome Yarns FZE (‘WINSOME FZE’) was incorporated in U.A.E. on July 11, 2011 as a wholly owned subsidiary of Winsome Yarns (Cyprus) Limited, which was a wholly owned subsidiary of Winsome. WINSOME FZE was declared defunct with effect from April 01, 2014.
Adjudication Order in respect of Ashish Bagrodia in the matter of GDR issue of Winsome Yarns Ltd. Page 4 of 22 13. Winsome issued 19,94,125 GDRs amounting to USD 13.24 million on March 29,
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Source: SecMarx — sebi:Order/MC/HP/2021-22/14401. 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.