sebi:Order/MC/VS/2021-22/15217-15228
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Facts / Headnote
Noticees 1-11 held liable for fraudulent funding of IPO to ensure subscription and listing; Noticees 9-11 held liable for misutilisation of IPO proceeds, misleading prospectus and false utilisation disclosures; Noticee 9 exonerated on summons non-compliance; monetary penalty held warranted
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 11(1)
- s. 11(3)
- s. 12A
- s. 61
- s. 11(2)
- s. 15H
- s. 15J
- s. 11C
- s. 23J
- s. 23
- s. 23E
- s. 21
- s. 17
Regulations
- Reg. 3
- Reg. 23
- Reg. 57
- Reg. 57(1)
Holding
Noticees 1-11 employed a fraudulent scheme to fund IPO applicants to ensure minimum subscription and listing in violation of Section 12A of SEBI Act and PFUTP Regulations, and Noticee 9 with directors Noticees 10-11 misutilised IPO proceeds and made false disclosures in violation of Regulation 57(1) of ICDR Regulations and Clause 46(a) of SME Listing Agreement.
Full text
Adjudication Order in respect of 13 entities in the matter of IPO of Channel Nine Entertainment Ltd. Page 2 of 57 7. Aavisha Credit Capital Pvt. Ltd (PAN AAACA5715D) having address at 606 Kailash Building Kasturba Gandhi Marg New Delhi Dl 110001.
Adjudication Order in respect of 13 entities in the matter of IPO of Channel Nine Entertainment Ltd. Page 3 of 57 and Exchange Board of India Act, 1992 (“the SEBI Act”) for alleged violations by the respective Noticees, of applicable provisions of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (“PFUTP Regulations”), SEBI Act, SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (“ICDR Regulations”) and the Listing Agreement, pursuant to investigation into the Initial Public Offer of Channel Nine Entertainment Limited (“Channel Nine”/ “the Company”/ “CNE”).
Adjudication Order in respect of 13 entities in the matter of IPO of Channel Nine Entertainment Ltd. Page 4 of 57 Processing Park Ltd., Esteem Bio Organic Food Processing Ltd., Channel Nine Entertainment Ltd ('CNE') and HPC Biosciences Ltd. Out of 254 entities against whom the interim order was passed, confirmatory order was passed against 235 entities as on 01.06.2017.
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Source: SecMarx — sebi:Order/MC/VS/2021-22/15217-15228. 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.