sebi:Order/MC/VS/2021-22/15732
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Facts / Headnote
Adjudication proceedings disposed of; charge not upheld
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 11C
Parties
- Abhishek Kumar
Holding
The charge of violation of Section 11C(2) and (3) of the SEBI Act against Abhishek Kumar for failing to furnish information in response to summons was not upheld, and the adjudication proceedings were disposed of.
Full text
Adjudication Order in respect of Abhishek Kumar in the matter of Achal Investments Limited Page 2 of 7 The appointment of the undersigned as AO was communicated vide order dated December 28, 2021.
Adjudication Order in respect of Abhishek Kumar in the matter of Achal Investments Limited Page 3 of 7 5 02925387 BEKPS1235N Gaj Raj Singh House No. 62, Dhakka Village, GTB Nagar, Delhi- 110009 Non-executive & Independent Director 13.03.2013 10.10.2016 6 06799478 CRXPS4672J Sheetal 37/B, Taimur Nagar, Near New Friend Colony, New Delhi - 110023 Non-executive & Independent Director 16.01.2014 26.03.2018 *Appointed as Whole-time director subsequent to raising of funds through preferential issue.
Adjudication Order in respect of Abhishek Kumar in the matter of Achal Investments Limited Page 4 of 7 of business, its Board of directors had decided to purchase securities from 5 entities viz. Nileshaben Bharatbhai Choksi, Mala Raju Choksi, Rekhaben Choksi, Panchsheel Securities Pvt. Ltd. and TCG Stock Broking Pvt. Ltd. (“TCG”) and thereafter, on repayment of the previous funds, the same was given as loan to Big Boy Toyz Pvt. Ltd., River Park Eden Pvt. Ltd. and Kapil Gupta. The company also submitted that the aforesaid 5 entities to whom the preferential issue proceeds were given as well as the 47 allottees of preferential issue dated 22.08.2013, are not related to the company in any way (Annexure 3 to the SCN).
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