sebi:Order/MC/VS/2022-23/15935-15937
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Facts / Headnote
Allegations against all three Noticees not established; no penalty imposed
Provisions invoked
- s. 11
- s. 15
- s. 11(2)
- s. 15J
- s. 11C
- s. 12
Regulations
- Reg. 7
- Reg. 6(2)
- Reg. 6
- Reg. 7(2)
- Reg. 7(2)(a)
- Reg. 201
- Reg. 9
- Reg. 9(1)
- Reg. 7(2)(b)
Parties
- Subex Limited (Noticee 1)
- G.V. Krishnakanth, Company Secretary (Noticee 2)
- Subash Menon (Noticee 3)
Holding
The Adjudicating Officer found that the allegations of violation of Regulation 7(2)(a) of PIT Regulations against Noticee 3, violation of Clause 10 of Code of Conduct under Schedule B of Regulation 9(1) of PIT Regulations against Noticee 2, and violation of Section 11(2)(ia) read with Section 11C(2) of the SEBI Act against Noticee 2, were not established.
Full text
Adjudication Order in respect of Subex Ltd. and 2 others in the matter of Subex Limited Page 2 of 24 (hereinafter referred to as “Subex/the Company) during August 08, 2018 to October 01, 2018, (hereinafter referred to as the investigation period/IP).
Adjudication Order in respect of Subex Ltd. and 2 others in the matter of Subex Limited Page 3 of 24 Varthur Hobli, Bengaluru, Karnataka, 560103. There was reduction in share capital of the company w.e.f. October 22, 2020, as approved by the Hon’ble National Company Law Tribunal at Bengaluru. G.V. Krishnakanth, Noticee 2, was the Company Secretary at the relevant period of FY 2018-19.
Adjudication Order in respect of Subex Ltd. and 2 others in the matter of Subex Limited Page 4 of 24 10. Accordingly, in absence of nil consideration, as reported by Noticee 3, entire sale proceeds of Rs. 24,81,074 (i.e. profit earned from the trades) out of the transactions undertaken between September 25-October 01, 2018, was allegedly liable to be disgorged and remitted to the Investor Protection and Education Fund (“IPEF”) in terms of Clause 10 of Code of Conduct under Schedule B of Regulation 9(1) and (2) of PIT Regulations, 2015.
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Source: SecMarx — sebi:Order/MC/VS/2022-23/15935-15937. 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.