sebi:Order/SKV/AJ/30191
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Facts / Headnote
SCN disposed of qua the Noticee - no violation established, no penalty imposed
Provisions invoked
- s. 15
- s. 19
- s. 12A
- s. 15H
- s. 15J
- s. 23
- s. 23E
- s. 21
- s. 15I(1)
- s. 132
- s. 131
- s. 132(40)
Regulations
- Reg. 4(1)
- Reg. 3(a)
- Reg. 72(2)
- Reg. 77(1)
- Reg. 77
Parties
- Jils Raichand Madan
Holding
The SCN against Jils Raichand Madan was disposed of as the alleged violations of ICDR Regulation 77(1) and Section 12A of SEBI Act read with PFUTP Regulations 3 and 4(1) were not established.
Full text
Adjudication Order in respect of Jils Raichand Madan in the matter of Aadhaar Ventures India Limited Page 2 of 23 2. Pursuant to the investigation, Adjudication proceedings under section 15HA of SEBI Act was initiated against the Company, the Noticee (viz. Jils Raichand Madan, Executive Director of AVIL), and other directors, who had made preferential allotment without complying with the provisions of Regulations 77(1) of Chapter VII of the Issue of Capital and Disclosure Requirements) Regulations, 2009 (hereinafter referred to as “SEBI ICDR Regulations”) and thus violated provisions of Section 12A(a), (b), (c) of SEBI Act, 1992 r/w Reg. 3(a), (b), (c), (d) & 4(1) of PFUTP Regulations.
Adjudication Order in respect of Jils Raichand Madan in the matter of Aadhaar Ventures India Limited Page 3 of 23 alleging that he was never served the SCN and that he was not given an opportunity for hearing. The Hon’ble SAT, vide order dated October 18, 2023 (hereinafter referred to as “SAT
Adjudication Order in respect of Jils Raichand Madan in the matter of Aadhaar Ventures India Limited Page 4 of 23 Regulations, 2003 (hereinafter referred to as “SEBI (PFUTP) Regulations”) and Regulation 77 (1) of Chapter VII of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (hereinafter referred to as “SEBI (ICDR) Regulations”) by the Noticee.
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Source: SecMarx — sebi:Order/SKV/AJ/30191. 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.