sebi:Order/SM/AD/2022-23/17072-17074
Facts / Headnote
Noticees held liable for violations and monetary penalties imposed
Provisions invoked
- s. 11B
- s. 15A
- s. 15
- s. 19
- s. 12A
- s. 11(2)
- s. 15H
- s. 15I
- s. 15J
- s. 28A
- s. 23I
- s. 21
- s. 23J
- s. 23
- s. 23H
Regulations relied on
- Equity Listing Agreement — 49(ix)
- SEBI (LODR) Regulations, 2015 — 4(1)(c)
- SEBI (LODR) Regulations, 2015 — 4(1)(e)
- SEBI (LODR) Regulations, 2015 — 4(1)(g)
- SEBI (LODR) Regulations, 2015 — 4(2)(f)(i)(2)
- SEBI (LODR) Regulations, 2015 — 4(2)(f)(ii)(6)
- SEBI (LODR) Regulations, 2015 — 4(2)(f)(ii)(7)
- SEBI (LODR) Regulations, 2015 — 4(2)(f)(iii)(1)
- SEBI (LODR) Regulations, 2015 — 4(2)(f)(iii)(12)
- SEBI (LODR) Regulations, 2015 — 4(2)(f)(iii)(3)
- SEBI (LODR) Regulations, 2015 — 4(2)(f)(iii)(6)
- SEBI (PFUTP) Regulations, 2003 — 3(b)
- SEBI (PFUTP) Regulations, 2003 — 3(c)
- SEBI (PFUTP) Regulations, 2003 — 3(d)
- SEBI (PFUTP) Regulations, 2003 — 4(1)
- SEBI (PFUTP) Regulations, 2003 — 4(2)(f)
- SEBI (PFUTP) Regulations, 2003 — 4(2)(r)
Parties
- Kamal Nayan Sharma
- Harish Joshi
- Mukund Bhardwaj
Holding
The Adjudicating Officer held Kamal Nayan Sharma, Harish Joshi and Mukund Bhardwaj liable for misrepresentation of financials, facilitating accommodation transactions and failure to furnish information to the forensic auditor, and imposed penalties of Rs. 8,00,000, Rs. 8,00,000 and Rs. 7,00,000 respectively.
Full text
Adjudication Order in the matter of Indian Infotech & Software Ltd. Page 2 of 34 September 21, 2017, (hereinafter referred to as 'Interim Order') advised Stock Exchanges to appoint Forensic Auditor, for forensic audit of Indian Infotech & Software Ltd (hereinafter referred to as “Company/IISL/By Name”) Thereafter, SEBI passed a confirmatory order in the matter on February 08, 2018, confirming the directions contained in the Interim
Adjudication Order in the matter of Indian Infotech & Software Ltd. Page 3 of 34 Sl. No. Name of the Entity Violations observed
Adjudication Order in the matter of Indian Infotech & Software Ltd. Page 4 of 34 Rule 3 of (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as ‘SCRA Adjudication Rules') to inquire into and adjudge the aforementioned alleged violations against IISL and its directors. [Both SEBI Adjudication Rules and SCRA Adjudication Rules are hereinafter collectively referred to as “ Adjudication Rules”]
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Source: SecMarx — sebi:Order/SM/AD/2022-23/17072-17074. 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.