sebi:Order/SM/DD/2021-22/14129
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Facts / Headnote
Adjudication proceedings disposed of as not maintainable and cannot be proceeded with
Provisions invoked
- s. 15
- s. 12A
- s. 15G
- s. 30
- s. 14
- s. 238
- s. 31
- s. 32A
Regulations
- Reg. 3(i)
- Reg. 4(1)
Parties
- Fourth Dimension Solutions Ltd.
Holding
The adjudication proceedings against Fourth Dimension Solutions Ltd. for alleged insider trading in Ricoh India Ltd. are not maintainable and are disposed of because the NCLT-approved Resolution Plan under Section 31 IBC is binding on all stakeholders including SEBI.
Full text
Adjudication Order in respect of Fourth Dimension Solution Ltd. in the matter of Ricoh India Ltd. Page 2 of 10 Rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as ‘Adjudication Rules’) to inquire into and adjudge under the provisions of Section 15G of SEBI Act, the alleged violation of Section 12A(d) and (e) of the SEBI Act, Regulations 3(i), 3A and 4 of PIT Regulations, 1992 and Regulations 4(1) and 12 of PIT Regulations, 2015 by Noticee.
Adjudication Order in respect of Fourth Dimension Solution Ltd. in the matter of Ricoh India Ltd. Page 3 of 10 statements of Ricoh were untrue, he placed orders on behalf of FDSL to trade in the scrip of Ricoh while in the possession of UPSI.
Adjudication Order in respect of Fourth Dimension Solution Ltd. in the matter of Ricoh India Ltd. Page 4 of 10 6. The SCN was sent to Noticee through Speed Post Acknowledgement due (herein after referred to as ‘SPAD’) and digitally signed email dated on July 07, 2021. The SCN sent through SPAD returned undelivered. However, the SCN sent through digitally signed email was duly served upon Noticee and Noticee was given fourteen (14) days’ time to make its submissions in respect of the allegations made in the SCN. Noticee submitted its reply to the SCN vide letter dated July 16, 2021.
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Source: SecMarx — sebi:Order/SM/DD/2021-22/14129. 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.