sebi:Order/SM/DD/2022-23/23324-23355
Facts / Headnote
Adjudication proceedings abated against Noticee 20 (Late Bhupendra Shah) upon verification of death certificate; merits against remaining noticees not decided in excerpt.
Provisions invoked
- s. 15
- s. 19
- s. 12A
- s. 12
- s. 15H
- s. 15J
- s. 28A
- s. 27(1)
- s. 152
Regulations relied on
- SEBI (PFUTP) Regulations, 2003
- SEBI (PFUTP) Regulations, 2003 — 3(a)
- 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)(a)
- SEBI (PFUTP) Regulations, 2003 — 4(2)(f)
- SEBI (PFUTP) Regulations, 2003 — 4(2)(g)
- SEBI (PFUTP) Regulations, 2003 — 4(2)(k)
- SEBI (PFUTP) Regulations, 2003 — 4(2)(r)
Holding
Adjudication proceedings in the matter of V B Industries Ltd. stand abated against Noticee 20 (Late Bhupendra Shah, PAN: AZGPS3670P) following verification of death certificate, with liberty to revive if the information is found untrue.
Full text
Adjudication Order in the matter of V B INDUSTRIES LIMITED Page 2 of 105 29. Vijay Chunibhai Chauhan AKRPC9066F 30. Saurabh Mahendrabhai Shah FJWPS8403K
Adjudication Order in the matter of V B INDUSTRIES LIMITED Page 3 of 105 APPOINTMENT OF ADJUDICATING OFFICER 4. Vide communique dated July 01, 2021, the undersigned was appointed as the Adjudicating Officer (hereinafter referred to as ‘AO’) under Section 15-I of the SEBI Act and Rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as ‘Adjudication Rules’) read with Section 19 of the SEBI Act, to inquire into and adjudge under–
Adjudication Order in the matter of V B INDUSTRIES LIMITED Page 4 of 105 11) and Sanjoy Kumar Dey (Noticee 12) as Directors of Onceover Dealtrade Pvt. Ltd. and Goldensight Vinimay Pvt Ltd, Rajesh Bansal (Noticee 13) and Bicki Kumar (Noticee 14) as Directors of Nextel Garments Private Limited, Rahul Shaw (Noticee 15) and Bikki Singh (Noticee 16) as Directors of Samudhita Sales Pvt Ltd and Darshwana Trading Pvt Ltd and Sungar Textiles Private Limited (Noticee 17), along with the net-buyer entities, viz., Asthvinayak Trexim Private Ltd (Noticee 1), Licy Roshan Augustine (Noticee 2), Ramnbhai Kalubhai Ravat (Noticee 3), Hasmukh Rajesh Vaghela (Noticee 4), Rachana Birjukumar Sanghvi (Noticee 5), Vaghela Prakash Kantilal (Noticee 6), Amitkumar Govindbhai Parmar (Noticee 7) and Sahilkumar Amrutbhai Vaghela (Noticee 8) created artificial volume and gave a false and misleading appearance of trading in the scrip of VBIL, so as to enable net-sellers to exit in the scrip of VBIL which was not very liquid. Therefore, in view of the aforesaid analysis, it is alleged that Noticees 1 to 17 have violated the provisions of Sections 12 A (a), (b), (c) of SEBI Act and Regulations 3(a), (b), (c), (d),4(1) and 4(2)(a) of the PFUTP Regulations.
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Source: SecMarx — sebi:Order/SM/DD/2022-23/23324-23355. 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.