sebi:Order/SM/S./2022-23/18173-18191
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Facts / Headnote
Violations established against Noticees 1, 2, 4, 5, 6, 7, 8, 10, 11, 13, 14, 15, 16, 17, 18 under Sections 12A(a),(b),(c) of SEBI Act and Regulations 3(a),(b),(c),(d) & 4(1) of PFUTP Regulations; Noticee 2 also violated Regulations 13(4) and 13(4A) read with 13(5) of PIT Regulations I; Noticee 19 violated Regulation 13(4A) read with 13(5) of PIT Regulations I. Monetary penalty imposed (amount not specified in excerpt).
Provisions invoked
- s. 15A
- s. 15
- s. 12A
- s. 15H
- s. 15J
- s. 28A
Regulations
- Reg. 3
- Reg. 13
- Reg. 13(4)
- Reg. 11
- Reg. 3(a)
- Reg. 13(5)
- Reg. 12
- Reg. 54
Holding
The Adjudicating Officer found that Noticees 1, 2, 4, 5, 6, 7, 8, 10, 11, 13, 14, 15, 16, 17 and 18 violated Sections 12A(a), (b), (c) of the SEBI Act and Regulations 3(a), (b), (c), (d) and 4(1) of the PFUTP Regulations by routing company funds through conduits to fund its own preferential allotment; Noticee 2 and Noticee 19 were found to have violated PIT Regulations disclosure requirements. Monetary penalty was imposed under Sections 15HA and 15A(b) of the SEBI Act.
Full text
Adjudication Order in the matter of Anukaran Commercial Enterprise Limited Page 2 of 49 18. Faiyaz Rangwala AADPR8710M 19. Parag Mehta AABPM3818R
Adjudication Order in the matter of Anukaran Commercial Enterprise Limited Page 3 of 49 b. Section 15HA of SEBI Act, the alleged violation of Sections 12A(a), (b), (c) of SEBI Act and Regulations 3(a), (b), (c), (d) and 4(1) of PFUTP Regulations by (1) Bhavanji Vora HUF, (2) Paresh Vora HUF, (3) Jiten Vora HUF, (4) Varsha Vora, (5) Kankuben Vora, (6), Arpita Vora, (7) Bhavanji Vora, (8) Paresh Vora, (9) Jiten Vora, (10) Kapoor Trader (Proprietary concern of Bhavanji Vora), (11) Vaibhav Enterprise (Proprietary concern of Paresh Vora), (12) Rajdeep Enterprise (Proprietary concern of Jiten Vora), (13) Raj Radhika Property Limited, (14) Manoj Shah, (15) Paras Mehta and (16) Faiyaz Rangwala, (hereinafter referred to as ‘Noticees 3 to 18’ or ‘by name’, respectively) and Noticees 1 & 2 (Collectively Noticees 1 to 18 are referred to as ‘Noticees’).
Adjudication Order in the matter of Anukaran Commercial Enterprise Limited Page 4 of 49 c) “SEBI observed that Noticee 1 i.e. Company had transferred Rs. 3.03 Crore to Noticee 12, Rs. 3.20 Crore to Noticee 13 and Rs. 4.24 crores to Noticee 14. SEBI further observed that out of this, Noticees 12 to 14 transferred moneys to Noticees 3 to 11, as depicted in the previous paragraphs above. SEBI further observed that Noticees 3 to 11 transferred the aforesaid funds to the designated bank account of Company i.e. Noticee 1, as preferential allotment proceeds in respect of preferential allotment dated March 02, 2012.”
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Source: SecMarx — sebi:Order/SM/S./2022-23/18173-18191. 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.