sebi:Order/SRP/AE/2018-19/2454

SEBI · SEBI · 2008-03-31 · Satya Ranjan Prasad, Adjudicating Officer

Reviewed by Varun Matlani, Advocate — Securities Lawyer practicing in SAT and SEBI

Facts / Headnote

Penalty imposed on the Noticee

Provisions invoked

s. 15
s. 12A
s. 15H
s. 372A
s. 12
s. 15J
s. 376

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)

Parties

Mr. Satya Prakash Mittal

Holding

The Adjudicating Officer held that Mr. Satya Prakash Mittal, as a director who approved the board resolution of March 31, 2008, was a party to a fraudulent GDR issuance scheme by Sybly Industries Ltd, and imposed a penalty of Rs. 10,00,000 for violation of Section 12A(a), (b), (c) of the SEBI Act read with Regulations 3(a)-(d) and 4(1) of the PFUTP Regulations.

Full text

Adjudication Order in respect of Mr. Satya Prakash Mittal in the matter of GDR issue by Sybly Industries Ltd Page 2 of 29

Adjudication Order in respect of Mr. Satya Prakash Mittal in the matter of GDR issue by Sybly Industries Ltd Page 3 of 29

Adjudication Order in respect of Mr. Satya Prakash Mittal in the matter of GDR issue by Sybly Industries Ltd Page 4 of 29

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Source: SecMarx — sebi:Order/SRP/AE/2018-19/2454. 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.