sebi:Order/SRP/AE/2018-19/2551
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Facts / Headnote
abated
Provisions invoked
- s. 15
- s. 12
- s. 15H
Regulations
- Reg. 3(a)
Parties
- Late Shri T I Venkatramani
Holding
The adjudication proceedings initiated against Late T I Venkatramani vide SCN dated June 29, 2018 were abated without going into the merits and no penalty was imposed because the Noticee had died on March 02, 2014 before initiation of proceedings.
Full text
Adjudication Order against Late T I Venkatramani in the matter of GDR issue by Southern Ispat and Energy Ltd Page 2 of 4 USD 10 million, was signed by Mr. Arun Panchariya in the capacity of Managing Director of Vintage. For GDR Issue-II, Loan Agreement dated April 28, 2011 relating to loan facility of USD 19.978 million, was signed by Mr. Mukesh Chauradiya in the capacity of Managing Director of Vintage. It was further observed that SIEL provided security towards the loan obtained by Vintage, through Pledge Agreements dated July 19, 2010 and April 28, 2011 signed between SIEL and EURAM Bank, wherein SIEL pledged GDR proceeds against the loan availed by Vintage for subscribing to GDRs of SIEL. Investigations observed that the aforesaid Pledge Agreements were an integral part of Loan Agreements respectively, entered into between Vintage and EURAM Bank, and these agreements enabled Vintage to avail the loan from EURAM Bank for subscribing GDRs of SIEL. It was alleged that the GDR issue would not have been subscribed had SIEL not given such security towards the loans taken by Vintage. Investigations observed that the Company had reported to BSE that the GDR issue of the Company has been successfully subscribed which made investors believe that the said GDR issue was genuinely subscribed. Investigations also observed that the aforesaid arrangement (viz. Loan Agreement and Pledge Agreement) was not disclosed to the public, and the Company allegedly reported misleading news to the s
Adjudication Order against Late T I Venkatramani in the matter of GDR issue by Southern Ispat and Energy Ltd Page 3 of 4 APPOINTMENT OF ADJUDICATING OFFICER
Adjudication Order against Late T I Venkatramani in the matter of GDR issue by Southern Ispat and Energy Ltd Page 4 of 4 away on March 02, 2014. I observe that the Noticee had passed away even before the initiation of the present Adjudication Proceedings against him.
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Source: SecMarx — sebi:Order/SRP/AE/2018-19/2551. 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.