sebi:Order/SV/VC/2023-24/30089-30097
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Provisions invoked
- s. 11B
- s. 11
- s. 15A
- s. 15
- s. 19
- s. 12
- s. 15H
- s. 13
- s. 16
- s. 15J
- s. 12A
- s. 15F
- s. 28A
- s. 18
- s. 23
- s. 23H
- s. 17
- s. 212
- s. 465
Regulations
- Reg. 3
- Reg. 29(1)
- Reg. 29
- Reg. 29(2)
- Reg. 29(3)
Parties
- Aashu Garg
- Amit Babbar
- Girish Kansal
- Nir Singh Sindhu
- Sanjay Pareek
Holding
No final determination is contained in the excerpt; the matter is at the show-cause notice, reply and hearing stage with allegations of PFUTP and SAST violations yet to be adjudicated.
Full text
Adjudication Order in the matter of Vikas Proppant and Granite Limited Page 2 of 68 referred to as “PFUTP Regulations”), SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as “SAST Regulations”) and SEBI (Prohibition of Insider Trading) Regulations, 2015 (hereinafter referred to as “PIT Regulations”) by certain entities while trading in the scrip of VPGL during the period from June 22, 2018 to August 30, 2019 (hereinafter referred to as ‘Investigation Period’ or ‘IP’). However, wherever deemed necessary, reference has been made to outside Investigation Period also.
Adjudication Order in the matter of Vikas Proppant and Granite Limited Page 3 of 68 as ‘SEBI Adjudication Rules, 1995’) and under section 23-I of the SC(R) Act, 1956 read with Rule 3 of Securities Contracts (Regulations) (Procedure for Holding Inquiry and Imposing Penalties) Rules, 2005 (hereinafter referred to as ‘SCR Adjudication Rules, 2005’) to inquire into and adjudge under the provisions of the Section 15A(b) and Section 15HA of the SEBI Act, 1992 and Section 23H of the SC(R) Act, 1956 for the violations alleged to have been committed by the Noticees. Thereafter, vide order dated July 25, 2023, the Competent Authority has approved the transfer of the instant matter to the undersigned for adjudication proceedings.
Adjudication Order in the matter of Vikas Proppant and Granite Limited Page 4 of 68 3 Girish Kansal Section 12 A (a), (b), (c) of the SEBI Act, 1992 read with Regulations 3 (a), (b), (c), (d), 4(1) and 4(2) (a) of PFUTP Regulations. Regulation 29 (2) of SAST Regulations read with Regulation 29 (3) of SAST Regulations. Section 15HA and 15A(b) of the SEBI Act, 1992. 4 Nir Singh Sindhu Section 12 A (a), (b), (c) of the SEBI Act, 1992 read with Regulations 3 (a), (b), (c), (d), 4(1) and 4(2) (a) of PFUTP Regulations. Regulation 29 (2) of SAST Regulations read with Regulation 29 (3) of SAST Regulations. Section 15HA and 15A(b) of the SEBI Act, 1992. 5 Sanjay Pareek Section 2 (i) (a) of the SC(R) Act, 1956 read with Section 13, 16 & 18 of the SC(R) Act, 1956 and SEBI Notification No. LAD- NRO/GN/2013-14/26/6667 dated October 03,
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Source: SecMarx — sebi:Order/SV/VC/2023-24/30089-30097. 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.