sebi:Order/VV/NK/2023-24/28470
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Found to have devised fraudulent GDR scheme in violation of SEBI Act and PFUTP Regulations; liable for monetary penalty under Section 15HA of SEBI Act
Provisions invoked
- s. 11
- s. 15
- s. 19
- s. 12A
- s. 12
- s. 15H
- s. 15J
- s. 28A
- s. 376
Regulations
- Reg. 2(c)
- Reg. 3
- Reg. 3(a)
Parties
- Mr. Arun Panchariya
- Mr. Mukesh Chauradiya
Holding
Arun Panchariya devised and structured the fraudulent GDR issue of Texmo Pipes and Products Ltd. through Vintage FZE and connected entities in violation of Section 12A(a), (b), (c) of SEBI Act read with Regulations 3(a), (b), (c), (d) and 4(1) of PFUTP Regulations, attracting monetary penalty under Section 15HA.
Full text
Adjudication Order in respect Mr. Arun Panchariya in the matter of M/s Texmo Pipes and Products Ltd. Page 2 of 82 Lacs only) was imposed on the Noticee viz. Mr. Arun Panchariya in terms of section 15HA of the SEBI Act, for the violation of section 12A (a), (b), (c) of SEBI Act read with Regulations 3(a), (b), (c), (d) and 4(1) of PFUTP Regulations (hereinafter referred to as Earlier Adjudication order/ ).
Adjudication Order in respect Mr. Arun Panchariya in the matter of M/s Texmo Pipes and Products Ltd. Page 3 of 82 Noticee 2 Noticees
Adjudication Order in respect Mr. Arun Panchariya in the matter of M/s Texmo Pipes and Products Ltd. Page 4 of 82 subscription of up to 6,27,500 global depository receipts.. .". Copy of the Escrow Agreement is placed at Annexure 3.
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Source: SecMarx — sebi:Order/VV/NK/2023-24/28470. 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.