sebi:PKK/AO/166-171/2011
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Facts / Headnote
Alleged violations of Regulations 3(d) and 4(2)(f) of PFUTP Regulations not established; matter disposed of without penalty with benefit of doubt to Noticees
Provisions invoked
- s. 15
- s. 15H
- s. 12
- s. 15I
Regulations
- Reg. 4
- Reg. 3
- Reg. 6
- Reg. 8A
- Reg. 58
Parties
- Shri Dheeraj Wadhawan
- Shri Kapilkumar Wadhawan
- M/s. Wadhawan Holdings Pvt. Ltd.
- M/s. Ashiana Realtors Pvt. Ltd.
- M/s. Resource Realty Pvt. Ltd.
- M/s. Yardstick Developers Pvt. Ltd.
Holding
The Noticees did not violate Regulations 3(d) and 4(2)(f) of the PFUTP Regulations by failing to disclose Non-Disposal Undertakings and allied agreements encumbering HDIL and DHFL shares, and no penalty under Section 15HA of the SEBI Act was imposed.
Full text
Page 2 of 12 September 05, 2008 which was subsequently amended by agreement dated March 06, 2009. It was noticed that Shri Dheeraj Wadhawan, Shri Kapilkumar Wadhawan, M/s. Wadhawan Holdings Pvt. Ltd., M/s. Ashiana Realtors Pvt. Ltd., M/s. Resource Realty Pvt. Ltd. and M/s. Yardstick Developers Pvt. Ltd. (hereinafter collectively referred to as the ‘Noticees’), who were promoters of HDIL and/or DHFL had encumbered shares of HDIL and/or DHIL against the said loan by providing Non-Disposal Undertaking (NDU) with respect to their shareholding in DHFL and/or HDIL (through agreements with IDBI Trusteeship Services Ltd., ICICI Bank Canada and ICICI Bank Ltd.), together with shortfall undertakings and irrevocable power of attorney to ICICI Bank Limited and/or IDBI Trusteeship Services Limited.
Page 3 of 12 Section 15 HA of the SEBI Act for their alleged violation of the abovementioned provisions of the PFUTP Regulations.
Page 4 of 12 (d) engage in any act, practice, course of business which operates or would operate as fraud or deceit upon any person in connection with any dealing in or issue of securities which are listed or proposed to be listed on a recognized stock exchange in contravention of the provisions of the Act or the rules and the regulations made thereunder.
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Source: SecMarx — sebi:PKK/AO/166-171/2011. 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.