sebi:QJA/AA/IVD/ID4/24247/2022-23
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Facts / Headnote
Violations of SEBI Act and PFUTP Regulations found in GDR scheme; directions issued under Section 11B read with Section 11 including direction to Texmo to bring back USD 3.49 million within one year and restraint of Noticees from securities market and from holding director/key managerial positions for specified periods with immediate effect.
Provisions invoked
- s. 11B
- s. 11
- s. 11(1)
- s. 12A
- s. 12
- s. 15H
- s. 372
- s. 28A
- s. 2(30)
- s. 633(1)
- s. 23E
- s. 65
- s. 11(5)
- s. 35
- s. 376
- s. 63
- s. 177(4)
Regulations
- Reg. 4
- Reg. 3
- Reg. 13
- Reg. 4(1)
- Reg. 4(2)
- Reg. 2
- Reg. 2(c)
- Reg. 3(a)
- Reg. 30
- Reg. 3(1)
Holding
SEBI held Texmo Pipes and Products Ltd. and connected Noticees liable for a fraudulent GDR issuance scheme using a loan and pledge arrangement and misleading disclosures, and issued directions including repatriation of USD 3.49 million and market/directorship restraints.
Full text
Final Order in the matter of GDR Issue of Texmo Pipes and Products Limited Page 2 of 160 9. Pan Asia Advisors Ltd. Registered outside India
Final Order in the matter of GDR Issue of Texmo Pipes and Products Limited Page 3 of 160 and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations, 2003”) by Texmo Pipes and Products Ltd. (hereinafter referred to as “the Company”/ “Noticee No. 1”/ “TEXMO”) and
Final Order in the matter of GDR Issue of Texmo Pipes and Products Limited Page 4 of 160 to show cause as to why suitable directions should not be issued against them under Section 11B read with Sections 11 (1) and 11(4) of the SEBI Act for the violations alleged in the said SCN. including the following:
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Source: SecMarx — sebi:QJA/AA/IVD/ID4/24247/2022-23. 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.