sebi:QJA/GG/CFID/CFID-SEC4/29359/2023-24
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Facts / Headnote
Violations found established against Noticee No.1 (under PFUTP Regulations, Clause 41 of Listing Agreement, Regulation 30 of LODR) and against Noticee nos. 3, 4 and 5 for falsification of books; matter adjudicated on merits
Provisions invoked
- s. 11B
- s. 11
- s. 24
- s. 15A
- s. 19
- s. 12A
- s. 12
- s. 11(2)
- s. 15H
- s. 27
- s. 15I
- s. 15J
- s. 11C
- s. 15F
- s. 11C(2)
- s. 21
- s. 23E
- s. 23H
- s. 149(12)
- s. 11B(2)
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(2)
- Reg. 4(2)(f)
- Reg. 3(c)
- Reg. 3(d)
- Reg. 30
- Reg. 30(1)
- Reg. 4(2)(k)
- Reg. 25
Holding
Noticee No.1 (the Company) was held liable for violating Regulation 30 of LODR Regulations read with Section 21 of SCRA, 1956, and for violations of PFUTP Regulations and Clause 41 of the Listing Agreement, on account of mis-statement of financials and withholding of material information about write-offs. Noticee nos. 3, 4 and 5 were held liable for their admitted acts of falsifying the books of accounts of the listed company.
Full text
Final Order in the matter of Inspirisys Solutions Limited (Formerly Known as Accel Frontline Limited) Page 2 of 66 duping of investors in Offer for Sale (hereinafter referred to as “OFS”) by the ex- promoters of the Company due to mis-statements in the financial statements of Accel. The complainants, inter alia, alleged that they had invested in shares of the Company based on publicly available financial statements which were later proven to be fraudulent.
Final Order in the matter of Inspirisys Solutions Limited (Formerly Known as Accel Frontline Limited) Page 3 of 66 public shareholding norms. The promoter shareholding was lowered from 89.02% to 75%. (Ex-promoters sold 13.07% and new promoters sold 0.95%).
Final Order in the matter of Inspirisys Solutions Limited (Formerly Known as Accel Frontline Limited) Page 4 of 66 management of Accel. The aforesaid findings of EY were in line with the findings of the special audit performed by Deloitte.
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Source: SecMarx — sebi:QJA/GG/CFID/CFID-SEC4/29359/2023-24. 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.