sebi:QJA/GR/CFID/CFID/31185/2024-25
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Provisions invoked
- s. 11B
- s. 11A
- s. 11
- s. 24
- s. 15A
- s. 15
- s. 19
- s. 11(1)
- s. 12A
- s. 21
- s. 15H
- s. 27
- s. 15J
- s. 23A
- s. 11A(2)
- s. 23H
- s. 133
- s. 2(60)
- s. 129
- s. 129(1)
Regulations
- Reg. 2(c)
- Reg. 3
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 30
- Reg. 103
- Reg. 4(2)(f)
- Reg. 4(1)(a)
- Reg. 48
- Reg. 17(8)
- Reg. 4(2)(f)(i)
- Reg. 33(2)(a)
- Reg. 2(c)(1)
- Reg. 33(1)(c)
- Reg. 4(1)(d)(e)
Parties
- DB Realty Limited (now known as Valor Estate Limited) (Noticee No. 1)
- Mr. Vinod Kumar Goenka (Noticee No. 2)
- Mr. Shahid Balwa Usman (Noticee No. 3)
- Mr. Asif Yusuf Balwa (Noticee No. 4)
- Noticee No. 5 to 8 (unnamed in provided text)
Holding
The provided text is a partial order (pages 24-69 omitted) in which SEBI alleged that DB Realty Limited and its directors/KMPs violated SEBI Act, SCRA, PFUTP and LODR provisions by failing to recognize provisions for financial guarantees given to Bank of India and by publishing manipulated financial statements. The final disposition and penalty are not contained in the provided text.
Full text
Order in the matter of DB Realty Limited (now known as Valor Estate Limited) Page 2 of 69 Bank of India (hereinafter referred to as “BOI”) in the year 2013 upon a corporate guarantee of Noticee No.1 DBRL and personal guarantees of Noticee No.2 namely, Mr. Vinod Kumar Goenka (Executive Director, Chairperson and Managing Director of DBRL), Noticee No.3 namely, Mr. Shahid Balwa Usman (Executive Director/ Managing Director of DBRL) and Noticee No.4 namely, Mr. Asif Yusuf Balwa (Chief Finance Officer). The complainant had further stated that the loan was not used for the purpose for which it was taken and were siphoned off for clearing of dues of other group companies. As on June 2020, the said loan amount of Rs.225 Crores with accrued interest outstanding to the total had reached approx. Rs.516 Crore.
Order in the matter of DB Realty Limited (now known as Valor Estate Limited) Page 3 of 69 MDHRPL was referred to as “Enterprise where individuals i.e. KMP and their relatives have significant influence”.
Order in the matter of DB Realty Limited (now known as Valor Estate Limited) Page 4 of 69 Sl. No. Name of Shareholder Number of equity shares
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Source: SecMarx — sebi:QJA/GR/CFID/CFID/31185/2024-25. 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.