sebi:QJA/SS/IVD/ID4/31200/2024-25
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Facts / Headnote
Directions in paras 183.1, 183.2 and 184 of the SEBI order dated February 28, 2023 reconsidered on remand; Noticees restrained from accessing the Indian securities market and from holding director/KMP positions for specified periods; TPPL directed to call back book entry loan of outstanding GDR proceeds from Tapti within three months under Audit Committee supervision; disgorgement of Rs. 14,82,12,803 jointly and severally by Noticee Nos. 10-13
Provisions invoked
- s. 19
- s. 28A
- s. 11(5)
Holding
SEBI held that TPPL and its directors, along with Vintage, Arun Panchariya and connected entities, perpetrated a fraudulent GDR scheme in which GDRs were subscribed without genuine consideration and converted shares were sold in the Indian market, and accordingly imposed market access debarment, directorship bans, and directed recovery of the outstanding USD 3.49 million of GDR proceeds.
Full text
Order in the matter of GDR Issue of Texmo Pipes and Products Ltd. Page 2 of 22 184. The Noticees, as listed in the table below, shall be restrained from accessing the Indian securities market, and further prohibited from buying, selling or otherwise dealing in securities including units of mutual funds, directly or indirectly, or being associated with the securities market in any manner, whatsoever:
Order in the matter of GDR Issue of Texmo Pipes and Products Ltd. Page 3 of 22 15. European American Investment Bank AG 2 years
Order in the matter of GDR Issue of Texmo Pipes and Products Ltd. Page 4 of 22 disgorgement amount directed to be paid herein, shall be sent to “The Division Chief, EFD, DRA-1, Securities and Exchange Board of India, SEBI Bhawan, Plot NO. C4 A, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051”.
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Source: SecMarx — sebi:QJA/SS/IVD/ID4/31200/2024-25. 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.