sebi:SEBI/WTM/MPB/EFD1-DRA-1/11/2019
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Facts / Headnote
Directions revoked in respect of Ritman Concrete Private Limited and Ritman Commercial Private Limited; directions continued against remaining entities
Provisions invoked
- s. 19
Parties
- Ritman Concrete Private Limited
- Ritman Commercial Private Limited
Holding
The directions issued against Ritman Concrete Private Limited and Ritman Commercial Private Limited vide interim order dated October 13, 2017 as confirmed vide order dated April 25, 2018 are revoked with immediate effect, while directions against remaining entities continue.
Full text
Order in the matter of Ritman Infra Ltd Page 2 of 4 2. Aggrieved by the aforesaid letter dated August 7, 2017 issued by SEBI, RIL filed an appeal No. 238 of 2017 before the Hon’ble Securities Appellate Tribunal (hereinafter referred to as “SAT”). The Hon’ble SAT vide order dated September 11, 2017, allowed RIL to withdraw the appeal with liberty to file a representation to SEBI against the said letter dated August 7, 2017. Hon’ble SAT directed SEBI to dispose of the representation of RIL as expeditiously as possible and in any event within a period of four weeks from the date of receiving of the representation. Hon’ble SAT also held that passing of any order on the representation made by the appellant would not preclude SEBI from further investigating the matter and initiate appropriate proceedings if deemed fit
Order in the matter of Ritman Infra Ltd Page 3 of 4 6. Aggrieved by the above mentioned confirmatory order, RIL preferred an appeal before Hon’ble SAT. The said appeal was disposed of by Hon’ble SAT while making the following observations:
Order in the matter of Ritman Infra Ltd Page 4 of 4 in the matter of RIL, violations under securities laws have been observed and SEBI shall continue its proceedings against them in accordance with law. Hence, the
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Source: SecMarx — sebi:SEBI/WTM/MPB/EFD1-DRA-1/11/2019. 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.