sebi:SO/KS/AE/2020-21/6245
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Facts / Headnote
Disposed of via settlement
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 11C(2)
- s. 23J
- s. 23
- s. 23E
Regulations
- Reg. 25
- Reg. 28
- Reg. 23(1)
- Reg. 3(1)
- Reg. 103
Holding
The instant adjudication proceedings initiated against the Noticee vide SCN dated November 08, 2019 are disposed of in terms of section 15JB of the SEBI Act and section 23JA of SC(R) Act read with regulation 23(1) of the Settlement Regulations on the basis of the settlement terms.
Full text
Page 2 of 4 d) The investigation conducted by SEBI revealed that, the court order as submitted by Balram was a forged document. The applicant, vide its letter dated 20.01.2016 had replied to SEBI that, Sharepro has forwarded the copy of the order along with other documents at the time of taking approval for transmission of shares in April, 2015. The applicant, vide its letter dated 24.02.2016, while replying to the summons of SEBI has stated that, the previous submissions dated 20.01.2016 should be ignored and has further stated that it could not locate any court order or any other information / documents in its record and thereby it was alleged that the applicant violated Section 11C(2) and 11C(3) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’). Further, it was alleged that the applicant had not carried out the required due diligence before giving effect to the transmission of the shares. The said transfers were allegedly approved without proper documents and thereby it was alleged that the applicant violated Clause 11, Clause 12 A and Clause 47(b) of the Listing Agreement read with Regulation 103 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as ‘SEBI (LODR) Regulations’). e) Further, Sharepro vide its letter dated June 26, 2013 had requested applicant for issuing the demand draft for an amount of Rs. 19,85,627.93 in the name of the investor viz. Sujit Kumar Gupta. Accordin
Page 3 of 4 Rules, 2005 (hereinafter referred to as ‘SC(R) Adjudication Rules’) to inquire into and adjudge under section 15HB of the SEBI Act and section 23E of SC(R) Act for the aforesaid alleged violations.
Page 4 of 4 Settlement Regulations, this order is without prejudice to the right of SEBI to take any enforcement action including restoring or initiating the proceedings in respect to which this settlement order is passed, if: a) The Noticee fails to comply with the settlement order or at any time after the settlement order is passed, b) The Noticee has not made full and true disclosure or has violated the undertakings or waivers, settlement order shall stand revoked and withdrawn and the Board shall restore or initiate the proceedings, with respect to which the settlement order was passed.
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Source: SecMarx — sebi:SO/KS/AE/2020-21/6245. 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.