sebi:Settlement_Orders_216_Order_against_M_s._Vishal_Enterprises
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Facts / Headnote
Restrained from accessing the securities market and prohibited from buying, selling or dealing in securities for a period of one year
Provisions invoked
- s. 11B
- s. 4(3)
Regulations
- Reg. 11
Parties
- M/s. Vishal Enterprises
Holding
Vishal Enterprises was restrained from accessing the securities market and prohibited from buying, selling or dealing in securities for a period of one year.
Full text
SECURITIES AND EXCHANGE BOARD OF INDIA ORDER ORDER UNDER SECTION 11B OF SEBI ACT, 1992 READ WITH REGULATION 11 OF SEBI (PROHIBITION OF FRAUDULENT AND UNFAIR TRADE PRACTICES RELATING TO SECURITIES MARKET) REGULATIONS, 1995 AGAINST M/S. VISHAL ENTERPRISES IN THE MATTER OF M/S. RITESH POLYSTER LTD.
1. Ritesh Polyesters Ltd. (hereinafter referred to as Ritesh) is a company originally incorporated as Srinath Synthetics (P) Ltd. on 2nd September 1988 and renamed as Rit Polyesters (P) Ltd. on 21 April 1993. The company was converted into a Public Limited Company on 7 May 1993 in terms of a special resolution passed on 1 March 1993. registered office of the company is located at 604, Swapnalok Complex, Sarojini Devi Road, Secunderabad-500 003.
2. Ritesh came out with a public issue of 45,00,000 shares of Rs. 10/- each at a premium of Rs 5/- per share. The paid up capital after the issue would be 69,96,000 shares. The is was opened on 12 June 1995 and the earliest closing date was 16 June, 1995 and final closing date was 22 June 1995. As per the prospectus, dated 30.3.95, 15,00, shares (out of the issue size of 45,00,000 shares) were reserved for promoters, relatives and their friends on firm allotment basis. The face value of the share was Rs.10/- and premium was Rs.5/- As per the prospectus, the promoters contribution was Rs.2,25,00,000 which should have been brought in before opening of the public issue. The promoter Ritesh were Ritesh Exports Ltd., Shri Surendra Kumar Agarwal, Smt. Roop Rekha Agarwal, Shri Ritesh Agarwal and Deepak Agarwal.
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Source: SecMarx — sebi:Settlement_Orders_216_Order_against_M_s._Vishal_Enterprises. 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.