sebi:WTM/AB/CFD/CMD-2/16388/2022-23
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Facts / Headnote
Urja Global Limited restrained from dealing in securities market and raising money from public for 2 years; Noticees 2, 3, 6 and 7 restrained from dealing in securities market and associated with registered intermediaries/listed companies/public companies raising money from public for 2 years; Company directed to obtain certification of authenticity of corporate announcements from a practicing Company Secretary covering last 10 years' announcements under Regulation 30 and ensure compliance with Regulation 30(8).
Provisions invoked
- s. 19
Regulations
- Reg. 3
- Reg. 2
- Reg. 201
- Reg. 30
- Reg. 4(2)(f)
- Reg. 4
- Reg. 30(7)
- Reg. 4(1)
- Reg. 4(1)(c)
- Reg. 4(2)(f)(i)
- Reg. 30(10)
- Reg. 4(1)(e)
- Reg. 30(8)
- Reg. 3(a)
- Reg. 46
Parties
- Urja Global Limited
- Yogesh Kumar Goyal
- Sunil Kumar Mittal
- Aditya Venketesh
- Bharat Pranjivandas Merchant
- Priya Bhalla
- Avinash Kumar Agarwal
Holding
The Company made a false and misleading corporate announcement on July 13, 2019 regarding an MoU with Nippon Shinyaku for supply of Zacobite, and the Company had actively connived with persons impersonating Nippon Shinyaku representatives rather than being a victim of fraud. The Company and its KMPs/directors violated multiple provisions of LODR Regulations and PFUTP Regulations, warranting restraint orders for 2 years.
Full text
Final Order in the matter of Urja Global Limited Page 1 of 56 WTM/AB/CFD/CMD-2/16388/2022-23 SECURITIES AND EXCHANGE BOARD OF INDIA
Final Order in the matter of Urja Global Limited Page 2 of 56 (hereinafter referred to as “the Examination Period”). The SCN was issued under Sections 11(1), 11(4), 11(4A) and 11B (1) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI ACT, 1992”) and it called upon the Noticees to show cause as to why suitable
Final Order in the matter of Urja Global Limited Page 3 of 56 agreement, a fair remuneration for its service, apart from it, if an investment is made will be paid to Urja Global. Further, Nippon Shinyaku also granted Urja Global the right to arrange negotiations on the purchase of Zacobite from Salvamtech Ltd. in India.
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Source: SecMarx — sebi:WTM/AB/CFD/CMD-2/16388/2022-23. 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.