sebi:WTM/AB/CFID/CFID-SEC3/31030/2024-25
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Facts / Headnote
Interim directions restraining Noticee Nos. 1 to 5 from buying, selling or dealing in securities or accessing the capital market; Noticee Nos. 2 to 13 restrained from associating with SEBI-registered intermediaries, listed public companies, or companies intending to raise money from the public; BSE directed not to approve any rights issue application filed by MFL; show cause notice issued to Noticee Nos. 1 to 13 under Sections 11(1), 11(4) and 11B(1) of SEBI Act, 1992, and to Noticee Nos. 1 to 24 to show cause why inquiry should not be held under Rule 4 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 and penalty imposed under Sections 11(4A) and 11B(2) read with Sections 15A(a), 15HA and/or 15HB of the SEBI Act, 1992.
Provisions invoked
- s. 19
- s. 12A
- s. 11C
- s. 27(1)
- s. 11C(5)
- s. 132(1)
- s. 69
Regulations
- Reg. 4(1)
- Reg. 3(a)
- Reg. 18
- Reg. 19
- Reg. 4(1)(a)
- Reg. 34
- Reg. 18(3)
- Reg. 2(1)
- Reg. 23(2)
- Reg. 23(4)
- Reg. 30(2)
- Reg. 17(8)
- Reg. 23(9)
- Reg. 4(2)(f)(i)
- Reg. 17
- Reg. 31(4)
- Reg. 23(1)
- Reg. 16(1)
- Reg. 98
- Reg. 18(1)(a)
Holding
SEBI, through its Whole Time Member, passed an interim order restraining Mishtann Foods Limited (MFL) and its promoters/directors/related entities from dealing in securities and associating with listed companies/intermediaries, and directed BSE not to approve any rights issue application filed by MFL, pending further proceedings. The order also issued a show cause notice to the Noticees as to why final directions and penalties should not be imposed.
Full text
Interim Order in the matter of Mishtann Foods Limited Page 2 of 53 23. Mikil Dineshbhai Vora ARLPJ2881Q 24. Vishal Bipinchandra Doshi ATGPD5132K
Interim Order in the matter of Mishtann Foods Limited Page 3 of 53 also informed that Mr. Hiteshkumar Gaurishankar Patel, Managing Director (MD) of MFL was arrested by the GST Department for GST fraud amounting to Rs. 78 crore.
Interim Order in the matter of Mishtann Foods Limited Page 4 of 53 and pursuant to the site visits, BSE submitted its report in August 2024, inter alia, observing that most of the entities were not found at their registered addresses.
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Source: SecMarx — sebi:WTM/AB/CFID/CFID-SEC3/31030/2024-25. 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.