sebi:WTM/AB/CFID/CFID-SEC3/31133/2024-25
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Interim order restraining Ushik Gala from holding director/KMP position in any listed company or SEBI-registered intermediary; Noticees 2 to 5 restrained from buying, selling or dealing in securities or accessing capital market until further orders; Show Cause Notice issued to Noticees 2 to 12 proposing inquiry under rule 4 of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 and penalty under sections 11(4A), 11B(2) read with sections 15HA and/or 15HB of the SEBI Act, 1992; no directions proposed against SIL due to admitted CIRP
Provisions invoked
- s. 19
- s. 12A
- s. 27
- s. 21
- s. 27(1)
- s. 27(2)
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
- Reg. 3(b)
- Reg. 13
- Reg. 48
- Reg. 18(3)
- Reg. 17(8)
- Reg. 4(1)(c)
- Reg. 4(1)(a)
- Reg. 4(2)(f)(i)
- Reg. 33(2)(a)
- Reg. 33(1)(c)
Holding
SEBI prima facie found that Suumaya Industries Limited and its promoters/KMPs devised a scheme to defraud investors through fictitious revenues, siphoning of funds, and circular fund flows to fund promoter share subscriptions, and issued interim directions restraining Ushik Gala from director/KMP positions and Noticees 2-5 from dealing in securities, along with a show cause notice proposing penalties.
Full text
Interim Ex Parte Order cum SCN in the matter of Suumaya Industries Ltd. Page 2 of 40 Company, which was initially listed on the Small and Medium Enterprises (SME) Platform of NSE Ltd. (NSE) on June 04, 2018, migrated to the main board on October 19, 2020.
Interim Ex Parte Order cum SCN in the matter of Suumaya Industries Ltd. Page 3 of 40 In the Annual Report for FY23, the Company restated the financial results for FY22 on account of the transfer of its agro-business. As per the restated financial results, the revenue recorded by the Company in FY22 was ₹155.43 crore.
Interim Ex Parte Order cum SCN in the matter of Suumaya Industries Ltd. Page 4 of 40 10. It can be noted from the Table above that in FY21 and FY22, cash flow from operating activities constituted only 0.39% and 0.10%, respectively, of the standalone revenue reported by the Company.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/AB/CFID/CFID-SEC3/31133/2024-25. 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.