sebi:WTM/AB/EFD-1/DRA-1/02/2019-20
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Facts / Headnote
Held Noticee No.1 violated Section 12A(a),(b),(c) read with Regulations 3(a),(b),(c),(d) and 4(1),(2)(f),(k),(r) and Noticee Nos.2-7 violated Section 12A(a),(b),(c) read with Regulations 3(a),(b),(c),(d) and 4(1); directed KTL to recall USD 10.39 million from Noticee No.2 and bring it back to its bank account in India, restrained KTL from securities market until expiry of five years from bringing money back with existing holding frozen, and forwarded copy to RBI, Enforcement Directorate and Ministry of Corporate Affairs.
Provisions invoked
- s. 19
- s. 11(1)
- s. 12A
Regulations
- Reg. 4
- Reg. 3
- Reg. 2(c)
- Reg. 3(a)
Parties
- Kashyap Technologies Ltd. (KTL)
- Clifford Capital Partners A.G.S.A
- Mr. A. Venkatramani
- Mr. A. Ganesan
- Mr. R. Dakshinamurthy
- Mr. A Sivakumaran
- Mr. R. Gopalan
Holding
KTL facilitated subscription of its own December 27, 2007 GDR issue of USD 16.5 million by pledging GDR proceeds to secure the subscriber Clifford's loan from Banco, made misleading announcements and caused loss of USD 10.39 million, constituting fraud; Clifford and directors Noticee Nos.3-7 were also held liable and KTL was restrained and directed to repatriate USD 10.39 million.
Full text
Order in the matter of Kashyap Technologies Limited Page 2 of 23 GDR Issue Date No. of GDRs Issue (millio n) Capital raised (USD million) Local custod ian No. of equity shares underlying each GDR Globa l Depos itory Bank Lead Manager Bank where GDR procee ds deposit ed
Order in the matter of Kashyap Technologies Limited Page 3 of 23 11B and 11(4) of the SEBI Act, 1992 should not be issued against them. The copies of documents relied upon in the SCN, were also provided to the Noticees, as detailed below:
Order in the matter of Kashyap Technologies Limited Page 4 of 23 behalf of Noticee No. 1 and Noticee Nos. 3 to 7 and made submissions mainly on the lines of replies filed on behalf his clients. During the course of hearing, Mr. V Arunagiri, Advocate requested two weeks’ time for filing written submission which was allowed. SEBI has received written
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Source: SecMarx — sebi:WTM/AB/EFD-1/DRA-1/02/2019-20. 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.