sebi:WTM/AB/EFD-1/DRA-1/18/2018-19
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Facts / Headnote
Noticee Nos. 1 to 4 restrained from accessing the securities market and prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner for a period of five years from the date of the order, with existing holdings including mutual fund units to remain frozen during restraint period.
Provisions invoked
- s. 19
- s. 11(1)
- s. 12A
- s. 48
Regulations
- Reg. 4
- Reg. 3
- Reg. 2(c)
- Reg. 3(a)
Parties
- M/s Nissan Copper Ltd.
- Mr. Ratanlal Mardia
- Mr. Atul Mardia
- Mr. Praveen Kumar Shah
Holding
Nissan Copper Ltd. and its directors violated Section 12A(a), (b), (c) of SEBI Act, 1992 read with PFUTP Regulations, 2003 by facilitating subscription of its own GDR issue through a loan to the sole subscriber secured by pledge of GDR proceeds and making misleading announcements, and were restrained from the securities market for five years.
Full text
Order in the matter of Nissan Copper Limited Page 2 of 18 GDR Issue date No. of GDRs issued (mn.) Capit al raised (USD mn.) Local
Order in the matter of Nissan Copper Limited Page 3 of 18 documents relied upon in the SCN, were also provided to the Noticees, as detailed below:
Order in the matter of Nissan Copper Limited Page 4 of 18 in writing but did not make any other submission and, instead, made a request to consider the said written reply. I note that all possible efforts were taken to serve the SCN and hearing notice to the other Noticees, however, no other Noticee (except Noticee No. 4) turned up for availing the opportunity of personal hearing nor did they file any reply in respect of the allegations made against them in the said SCN dated June 26, 2018.
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Source: SecMarx — sebi:WTM/AB/EFD-1/DRA-1/18/2018-19. 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.