sebi:WTM/AB/EFD-1/DRA-1/20/2018-19
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Facts / Headnote
Proceedings against Noticee Nos. 1 to 4 disposed-off; directions in orders dated October 26, 2017 and August 02, 2018 not required to be continued.
Provisions invoked
- s. 11B
- s. 19
- s. 185
Regulations
- Reg. 4(1)
- Reg. 3(b)
Parties
- Pacific Finstock Ltd. (Noticee No. 1)
- Directors of Pacific Finstock Ltd. including Jayesh Raichand Thakkar, Promoter Director (Noticee Nos. 2 to 4)
Holding
The proceedings against Pacific Finstock Ltd. and its directors under Sections 12A(a), (b) and (c) of SEBI Act and PFUTP Regulations were disposed-off with no PFUTP violation established, and the prior interim directions were not continued.
Full text
Final Order in the matter of Pacific Finstock Ltd. P a g e 2 | 16 cause notice before October 23, 2018. Accordingly, SCN was issued on October 11,
Final Order in the matter of Pacific Finstock Ltd. P a g e 3 | 16 Grand Total 56,63,261 6,12,19,306 29,36,050 6,77,18,256 1,15,46,050 6,25,49,856 20,00,898 6,61,01,520
Final Order in the matter of Pacific Finstock Ltd. P a g e 4 | 16 (v) It was observed that till 2017, the company had neither recovered nor charged any interest on the loans and advances given which is prejudicial to the interest of the company. However, the company started charging interest from 2017-18 onwards. (vi) Loans & Advances and Shares were transferred to Mr. Jayesh Raichand Thakkar and such adjustment of loans & advances and investments by passing entries against the account of Mr. Jayesh Raichand Thakkar revealed that these balances were just mere book entries. Giving loans & advances without interest is pre-judicial to the interest of the company.
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Source: SecMarx — sebi:WTM/AB/EFD-1/DRA-1/20/2018-19. 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.