sebi:WTM/AB/EFD-1/DRA-1/21/2019-20
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Provisions invoked
- s. 19
- s. 11(1)
- s. 12A
- s. 23
- s. 17
- s. 30A
- s. 94
- s. 28
- s. 24(1)
- s. 124
- s. 177(4)
- s. 103
- s. 147
- s. 6A(2)
- s. 15(2)
Regulations
- Reg. 4
- Reg. 2(c)
- Reg. 3
- Reg. 13
- Reg. 2(1)(c)
- Reg. 4(2)(f)
- Reg. 3(a)
- Reg. 5(1)
Parties
- Morepen Laboratories Limited
Holding
On preliminary issues, SEBI holds it has jurisdiction over the March 30, 2003 GDR issue, rejects objections on inspection of originals, delay, supplementary show cause notices and applicable law, and holds PFUTP Regulations, 1995 apply; final merits and operative directions are not contained in the excerpt.
Full text
Order in the matter of Morepen Laboratories Limited Page 2 of 47 Limited (hereinafter referred to as “Morepen”/“the Company”/“Noticee No. 1”) for its GDR issue made on March 30, 2003, details of which are tabulated as below:
Order in the matter of Morepen Laboratories Limited Page 3 of 47 SHOW CAUSE NOTICE, REPLY AND HEARING: 3. Based on the findings made in the investigation, a show cause notice dated June 21, 2017 (hereinafter referred to as, “SCN”) was issued to the Noticees wherein Noticee No. 1 was charged with the violations of Section 12A (a), (b) & (c) Securities and Exchange Board of India Act, 1992 (hereinafter referred to as, “SEBI Act, 1992”) read with Regulations 3(a), (b), (c) & (d), 4(1) and 4(2) (f), (k) & (r) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (“PFUTP Regulations, 2003”) and Noticee No. 2 to 5 were charged with the violations of Section 12A (a), (b) & (c) SEBI Act, 1992 read with Regulations 3(a), (b), (c) & (d) and 4(1) of PFUTP Regulations, 2003. Subsequently, two supplementary show cause notices were also issued to the Noticees. First supplementary show cause notice was issued on June 12, 2018 (hereinafter referred to as, “first Suppl. SCN”) to Noticee No. 1, in furtherance of the SCN dated June 21, 2017, to modify para 21 of the said SCN seeking reply of the Noticee No. 1 on the specifically proposed direction to bring back an amount of USD 7.13. million. Second supplementary show cause notice was issued on January 01, 2019 (hereinafter referred to as, “second Suppl. SCN”) to all the Noticees modifying the violations of the provisions as mentioned in SCN dated June 12, 2017 to the violations of Sectio
Order in the matter of Morepen Laboratories Limited Page 4 of 47 Annexure No. Details 1. Credit Agreement dated March 28, 2003 of Solsec with Banco for USD 7 million
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Source: SecMarx — sebi:WTM/AB/EFD-1/DRA-1/21/2019-20. 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.