sebi:WTM/AB/EFD-1/DRA-1/23/2019-20
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Facts / Headnote
Midfield Industries Ltd., Mr. M. Madhu Mohan Reddy and Mr. Ashok Sagar Mudumba restrained from accessing the securities market and prohibited from buying, selling or otherwise dealing in securities for two years from date of order; existing holdings including mutual fund units frozen; no direction to call back IPO proceeds.
Provisions invoked
- s. 19
- s. 12A
- s. 12
- s. 62
Regulations
- Reg. 4
- Reg. 3
- Reg. 2(1)(c)
- Reg. 4(2)
- Reg. 57
- Reg. 2(1)(b)
Parties
- Midfield Industries Ltd.
- Mr. M. Madhu Mohan Reddy
- Mr. Ashok Sagar Mudumba
Holding
Midfield Industries Ltd. violated Regulation 57(1) of ICDR Regulations and Section 12A(a), (b) and (c) of SEBI Act read with Regulations 3(b),(c),(d), 4(1), 4(2)(f) and (k) of PFUTP Regulations by false disclosures on objects of issue and misutilisation of IPO proceeds, with its Chairman & Managing Director and Executive Director jointly liable, and all three were debarred from securities market for two years.
Full text
Order in the matter of IPO of Midfield Industries Limited Page 2 of 18 from the date of receipt of the SCN. The documents which were enclosed as annexures to the SCN, are tabulated as under:
Order in the matter of IPO of Midfield Industries Limited Page 3 of 18 detailed reply and sought extension of time. Vide letter dated March 13, 2017, Noticee no. 1 i.e. Midfield submitted its reply as signed by Noticee no. 2 i.e. Mr. M Madhu Mohan Reddy. Noticee no. 3 i.e. Mr. Ashok Sagar Mudumba submitted his reply vide letter dated July 31, 2017.
Order in the matter of IPO of Midfield Industries Limited Page 4 of 18 Regulation 57 (1) of ICDR Regulations and Section 12A (a), (b) and (c) of SEBI Act r/w Regulations 3 (b), (c), (d), 4(1) ,4 (2) (f) and (k) of PFUTP Regulations.
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Source: SecMarx — sebi:WTM/AB/EFD-1/DRA-1/23/2019-20. 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.