sebi:WTM/AB/EFD-1/DRA4/16/2021-22
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Facts / Headnote
Directions issued under Sections 11(4) and 11B of the SEBI Act, 1992 against Noticee nos. 1, 2, 4, 6, 7, 8 and 9; Noticee nos. 4, 6, 7 and 9 restrained from accessing the securities market for two years; Noticee no. 10 restrained from issuing certificates related to audit of listed companies for one year; no directions issued against BBIL (Noticee no. 1) as it is under liquidation.
Provisions invoked
- s. 11(4)
- s. 19
- s. 12A
- s. 62
- s. 13
- s. 15
- s. 138
- s. 13(4)
- s. 24
- s. 13(2)
- s. 227
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 200
- Reg. 2(1)
Holding
BBIL and its executive directors (Noticee nos. 2, 4, 5, 6, 7, 8 and 9) engaged in fictitious purchase and sale transactions to manipulate financial statements, thereby violating Section 12A(a), (b) & (c) of the SEBI Act and PFUTP Regulations, 2003. Noticee no. 10 (auditor) was found to have colluded with Noticee no. 2 and 8, and Noticee no. 11 was found negligent in certification of accounts.
Full text
Final Order in the matter of Blue Bird (India) Limited Page 1 of 71 WTM/ AB /EFD-1/DRA4/16/2021-22 SECURITIES AND EXCHANGE BOARD OF INDIA FINAL ORDER Under Sections 11(1), 11(4), and 11B of the Securities and Exchange Board of India Act, 1992
Final Order in the matter of Blue Bird (India) Limited Page 2 of 71 suitable directions be not issued under Sections 11(1), 11(4), and 11B of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act, 1992”) against them including but not limited to the following:
Final Order in the matter of Blue Bird (India) Limited Page 3 of 71 2.3. The following is the composition of the Board of directors of the BBIL over the years:
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Source: SecMarx — sebi:WTM/AB/EFD-1/DRA4/16/2021-22. 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.