sebi:WTM/AB/ISD/ISD-FAC/7499/2020-21
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Facts / Headnote
Noticees are restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in securities in any manner whatsoever, either directly or indirectly, for a period of six months from the date of coming into force of the order.
Provisions invoked
- s. 11
- s. 19
- s. 12A
- s. 11(2)
- s. 21
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 17
- Reg. 3(b)
- Reg. 46
- Reg. 4(2)(f)
- Reg. 4(1)(a)
- Reg. 4(2)(f)(i)
- Reg. 33(2)(a)
- Reg. 15(2)
- Reg. 16
- Reg. 16(1)(b)
- Reg. 17(1)(b)
Parties
- MPF Systems Limited (Noticee No. 1)
- Managing Director of MPFSL (Noticee No. 2)
- Independent Director and Chairman of the Audit Committee of MPFSL (Noticee No. 3)
- Independent Director and Member of the Audit Committee of MPFSL (Noticee No. 4)
- Chief Financial Officer of MPFSL (Noticee No. 5)
Holding
MPFSL, its directors and CFO misrepresented financial statements regarding sundry debtors and trade payables, violating LODR Regulations, Section 21 of SCRA, Section 12A of SEBI Act and PFUTP Regulations, and were restrained from the securities market for six months.
Full text
Final Order in the matter of MPF Systems Limited Page 2 of 19 Regulations, 2003 (hereinafter referred to as “PFUTP Regulations, 2003”), as mentioned therein.
Final Order in the matter of MPF Systems Limited Page 3 of 19 to Securities Appellate Tribunal (hereinafter referred to as “Hon’ble SAT”) for appropriate directions.
Final Order in the matter of MPF Systems Limited Page 4 of 19 iii. The limitation on the transfer of shares held by the Promoters and Directors asmentioned in para 1(b) of SEBI’s letter dated August 07, 2017 is removed. iv. The other actions envisaged in SEBI’s letter dated August 07, 2017 in para1(d), as may be applicable, and the consequential action taken by Stock Exchanges shall continue to have effect against M/s MPF Systems Limited.
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Source: SecMarx — sebi:WTM/AB/ISD/ISD-FAC/7499/2020-21. 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.