sebi:WTM/AB/IVD/ID-4/7171/2019-20
Facts / Headnote
Noticee No. 1 held to have violated Section 12A(a), (b), (c) of SEBI Act, 1992 read with Regulations 3(a), (b), (c), (d) and 4(1), (2)(f), (k), (r) of PFUTP Regulations, 2003
Provisions invoked
- s. 11(4)
- s. 19
- s. 12A
- s. 27
- s. 73
- s. 27(1)
- s. 65
- s. 149(12)
- s. 47(6)
Regulations relied on
- SEBI (PFUTP) Regulations, 2003 — 3(a)
- SEBI (PFUTP) Regulations, 2003 — 3(b)
- SEBI (PFUTP) Regulations, 2003 — 3(c)
- SEBI (PFUTP) Regulations, 2003 — 3(d)
- SEBI (PFUTP) Regulations, 2003 — 4(1)
Parties
- MPS Infotecnics Limited (formerly Visesh Infotecnics Limited) (Noticee No. 1)
- Clifford (Noticee No. 2)
- Peeyush Agrawal (Noticee No. 3)
- Sanjiv Bhavnani (Noticee No. 4)
- Noticee No. 5
- Noticee No. 6
- Rajinder Singh Negi / Rajinder Singh (Noticee No. 8)
Holding
Noticee No. 1 concealed the credit agreement between Clifford and Banco and the account charge agreement pledging GDR proceeds to secure Clifford's loan, and made a wrongful December 05, 2007 announcement, thereby violating Section 12A(a), (b), (c) of SEBI Act, 1992 read with Regulations 3(a), (b), (c), (d) and 4(1), (2)(f), (k), (r) of PFUTP Regulations, 2003.
Full text
Final Order in the matter of MPS Infotecnics Limited Page 2 of 53 to as, “SEBI Act, 1992”) read with Regulations 3(a), (b), (c) & (d) and 4(1), (2)(f), (k) & (r) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as ‘PFUTP Regulations, 2003’) by MPS Infotecnics Limited (formerly known as Visesh Infotecnics Limited) (hereinafter referred to as “the Company”/ “Noticee No. 1”/ “MPS”) and violations of Section 12A(a), (b) & (c) of SEBI Act, 1992 read with Regulations 3(a), (b), (c) & (d) and 4(1) of PFUTP Regulations, 2003 by Noticee No. 2 to 8. The Noticees were called upon to show cause as to why suitable directions under Sections 11(1), 11B and 11(4) of the SEBI Act, 1992 should not be issued against them. The copies of documents relied upon in the SCN were also provided to the Noticees, as detailed below:
Final Order in the matter of MPS Infotecnics Limited Page 3 of 53 of USD 08.90 million should not be issued against it under Sections 11(1), 11(4) and 11B of the SEBI Act, 1992. SCN and supplementary SCN are hereinafter collectively referred to as “SCNs”.
Final Order in the matter of MPS Infotecnics Limited Page 4 of 53 subscription amount was paid by obtaining loan (i.e. through credit agreement dated October 29, 2007) from Banco.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/AB/IVD/ID-4/7171/2019-20. 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.