sebi:WTM/AB/IVD/ID19/17508/2022-23
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Facts / Headnote
Noticee no. 1 (Parsvnath Developers Ltd.) restrained from accessing the securities market for six months and imposed a penalty of Rs. 15,00,000 under Section 23H of SCRA, 1956 for violation of Clauses 41(II)(a), 49(V)(a) and 50 of the erstwhile Listing Agreement read with Section 21 of SCRA, 1956. Proceedings against Noticees no. 2 to 10 are disposed of without any directions/penalty.
Provisions invoked
- s. 19
- s. 12A
- s. 15H
- s. 27
- s. 21
- s. 23E
- s. 23
- s. 23H
- s. 23J
- s. 11B(2)
- s. 12A(1)
Regulations
- Reg. 3
- Reg. 3(b)
- Reg. 103
- Reg. 103(2)
Holding
Parsvnath Developers Limited (PDL) violated Clauses 41(II)(a), 49(V)(a) and 50 of the erstwhile Listing Agreement read with Section 21 of SCRA, 1956, and was restrained from accessing the securities market for six months and penalized Rs. 15,00,000 under Section 23H of SCRA, 1956. Proceedings against Noticees no. 2 to 10 (directors and CFOs) were disposed of without any directions or penalty.
Full text
Final Order in the matter of Parsvnath Developers Limited Page 1 of 36 WTM/AB/IVD/ID19/17508/2022-23 SECURITIES AND EXCHANGE BOARD OF INDIA FINAL ORDER
Final Order in the matter of Parsvnath Developers Limited Page 2 of 36 (Aforesaid entities are hereinafter individually referred to as by their respective name or noticee number and collectively as “the Noticees”.)
Final Order in the matter of Parsvnath Developers Limited Page 3 of 36 (Noticee no. 4), (v) Mr. Ashok Kumar (Noticee no. 5), (vi) Mr. Sunil Kumar Jain (Noticee no. 6), (vii) Mr. Ramdas Janardhana Karnath (Noticee no. 7), (viii) Dr. Vinod Juneja (Noticee no. 8) and its CFOs viz:, Mr. Sunil Malhotra (Noticee no. 9) and Mr. R.N. Maloo (Noticee no. 10) have violated Section 12A (a), (b) & (c) of the SEBI Act, 1992, Regulations 3(b), (c) and (d) and 4(1) and 4(2) (f) and (r) of the PFUTP Regulations, 2003 and they have also not complied with provisions of Clauses 41(lI)(a), 49 (V)(a) and 50 of the erstwhile Listing Agreement read with Accounting Standard 7, Section 27 of SEBI Act, 1992 and Section 21 of SCRA, 1956.
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Source: SecMarx — sebi:WTM/AB/IVD/ID19/17508/2022-23. 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.