sebi:WTM/AB/IVD/ID19/18570/2022-23
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Facts / Headnote
Noticee nos. 1, 3, 5, 6, 9, 10, 11, 12 and 13 found in violation and imposed monetary penalties; Noticee nos. 5, 6, 9, 10 and 11 restrained from accessing securities market for six months; proceedings against Noticee nos. 2, 4, 7, 8 and 14 disposed of without adverse directions.
Provisions invoked
- s. 11B
- s. 11
- s. 15A
- s. 15
- s. 19
- s. 11(1)
- s. 12A
- s. 11(2)
- s. 15H
- s. 27
- s. 15J
- s. 23H
- s. 15F
- s. 21
- s. 23E
- s. 44A
- s. 149(12)
- s. 40A(3)
- s. 177
- s. 176
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 8
- Reg. 3(b)
- Reg. 4(2)(f)
- Reg. 4
- Reg. 4(1)(a)
- Reg. 33
- Reg. 48
- Reg. 18(3)
- Reg. 17(8)
- Reg. 33(2)(a)
- Reg. 25(5)
Holding
The Company (GVFL) was held to have violated Regulation 48 of LODR Regulations, 2015 (and related Regulation 4 provisions) for financial statements not conforming to applicable Accounting Standards, and Noticee nos. 3, 5, 6, 9, 10, 11, 12 and 13 (directors/CFO) were held liable for LODR violations with monetary penalties; Noticee nos. 2, 4, 7, 8 and 14 were exonerated.
Full text
Final Order in the matter of G V Films Limited Page 1 of 67 WTM/AB/IVD/ID19/18570/2022-23 SECURITIES AND EXCHANGE BOARD OF INDIA FINAL ORDER
Final Order in the matter of G V Films Limited Page 2 of 67 show cause notice (hereinafter referred to as “SCN I”) was issued to Noticee no. 1 to 13 calling upon them to show cause as to why suitable directions as deemed fit under Sections 11(1), 11(4), 11(4A), 11A and 11B(1) and 11B(2) read with Sections 15A(a), 15HA and 15HB of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act, 1992”), Section 12A(1) and 12A(2) of Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as “SCRA, 1956”) read with Sections 23E and Section 23H of SCRA, 1956 should not be issued against them. The second show cause notice (hereinafter referred to as “SCN II”) was issued to Noticee no. 14 calling upon it to show cause as to why suitable directions as deemed fit under Sections 11, 11B and 11D of SEBI Act, 1992 should not be issued against it. SCN I alleges that G V Films Limited (Noticee no.1, hereinafter referred to as "the Company" or "GVFL") has violated Sections 12A(a),(b) and (c) and Section 11(2)(i) and 11(2)(ia) of the SEBI Act, 1992, Regulations 3(b), (c) and (d) and Regulations 4(1) and 4(2) (f) and (r) of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”), Regulations 4(1)(a),(b),(c),(e),(g), 4(2)(f)(ii)(6)&(7), 4(2)(f)(iii)(3),(6) and (12), Regulation 17(8) read with Part B of schedule II, Re
Final Order in the matter of G V Films Limited Page 3 of 67 of SEBI Act, 1992, Regulation 17(8) read with Part B of schedule II, Regulation 33(2)(a) and Regulation 48 of LODR Regulations read with Section 21 of SCRA, 1956.
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Source: SecMarx — sebi:WTM/AB/IVD/ID19/18570/2022-23. 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.