sebi:WTM/AB/IVD/ID2/21684/2022-23
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Facts / Headnote
Noticees 1-5 restrained from accessing securities market for six months; Noticee 1 prohibited from raising capital; Noticee 6 proceedings abated (deceased); Noticees 7-11 and 12 disposed of; direction to bring back Rs. 29.42 crore of IPO proceeds.
Provisions invoked
- s. 19
- s. 12A
- s. 291
- s. 179
- s. 11B(1)
Regulations
- Reg. 7
- Reg. 4
- Reg. 199
- Reg. 3
- Reg. 3(a)
- Reg. 3(c)
- Reg. 3(b)
- Reg. 103
- Reg. 57(1)
- Reg. 200
- Reg. 3(d)
- Reg. 111
- Reg. 111(1)
- Reg. 115
Holding
Noticees 1-5 were found to have violated Section 12A of the SEBI Act read with PFUTP Regulations, 2003 by misstatement in the RHP, manipulation of books of accounts, and siphoning of IPO proceeds, and were restrained from accessing the securities market for six months with Noticee 1 prohibited from raising further capital. Noticees 7-11 and Noticee 12 (SIC) were disposed of as the material on record was insufficient to prove the allegations against them.
Full text
Page 2 of 76 EFD/DRA2/14682/ 2015, EFD/DRA2/14683/ 2015, EFD/DRA2/14704/ 2015, EFD/DRA2/14705/ 2015, EFD/DRA2/14707/ 2015, EFD/DRA2/15687/ 2015. IPO proceeds and siphoning of IPO proceeds. SCN2 SCN dated June 09, 2015 issued under following numbers: EFD/DRA2/14709/ 2015, EFD/DRA2/14710/ 2015, EFD/DRA2/14711/ 2015, EFD/DRA2/14712/ 2015, EFD/DRA2/14713/ 2015, EFD/DRA2/14714/ 2015, EFD/DRA2/14715/ 2015, EFD/DRA2/14717/ 2015, EFD/DRA2/14719/ 2015, EFD/DRA2/145681/ 2015, EFD/DRA2/15692/ 2015, EFD/DRA2/15693/ 2015, EFD/DRA2/15690/ 2015, EFD/DRA2/15683/ 2015. Manipulation of books of accounts and execution of fictitious trades WTM/AB/IVD/ID2/21685/202 2-23 dated December 05, 2022
Page 3 of 76 capacity and the disassociation of promoters from another Company namely, Gujarat NRE Coke Limited. In view of the above an ex-parte interim order was passed against Austral Coke on September 01, 2009 inter alia prohibiting it from raising any further capital in any manner, directly or indirectly till further
Page 4 of 76 determined by the size and systems of the plant and machinery installed and not on the number of ovens and chimneys. The Company also submitted that earlier their 80 ovens were producing 1,75,000 MTPA of coal because of the old stamping procedure and they have updated their technology and also changed the stamping procedure and the size of 58 ovens. The new chimneys are capable of producing 2,00,000 MTPA coal. Further, the Company has already disclosed all the litigations which had material impact on the performance of the Company.
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Source: SecMarx — sebi:WTM/AB/IVD/ID2/21684/2022-23. 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.