sebi:WTM/AB/IVD/ID4/13030/2021-22
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Facts / Headnote
Directions issued against Noticees including disgorgement of sale proceeds of Rs. 31.57 Crore, repayment of loan default amount of USD 32.53 million, debarment from securities market, and warnings to Noticees 12 and 13.
Provisions invoked
- s. 19
- s. 12A
- s. 279
- s. 446
- s. 11
- s. 11(5)
- s. 465
- s. 376
- s. 135
- s. 11B(1)
Regulations
- Reg. 4(1)
- Reg. 3(a)
- Reg. 3(b)
Holding
The Noticees were found to have contravened Section 12A(a) of the SEBI Act, 1992 and Regulations 3(b) and 4(1) of the PFUTP Regulations, 2003 by engaging in a fraudulent GDR scheme involving a undisclosed Pledge Agreement and misleading disclosures. Directions including disgorgement of Rs. 31.57 Crore and debarment were issued against the Noticees.
Full text
Final Order in the matter of Teledata Technology Solutions Ltd. Page 2 of 47 Pursuant to the investigation, a show cause notice dated June 27, 2019 (hereinafter referred to as “the SCN”) came to be issued to the Noticees, alleging violation of Sections 12A(a), (b), (c) of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act, 1992”) read with Regulation 3(a), (b), (c) & (d) and Regulation 4(1) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”).
Final Order in the matter of Teledata Technology Solutions Ltd. Page 3 of 47 9 Knightsbridge Management Inc. 293485.86 2,93,48,586 10 Flagstaff Investments Ltd. 296650.72 2,96,65,072 11 Echelon India Investments Ltd. 282009.57 2,82,00,957 12 Dynamic Holdings Investment Corp 236157.89 2,36,15,789 3537505.00 35,37,50,500
Final Order in the matter of Teledata Technology Solutions Ltd. Page 4 of 47 Teledata. The Loan Agreement was signed by Mr. Arun Panchariya (Noticee No. 2) in the capacity of Managing Director of Vintage. Further, Vintage opened a loan account (a/c no. 540012-027-1) with EURAM Bank and Teledata opened a retail account (a/c no. 580016) with EURAM Bank.
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Source: SecMarx — sebi:WTM/AB/IVD/ID4/13030/2021-22. 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.