sebi:WTM/AB/IVD/ID5/24638/2022-23
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Facts / Headnote
Noticees (except Noticee no. 5) directed to sell shares acquired in violation of Regulation 11(1) in excess of 5% and deposit proceeds in IPEF of SEBI within three months, and debarred from accessing the securities market for one year; pending applications disposed of.
Provisions invoked
- s. 19
- s. 24
Regulations
- Reg. 6
- Reg. 44
- Reg. 10
- Reg. 8
- Reg. 11(1)
- Reg. 3(1)
- Reg. 8(1)
- Reg. 35
- Reg. 44(g)
- Reg. 44(a)
- Reg. 22(19)
- Reg. 44(b)
- Reg. 32(1)(b)
- Reg. 44(f)
- Reg. 44(c)
Parties
- R. V. Lifestyle Ltd. (earlier known as Vasparr Shelter Ltd.)
- Vas Educomp Ltd.
- Pushpanjali Drums Pvt. Ltd.
- Yashraj Containeurs Ltd.
- Precision Containeurs Ltd.
- Raj J. Valia
- Madhav J. Valia
- Jayesh V. Valia
- Jayesh V. Valia (HUF)
Holding
The WTM directed the Noticees (except Noticee no. 5, which is under CIRP) to sell the shares acquired in violation of Regulation 11(1) of SAST Regulations, 1997 in excess of 5% and deposit the sale proceeds in the IPEF of SEBI within three months, and debarred them from accessing the securities market for one year.
Full text
Order in the matter of Vas Infrastructure Limited Page 2 of 14 “….We have heard the learned senior counsel for the parties for quite some time.
Order in the matter of Vas Infrastructure Limited Page 3 of 14 Noticees herein, impugning the SEBI order dated September 30, 2019 whereby the Noticees were inter alia directed as under:
Order in the matter of Vas Infrastructure Limited Page 4 of 14 application pending in an unconnected matter wherein Noticees herein were involved. As the request of Noticees to keep the hearing in abeyance till settlement proceedings in another unconnected matter are completed was unreasonable and having regard to the fact that Hon’ble Supreme Court vide
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Source: SecMarx — sebi:WTM/AB/IVD/ID5/24638/2022-23. 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.