sebi:WTM/AB/IVD/ID7/26231/2023-24
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Facts / Headnote
SCN disposed of without any directions - allegations not made out against the Noticee
Provisions invoked
- s. 19
- s. 12A
- s. 62
- s. 27
- s. 62(2)
Regulations
- Reg. 3(b)
- Reg. 57(1)
- Reg. 57(2)(a)
Parties
- Ms. Sapna Karmokar
Holding
The SCN issued to Ms. Sapna Karmokar in the matter of IPO of Sudar Industries Ltd. was disposed of without any directions as the allegations of deviation from objects of the issue and siphoning off of IPO proceeds were not made out against her.
Full text
Order in respect of Ms. Sapna Karmokar in the matter of IPO of Sudar Industries Ltd. Page 2 of 13 the issue as per the prospectus of SIL and there were misstatements in the prospectus and thus, it was, inter alia, alleged that the Noticee had violated Regulations 57(1) and 60(7)(a) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (hereinafter referred to as “ICDR Regulations, 2009”) and Clauses 2(VII)(G), 2(VIII)(D)(5) and 2(XVI)(B)(2) of Part A of Schedule VIII read with Regulation 57(2)(a) of the ICDR Regulations, 2009. The SCN called upon the Noticee to show cause as to why suitable directions under Sections 11(1), 11(4) and 11B of the SEBI Act, 1992 should not be issued against her for the alleged violations.
Order in respect of Ms. Sapna Karmokar in the matter of IPO of Sudar Industries Ltd. Page 3 of 13 another show cause notice dated December 15, 2017, shall also be considered by SEBI. SAT also directed the Noticee to appear before the Whole Time Member, SEBI on September 30, 2022. Thereafter, the file in the matter was placed before me on September 19, 2022, for granting a date of hearing in the matter. Vide email dated September 26, 2022 the Authorised Representative (AR) of the Noticee was advised to collect the SCN on September 30, 2022. Vide email dated September 29, 2022 the AR of the Noticee filed a reply in the matter. Hearing in the matter was scheduled for November 04, 2022. At the request of the Noticee, the hearing was re-scheduled to November 07, 2022. On the date fixed for hearing, the Noticee along with her AR appeared and made submissions.
Order in respect of Ms. Sapna Karmokar in the matter of IPO of Sudar Industries Ltd. Page 4 of 13 May, 2019, HB Stockholding Ltd. v. SEBI, reported in Manu/SB/0039/2013, Libord Finance Ltd. v. SEBI, dated March 31, 2008 and Khandwala Securities Limited v. SEBI, dated September 7,2012.
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Source: SecMarx — sebi:WTM/AB/IVD/ID7/26231/2023-24. 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.