sebi:WTM/AB/NRO/NRO/7567/2020-21
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Facts / Headnote
Violations confirmed against all five Noticees; Noticee no. 3 additionally found in violation of Regulation 6(2)(a),(b),(c) of LODR Regulations; Noticees restrained from accessing the securities market and prohibited from buying, selling or otherwise dealing in securities for a period of 2 years from the date of coming into force of the Order.
Provisions invoked
- s. 11
- s. 19
- s. 11(1)
- s. 12A
- s. 11(2)
- s. 21
- s. 114
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 3(b)
- Reg. 6(1)
- Reg. 6(2)(a)
- Reg. 32(1)
Parties
- Edynamics Solutions Limited
- Bharat Gupta
- Anita Gupta
- Vinod Kumar
- Vikas Saini
Holding
The Company and its directors (Noticees 2-5) were held liable for failing to provide information and documents under Section 11(2)(i) and 11(2)(ia) of the SEBI Act, misrepresenting financial statements, failing to submit statements of deviation in utilization of issue proceeds, and violating LODR Regulations and the listing agreement; Noticee no. 3 was additionally held to have violated Regulation 6(2)(a),(b),(c) of LODR Regulations as compliance officer. All Noticees were restrained from accessing the securities market for 2 years.
Full text
Final Order in the matter of Edynamics Solutions Limited Page 2 of 33 (b) and (c) of the SEBI Act, 1992 and Regulation 3(b), (c) and (d) and Regulation 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 6(1), 4(1) (c), (e), (g) and 4(2)(f)(i)(2), 4(2)(f)(ii)(6)&(7), 4(2)(f)(iii)(1),(3),(6),(12) of Securities and Exchange Board of India (Listing Obligations And Disclosure Requirements) Regulations, 2015 (hereinafter referred to as “LODR Regulations”), Clause 46a of the erstwhile model listing agreement for SME companies read with Regulation 32(1) of LODR Regulations and Section 21 of SCRA and Section 11(2)(i) and 11(2)(ia) of the SEBI Act, 1992 and against its directors (Noticees no. 2 to 5) for the alleged violation of Section 12A (a) (b) and (c) of the SEBI Act, 1992 and Regulation 3(b), (c) and (d) and Regulation 4(1) and 4(2) (f) and (r) of the PFUTP Regulations, Regulations 4(1) (c), (e) and (g) and 4(2)(f)(i)(2), 4(2)(f)(ii)(6)&(7), 4(2)(f)(iii)(1),(3), (6), (12) of the LODR Regulations, Clause 46a of the erstwhile model listing agreement for SME companies read with Regulation 32(1) of LODR Regulations and Section 21 of SCRA and Section 11(2)(i) and 11(2)(ia) of the SEBI Act, 1992. Additionally, Noticee no. 3 was alleged to have violated Regulation 6(2)(a), (b) and (c) of LODR Regulations
Final Order in the matter of Edynamics Solutions Limited Page 3 of 33 Annexure 7 Correspondences between BSE, Auditor and Company Annexure 8 Auditor’s certificate on Corporate Governance
Final Order in the matter of Edynamics Solutions Limited Page 4 of 33 110092) on January 09, 2018, neither the Key Managerial Personnel (KMP) nor the director of the Company was present at its address and the staff so present at the office was not able to answer any of the queries regarding the business operations carried by the Company.
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Source: SecMarx — sebi:WTM/AB/NRO/NRO/7567/2020-21. 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.