sebi:WTM/AB/SEBI/ERO/16/2019-20
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Facts / Headnote
Interim order dated December 19, 2018 confirmed against GSL and certain Noticees; directions revoked against certain independent/non-executive directors (Noticee nos. 5, 6, 7, 11, 13, 14, 15); proceedings abated against Noticee no. 11 (deceased).
Provisions invoked
- s. 11(4)
- s. 19
- s. 11B
- s. 11
- s. 12
- s. 11A
Holding
The ex-parte ad-interim order dated December 19, 2018 restraining Guiness Securities Limited and associated persons from accessing the securities market was confirmed, while directions were revoked against certain independent/non-executive directors who were prima facie not shown to be aware of GSL's day-to-day wrongdoings.
Full text
Confirmatory order in respect of Guiness Securities Limited and others Page 2 of 24 31 Mr. Shyamal Mitra AHBPM6875H 32 Mr. Abhijit Pal NA 33 Mr. Gaurav Choudhary AFSPC6498P 34 Superfast Tours And Travels Pvt. Ltd. AAECS4607A 35 Mr. Mahabir Chand Jain ACHPJ8058N 36 Mr. Jayant Kumar Jain AGUPJ4377R
Confirmatory order in respect of Guiness Securities Limited and others Page 3 of 24 Awadhoot Marketing Pvt. Ltd., Mr. Sudarshana Mitra, Mr. Shyamal Mitra and Superfast Tours And Travels Pvt. Ltd., respectively, as the same returned undelivered. As the interim
Confirmatory order in respect of Guiness Securities Limited and others Page 4 of 24 5. Seven Noticees i.e. Mr. Tarun Kanti Sengupta (Noticee no. 5), Mr. Deepak Parakh (Noticee no. 8), Mr. Kalyan Mukherjee (Noticee no. 14), Mr. Prasant Ray (Noticee no. 15), Mr. Somnath Bhattacharjee (Noticee no. 18), Ms. Lipika Bhattacharjee (Noticee no. 19) and Mr. Abhijit Pal (Noticee no. 32), did not attend the hearing scheduled on February 12, 2019 for various reasons as mentioned in their respective requests for adjournment. Therefore, another opportunity of hearing was granted to the said Noticees on May 09, 2019. The said Noticees appeared before me on the said date and made their submissions.
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Source: SecMarx — sebi:WTM/AB/SEBI/ERO/16/2019-20. 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.