sebi:WTM/GA/18/ISD/9/05
Facts / Headnote
Interim order directing Consortex and its directors not to issue further shares or alter share capital, prohibiting them from accessing the capital market, directing Consortex to submit a reconciliation audit report within 15 days, directing Ikon not to transfer shares held by the directors, and directing APIDC to retain original share certificates in safe custody, pending investigation.
Provisions invoked
- s. 11(4)
- s. 19
- s. 11(1)
- s. 17
Regulations relied on
- Equity Listing Agreement
- SEBI (Depositories and Participants) Regulations, 1996 — 55
- SEBI (Depositories and Participants) Regulations, 1996 — 55A(3)
- SEBI (PFUTP) Regulations, 2003 — 3
- SEBI (PFUTP) Regulations, 2003 — 4(2)(h)
Parties
- Consortex Karl Doelitzsch (India) Ltd. (formerly Andhra Pradesh Power Tools Ltd.)
- Shri M.Sudhakar Rao
- Shri V.Manohar
- Shri K.Satyanarayan
- Shri S.Surya Prakasa Rao
- Shfri G.Krishna Mohan
- Ikon Vision Pvt. Ltd.
Holding
SEBI, acting through a Whole-Time Member, issued an interim order under Sections 11(4)(b), 11(1) and 11B of the SEBI Act restraining Consortex Karl Doelitzsch (India) Ltd. and its directors from issuing further shares, altering share capital, or accessing the capital market pending investigation into suspected issuance of duplicate/fake share certificates. The order also directed a reconciliation audit, restrained Ikon Vision from transferring the directors' shares, and directed APIDC to retain its original share certificates.
Full text
Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ ORDER UNDER SECTIONS 11B AND 11(4) OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 IN THE MATTER OF CONSORTEX KARL DOELITZSCH (INDIA) LTD. (FORMERLY ANDHRA PRADESH POWER TOOLS LTD.)
2.6 Shareholding pattern of Consortex as on June 30, 2005 are as under: Table 1 : Shareholding pattern of Consortex as on June 30, 2005 Particulars Number of Shares Percentage Promoters 71,96,851 27.53 Banks and FIs APIDC Others
the equity by investing a sum of Rs. 80 lacs for 8,00,000 equity shares of Rs. 10/ - each in Consortex during the financial years 1988–89 and 1989-90. The promoters of the company executed a buy back agreement with APIDC dated January 20, 1996. Subsequently, the name of the company, Andhra Pradesh Power Tools Ltd., was changed to Consortex w.e.f. August 24,1998. The company had issued public notice dated October 22, 1999 which was published in all leading newspapers asking the shareholders of the company to surrender old share certificates for exchange of new share certificate to the Registrar and Share Transfer Agent on or before December 6,
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