sebi:WTM/GA/MRD/DSA/8/8/
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Facts / Headnote
Interim ex-parte directions to deposit transaction proceeds in escrow account with a nationalized bank and to take prior approval of SEBI for dealing in the account, effective immediately
Provisions invoked
- s. 11B
- s. 11(4)
- s. 12A
Parties
- M/s Pragya Enterprises
- Smt. Umah Agrawal
- Shri Viveek Agrawal
- Shri Satyanarayan Agarwal
Holding
M/s Pragya Enterprises and its partners Smt. Umah Agrawal, Shri Viveek Agrawal and Shri Satyanarayan Agarwal were directed under Section 11B read with 11(4) of SEBI Act, 1992 to deposit the proceeds of sales of BFSL shares in an escrow account with a nationalized bank and to take prior approval for dealing in the account.
Full text
SECURITIES AND EXCHANGE BOARD OF INDIA ORDER WTM/GA/MRD/DSA/8/8/ 1. SEBI passed an order under section 12A of Securities Contracts (Regulation) Act, 1956, Section 11(4) and 11B of SEBI Act, 1992 and Sect of Depositories Act, 1996 in the matter of transactions in the scrip of Bhoruka Financial Services Limited (BFSL) on Magadh Stock Exch Association (MSEA).
2. The above order no. WTM/GA/MRD/DSA/890/05 was passed on August 19, 2005 and the order contained various directions against M Officiating Executive Director of MSEA, Rajat Share & Stock Broker Pvt. Ltd, Broker of MSEA, Acquirer DLF Commercial Developers Ltd. ( sellers in the scrip/promoters of BFSL viz. Shri Satyanarayan Agarwal, Shri Viveek Agrawal, Smt. Umah Agrawal, Shri Siddhartha Ag Satyanarayanan Vivek Kumar HUF, Prabhu Securities Limited and Bhoruka Engineering Ind. Ltd., etc. for the reason more elaborately s therein.
3. It has now come to the notice of SEBI that in addition to the above mentioned 7 sellers (promoters of BFSL), M/s Pragya Enterpris partnership firm situated at 11/3, Nandi Durg Road, Bangalore 560 001 was also part of the promoter group of BFSL and the partners o Pragya Enterprises namely, Smt. Umah Agrawal, Shri Viveek Agrawal and Shri Satyanarayan Agarwal have sold 1,11,500 shares of (amounting to 56% of the total 1,98,850 shares sold by the promoters of BFSL) to DLF in addition to the sales made by them in their indi capacities. These transactions were also executed at the uniform price of Rs 4,490/- per share. The shares were acquired by DLF. The partn M/s Pragya Enterprises have been prima facie found to have gained unfairly.
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Source: SecMarx — sebi:WTM/GA/MRD/DSA/8/8/. 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.