sebi:WTM/GM/CFID/20/2021-22
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Facts / Headnote
Confirmed the directions issued against Noticee Nos. 1 to 7 in the ex-parte ad-interim order dated July 23, 2020 until further orders; as regards the company, the confirmed directions are subject to any order passed by the Hon'ble NCLT in the IBC proceedings, including the moratorium order dated January 23, 2020.
Provisions invoked
- s. 19
- s. 12A
- s. 14
Regulations
- Reg. 3(d)
Parties
- FIVE CORE ELECTRONICS LIMITED
- AMARJIT SINGH KALRA
- SURINDER KAUR KALRA
- JAGJIT KAUR KALRA
- AMARJIT SINGH KALRA HUF
- SURINDER SINGH KALRA
- SURINDER SINGH KALRA HUF
Holding
The Whole Time Member confirmed the ex-parte ad-interim directions dated July 23, 2020 against all seven Noticees until further orders. As regards Five Core Electronics Limited, the confirmed directions were made subject to orders of the Hon'ble NCLT in the pending IBC proceedings, including the moratorium order dated January 23, 2020.
Full text
__________________________________________________________________________________________ Confirmatory Order in the matter of Five Core Electronics Limited Page 1 of 5 WTM/GM/CFID/20/2021-22 SECURITIES AND EXCHANGE BOAD OF INDIA
__________________________________________________________________________________________ Confirmatory Order in the matter of Five Core Electronics Limited Page 2 of 5 Relating to Securities Market) Regulations, 2003 read with Section 12A(c) of the SEBI Act, 1992 and also various provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”). In view of the same, SEBI had passed an ex-parte ad-interim order dated July 23, 2020 (“Interim Order”), vide which SEBI had inter alia issued the following directions: (a) The Noticee nos. 1 to 7 are restrained from accessing the securities market and are further prohibited from buying, selling or otherwise dealing in securities in any manner whatsoever, either directly or indirectly, till further orders. (b) The Noticee nos. 1 to 7 are restrained from being associated with any intermediary registered with SEBI or any listed entity or its material unlisted subsidiary, till further orders. (c) The Noticee nos. 1 to 7, are restrained from disposing, selling or alienating, in any other manner, their assets or divert funds, till further orders. (d) NSE shall appoint an independent Auditor/ Audit Firm for conducting a detailed forensic audit of the books of accounts of the company to confirm mis-utilization of IPO proceeds by the company. Such appointment of forensic auditor shall be done within 30 days of this order. (e) The Noticee nos. 1 to 7 shall extend necessary co–operation to the independ
__________________________________________________________________________________________ Confirmatory Order in the matter of Five Core Electronics Limited Page 3 of 5 Further, letters issued by SEBI during the preliminary examination to the company and its Executive Directors and Promoters at their respective addresses seeking their comments on the complaints had returned undelivered. The said letters were later affixed at the registered office of the company at Delhi. However, no replies/comments to the letters were received by SEBI from the company or its directors / promoters. Given that the letters sent to the Noticees’ addresses during the preliminary examination had returned undelivered and there was no response from the company even after affixture of letters at its registered address, the Interim Order was served on the Noticees through email by sending to email IDs – investcare@5core.in, cs@5core.in, cfo@5core.in and amarjitkalra@yahoo.co.uk. The Interim Order was also uploaded on the SEBI Website. Vide the Interim order, the Noticees were advised to file their replies to the Interim Order within 21 days and also indicate in their replies whether they wanted an opportunity of personal hearing. However, till date, no response whatsoever has been received from the Noticees.
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Source: SecMarx — sebi:WTM/GM/CFID/20/2021-22. 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.