sebi:WTM/GM/EFD/95/2018-19
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Facts / Headnote
Show Cause Notice dated June 23, 2016 disposed of (no adverse directions issued)
Provisions invoked
- s. 11B
- s. 12A
- s. 12
- s. 27
- s. 132
- s. 207
- s. 215
- s. 80
- s. 80I
Regulations
- Reg. 4
- Reg. 11
- Reg. 3
- Reg. 4(1)
- Reg. 200
- Reg. 4(2)
- Reg. 4(2)(a)
- Reg. 3(b)
- Reg. 4(2)(n)
- Reg. 4(2)(b)
- Reg. 4(2)(e)
- Reg. 4(2)(p)
Parties
- Twilight Litaka Pharma Limited
- Rajendra Chandmal Bora
- Raghavan Mathurakavi Srinivasa Ayyangar
- Avinash Shantaram Chandvankar
- Ramesh Ramourti
- Prof. P.D Gupte
- Arun N Joshi
- Sanjeev D Tole
- Gopal Ramourti
- Nainish Rajendra Bora
- Abhijit Rajendra Bora
Holding
The Show Cause Notice dated June 23, 2016 alleging financial irregularities, bogus sales/purchases and manipulation by Twilight Litaka Pharma Limited and its directors was disposed of without any adverse directions, as SEBI did not find sufficient material to support the allegations of financial irregularity or manipulation of financial statements.
Full text
Order in the matter of TLPL Page 2 of 34 books of accounts relating to inflation of turnover and booking of accommodation entries.
Order in the matter of TLPL Page 3 of 34 resulted in acute shortage of funds, non- payment of EMI of the banks and financial institutions, creditors and cancellation of declared dividend by the company for F.Y 2010-11.
Order in the matter of TLPL Page 4 of 34 (Prohibition of Fraudulent and Unfair Trade Practices relating to the Securities Market) Regulations, 2003 ("FUTP Regulations") and directed the noticees to show cause why suitable directions under Sections 11(4) and 11B of the Securities and Exchange Board of India Act, 1992 should not be issued against them for the violation of aforementioned provisions.
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Source: SecMarx — sebi:WTM/GM/EFD/95/2018-19. 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.