sebi:WTM/GM/EFD/99/2018-19
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Provisions invoked
- s. 19
- s. 12A
- s. 409
Regulations
- Reg. 3
- Reg. 13
- Reg. 3(a)
- Reg. 7(3)
- Reg. 57
- Reg. 57(1)
- Reg. 64(1)
- Reg. 25(5)
- Reg. 39
- Reg. 4(f)
Parties
- Ravikumar Distilleries Limited (RKDL)
- Comfort Securities Limited (CSL)
- Anil Beniprasad Agrawal
- Bharat Nanubhai Shiroya
- Annu Anil Agrawal
- Jugal Chandrakant Thacker
- Amit Kumar Khemka
- Chandrakala Purohit
- Sarthak Vijlani
Holding
The order records findings that IPO proceeds of Ravikumar Distilleries Limited were siphoned off through merchant banker connected entities and that undisclosed bridge loans created artificial liability of approximately Rs 14.89 crore (20.23% of IPO size) on the proceeds, and that the merchant banker CSL and its directors failed to exercise due diligence.
Full text
___________________________________________________________________________ Order in the matter of Ravikumar Distilleries Limited Page 2 of 94
___________________________________________________________________________ Order in the matter of Ravikumar Distilleries Limited Page 3 of 94
___________________________________________________________________________ Order in the matter of Ravikumar Distilleries Limited Page 4 of 94
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Source: SecMarx — sebi:WTM/GM/EFD/99/2018-19. 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.