sebi:WTM/GM/EFD/DRA2/10286/2020-21
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Facts / Headnote
Noticees 1 and 2 restrained from securities market for two years and Noticee 2 barred from directorship/KMP positions for two years; SCN disposed of against Noticees 3, 4, 5 and 6 without directions.
Provisions invoked
- s. 11
- s. 15
- s. 55A
- s. 633(1)
- s. 127
- s. 24
- s. 205
- s. 207
- s. 458
Parties
- Acropetal Technologies Ltd.
- D. Ravi Kumar
- R J Kamath
- Dr. Mathew J Manimala
- Dr. D K Subrahamanya Reddy
- Mohan H Ramakrishna
Holding
SEBI held that Acropetal Technologies Ltd. and its Chairman & Managing Director D. Ravi Kumar were liable for consciously avoiding payment of declared dividend, and restrained them from the securities market for two years, while exonerating the non-executive independent directors (Noticees 3, 4, 5 and 6) taking a lenient view.
Full text
Order in the Matter of Acropetal Technologies Ltd. Page 1 of 32 WTM/GM/EFD/DRA2/10286/2020-21 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA
Order in the Matter of Acropetal Technologies Ltd. Page 2 of 32 1.2. Pursuant to the above, SEBI issued letter dated February 13, 2013 to the Company asking it to furnish information regarding declaration and payment of dividends under the Companies Act, 1956 and reasons if any, for default. 1.3. The Company by way of letter dated March 05, 2013 informed SEBI that they had not been able to pay dividend to the shareholders due to strain on the liquidity position of the Company.
Order in the Matter of Acropetal Technologies Ltd. Page 3 of 32 2.2.4. considering the above, the Noticees were asked to show-cause as to why proceedings u/s 11 and 11B of the SEBI Act, 1992 should be initiated against them.
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Source: SecMarx — sebi:WTM/GM/EFD/DRA2/10286/2020-21. 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.