sebi:WTM/GM/EFD-I/DRA-I/43D/2020-21
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Limited relaxation granted permitting Applicants to sell/liquidate securities held as on date of Order solely to disgorge unpaid ill-gotten gains/interest, with remittance to SEBI within one month; default attracts interest and continued restraint/recovery.
Parties
- KLG Capital Services Ltd.
Holding
SEBI granted the Applicants a limited relaxation from the restraint to sell/liquidate securities held as on the date of the November 05, 2019 Order solely to pay the unpaid disgorgement and interest, capped at individual unpaid amounts and to be remitted within one month of this order.
Full text
_________________________________________________________________________________________ Addendum to the Final Order dated Nov 05, 2019 in the matter of KLG Capital Services Ltd. Page 2 of 4 gotten gains as directed in the Order and the same remain unpaid to SEBI as on date.
_________________________________________________________________________________________ Addendum to the Final Order dated Nov 05, 2019 in the matter of KLG Capital Services Ltd. Page 3 of 4 of 12% per annum on their respective amounts of ill-gotten gains shall be payable from February 29, 2008 till the date of actual payment of such dues. (d) In the event of the Applicants effecting payment of the abovementioned due amounts, within the time as specified in sub-para (b) above, the direction for additional period of restraint / prohibition of 5 years, as contained in Para 26 (f) of the Order, shall not be given effect to. In case of failure to effect such payments within the prescribed time, the Applicants shall remain restrained / prohibited till the date of full and final payment of such dues or till the date of expiry of the period of restraint / prohibition, as directed under Para 26 (a) of the Order, whichever is later. Further, in case of such failure, the Applicants shall also be liable for recovery proceedings. (e) Further, the period of restraint / prohibition in respect of buying, selling or dealing in the securities market in any manner whatsoever, or accessing the securities market, directly or indirectly, already undergone by the Applicants under the directions issued vide SEBI orders dated September 22, 2009 and July 24, 2014, before these SEBI orders were set aside by the Hon’ble SAT vide its orders dated October 21, 2010 and February 05, 2015 respectively (i.e
_________________________________________________________________________________________ Addendum to the Final Order dated Nov 05, 2019 in the matter of KLG Capital Services Ltd. Page 4 of 4 (f) The above mentioned directions shall be read along with the other
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Source: SecMarx — sebi:WTM/GM/EFD-I/DRA-I/43D/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.