sebi:WTM/GM/IVD/25/2020-21
Facts / Headnote
Impounded alleged unlawful notional loss avoided from three persons, froze debits and asset alienation pending deposit in interest-bearing escrow accounts, and issued show-cause for disgorgement, market restraint and penalty.
Provisions invoked
- s. 11(4)
- s. 19
- s. 11(1)
- s. 12A
- s. 15G
- s. 11B(2)
Regulations relied on
- SEBI (PIT) Regulations, 2015 — 10
- SEBI (PIT) Regulations, 2015 — 3(1)
- SEBI (PIT) Regulations, 2015 — 4(1)
- SEBI (PIT) Regulations, 2015 — 6
- SEBI (PIT) Regulations, 2015 — 9(1)
Parties
- Rajeev Vasant Sheth
- Aarti Sheth
- Divya Sheth
Holding
SEBI prima facie held Rajeev Vasant Sheth, Aarti Sheth and Divya Sheth traded while in possession of UPSI and ordered interim impounding of Rs. 1,26,59,481.50, Rs. 2,09,930.40 and Rs. 9,62,060.70 respectively with asset and demat freeze pending escrow deposit.
Full text
WTM/GM/IVD/25/2020-21 Page 2 of 19 3. The Directors of TJL during the investigation period were as under: (Source- Annual report of the Company for the FY 2017-18) Table-1 : Management of the Company Name of the Director PAN Category Date of Appointment Date of cessation Rajeev Vasant Sheth AAFPS7760Q Chairman and Managing Director 01/10/2015 - Sanjay Sethi ABBPS5094E CFO and Executive Director 20/06/2017 01/05/2018 Fern Mallis NA (Foreign National) Independent Director 20/09/2010 - Rajiv Jain ACYPJ1455E Independent Director 01/04/2014 23/02/2018 Alison Lazerwitz NA (foreign national) Independent Director 10/02/2017 13/08/2018 Priyanka Agarwal BVOPA8391Q Independent Director 29/11/2017 30/05/2018 Note –The company has gone under liquidation with effect from July 30, 2019.
WTM/GM/IVD/25/2020-21 Page 3 of 19 5. The shareholding pattern of the promoters of TJL for quarters prior to and during the investigation period is as under: (Source: BSE Website) Table-3 : Promoters shareholding as on quarter ended
WTM/GM/IVD/25/2020-21 Page 4 of 19 7. The financial results of the company for quarters prior to and during the investigation period is as under: (Source: BSE Website) Table-4 : Financial Results of TJL (Amount in Rs. Crore) Description Quarter Ended Mar. 2017 Jun. 2017 Sep. 2017 Dec. 2017 Net sales 307.85 227.04 70.31 70.77 Other Income 1.42 2.21 2.14 1.42 Total Income 309.27 229.25 72.45 72.19 Profit/loss after tax -8.93 -6.62 -166.80 -201.18
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Source: SecMarx — sebi:WTM/GM/IVD/25/2020-21. 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.