sebi:WTM/GM/IVD/ID2/48/2020-21
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Directions issued vide the Interim Order read with Confirmatory Order revoked against the 3 Noticees and ongoing proceedings under Section 11 / 11B of the SEBI Act, 1992 against them disposed of
Provisions invoked
- s. 11
- s. 19
Parties
- Best Healthcare Pvt. Ltd.
- Fern Healthcare Pvt. Ltd.
- Modland Wears Pvt. Ltd.
Holding
The directions issued vide the Interim Order read with Confirmatory Order against Best Healthcare Pvt. Ltd., Fern Healthcare Pvt. Ltd. and Modland Wears Pvt. Ltd. were revoked and the ongoing proceedings under Section 11 / 11B of the SEBI Act, 1992 against them were disposed of, to be substituted with adjudication proceedings.
Full text
_____________________________________________________________________________ Order in the matter of Fortis Healthcare Limited Page 2 of 2
2. Subsequently, vide order dated March 19, 2019 read with order dated June 28, 2019, (together referred to as ‘the Confirmatory Order’) SEBI had confirmed the said directions, subject to certain modifications.
3. Pursuant to the completion of investigation in the matter, upon reconsideration of the facts and circumstances of the case in totality, it appears appropriate to substitute the ongoing proceedings under Section 11 / 11B of the SEBI Act, 1992 against the abovementioned 3 Noticees with adjudication proceedings under appropriate legal provisions, for their alleged role in the abovementioned diversion of funds. I, therefore, in exercise of powers conferred upon me by virtue of Section 19 read with Sections 11 and 11B of the SEBI Act, 1992, hereby revoke the directions issued vide the Interim Order read with Confirmatory Order against the abovementioned 3 Noticees (viz. Best Healthcare Pvt. Ltd., Fern Healthcare Pvt. Ltd. and Modland Wears Pvt. Ltd.) and also dispose of the ongoing proceedings under Section 11 / 11B of the SEBI Act, 1992 against them.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/GM/IVD/ID2/48/2020-21. 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.