sebi:WTM/GM/IVD/ID4/13810/2021-22
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Facts / Headnote
Held SIEL, Vivek Agarwal, Vintage, Arun Panchariya, Mukesh Chauradiya, Pan Asia Advisors, Highblue Sky Emerging Market Fund, Aspire Emerging Fund, KBC Aldini Capital Ltd. and Golden Cliff acted pursuant to a fraudulent GDR scheme in violation of PFUTP Regulations; directed Arun Panchariya, Vintage, HBSF and Aspire to jointly and severally disgorge Rs. 23.05 crore and restrained Vivek Agarwal from securities market and from holding director/key managerial personnel position for 3 years.
Provisions invoked
- s. 11B
- s. 12A
- s. 12
- s. 63
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(2)
- Reg. 3(a)
Parties
- Southern Ispat and Energy Limited
- Vivek Agarwal
- Anusuya Devi Agarwal
- Richa Agarwal
- V Manikandan
- T.I. Venkatramani
- R. Sivaramakrishnan
- Arun Panchariya
- Vintage FZE
- Mukesh Chauradiya
- Pan Asia Advisors Ltd.
- Highblue Sky Emerging Market Fund
- Aspire Emerging Fund
- KBC Aldini Capital Ltd.
- Golden Cliff
Holding
SIEL fraudulently pledged GDR proceeds to fund subscription by Vintage without disclosure and, with Arun Panchariya-connected entities, converted and sold the underlying shares in India, violating PFUTP Regulations, warranting disgorgement and market restraint directions.
Full text
Order in the Matter of GDR Issue of Southern Ispat and Energy Limited Page 1 of 66 WTM/GM/IVD/ID4/13810/2021-22 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA
Order in the Matter of GDR Issue of Southern Ispat and Energy Limited Page 2 of 66 12. Highblue Sky Emerging Market Fund AADCK9460G
Order in the Matter of GDR Issue of Southern Ispat and Energy Limited Page 3 of 66 not be issued against them under Sections 11, 11B and 11(4) of the SEBI Act. The summary of the allegations made in the SCN is given below: Role of the Noticees
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Source: SecMarx — sebi:WTM/GM/IVD/ID4/13810/2021-22. 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.