sebi:WTM/GM/IVD/ID4/13817/2021-22
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Found fraudulent GDR scheme; abated proceedings against Rasoya Proteins Limited in liquidation; restrained/debarred directors and connected entities from securities market and from holding director/KMP positions for periods till date of order up to 10 years, with interim directions against ten entities continuing.
Provisions invoked
- s. 11
- s. 12A
- s. 12
- s. 28A
- s. 279
- s. 33(5)
- s. 376
- s. 33
- s. 34(1)
- s. 63
- s. 34(2)
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(2)
- Reg. 200
- Reg. 3(a)
- Reg. 4(1)
Holding
SEBI held the March 01, 2011 GDR issue of Rasoya Proteins Limited was a fraudulent scheme where Vintage subscribed without consideration via a EURAM Bank loan secured by pledge of GDR proceeds, and imposed market-access and association restraints on the directors and Panchariya-connected conduits while abating action against the company in liquidation.
Full text
Final Order in the Matter of GDR Issue of Rasoya Proteins Limited Page 1 of 139 WTM/GM/IVD/ID4/13817/2021-22 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA
Final Order in the Matter of GDR Issue of Rasoya Proteins Limited Page 2 of 139 10. India Focus Cardinal Fund AABCI9518D 11. Highblue Sky Emerging Market Fund AADCK9460G
Final Order in the Matter of GDR Issue of Rasoya Proteins Limited Page 3 of 139 1.2. The focus of the investigation was to ascertain whether the shares underlying the GDRs were issued with proper consideration and whether appropriate disclosures, if any, were made by Rasoya with respect to GDRs issued by it on March 01, 2011. The period under investigation was the period around which the issuance of GDRs by the Company took place, i.e. August 13, 2010 to March 31, 2011 (“Investigation Period”). 1.3. During the pendency of the above-mentioned investigation, an Ex-parte Interim
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Source: SecMarx — sebi:WTM/GM/IVD/ID4/13817/2021-22. 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.