sebi:WTM/KMA/04/ISD/09/08
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Facts / Headnote
Interim directions dated February 22, 2007 (as modified on September 27, 2007) revoked against five individuals/entities; directions against Atlanta Ltd. and Shri Rajhoo Bbarot continued (adjudication proceedings pending under Section 15-I).
Provisions invoked
- s. 15
Parties
- Atlanta Ltd.
- Shri Rajhoo Bbarot
Holding
SEBI revoked the interim directions issued against Shri Rikiin R Bbarot, Smt Bhavana R Bbarot, Smt Ridhima M Doshi, Rajendra A Barot (HUF), and Ambalal P Barot (HUF), while continuing directions against Atlanta Ltd. and Shri Rajhoo Bbarot pending adjudication proceedings.
Full text
Page 2 of 3 its order dated March 12, 2007, disposed off the Appeals with a direction to SEBI to consider the objections of the parties and pass appropriate orders latest by September 30, 2007 after giving them an opportunity of being heard. Pursuant to the said order, Atlanta Ltd and its promoters filed their objections before SEBI. An opportunity of personal hearing was also granted on September 3, 2007 and September 13, 2007 which was availed by the parties. Thereafter, SEBI vide its Order dated September 27, 2007 modified the earlier directions passed against Atlanta Ltd to enable it to restructure its capital. However, the interim directions as against the aforesaid promoters were continued except for credit of shares to their account (demat or physical).
Page 3 of 3 The Adjudicating Officer shall complete the proceedings as per SEBI (Procedure for Holding Enquiry and Imposing Penalty by Adjudicating Officer) Rules, 1995, uninfluenced by any of the observations contained in the aforesaid orders of SEBI.
1.3 Subsequently, Appeal No.183/2007 was filed by Atlanta Ltd. and Appeal No.185/2007 was filed by Shri Rajhoo Bbarot, one of the promoters before SAT challenging the order dated 27th September 2007. Taking into account the submissions made by SEBI that investigations are completed, the Hon’ble SAT vide its order dated August 27,2008 directed SEBI to pass final order in the matter latest by September 22, 2008.
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Source: SecMarx — sebi:WTM/KMA/04/ISD/09/08. 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.