sebi:WTM/KMA/93/IVD/07/2009
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Facts / Headnote
Interim directions dated April 20, 2009 against the 33 promoter entities vacated; issues left open pending ongoing investigation.
Holding
The restraint order against the 33 promoter entities need not continue and the interim directions issued vide ex-parte ad-interim order dated April 20, 2009 are vacated. The issues are left open as a detailed investigation in the matter is ongoing.
Full text
Page 2 of 7 Limited, Carefree Investment Company Limited, Chirawa Investment Limited, Dalmia Finance Limited, Divine Leasing & Finance Limited, Excellent Commercial Enterprises and Investment, Gems Commercial Company Limited, General Exports and Credits Limited, GTC Industries Limited, Harvatax Engineering & Processing Company Limited, Hexabond Limited, Hindustan Commercial Company Limited, Hotex Company Limited, International Resources Limited, Lakshmi Vishnu Investment Limited, Lhonak International Private Limited, Moderate Investment and Commercial Enterprises, Mourya Finance Limited, Nareshchandra Jain, Oval Investment Private Limited, Pashupatinath Commercial Private Limited, Ram Krishna Dalmia Foundation, Ricklunsford Trade and Industrial Investment, Sanjay Trading Investment Company Private Limited, Sikar Investment Company Limited, Sovereign Commercial Private Limited, Suman Jain, Swastik Commercial Private Limited, Trishul Commercial Private Limited, WGF Financial Services Limited and World Growth Fund Limited not to buy, sell or deal in the securities market until further orders. Further, GHCL was directed to reconcile and file the correct shareholding details with the stock exchanges. The aggrieved parties were advised that they may file their objections, if any, to the said order.
Page 3 of 7 Trishul Commercial Private Limited, WGF Financial Services Limited and World Growth Fund Limited filed their objections to the said ad interim order, vide separate letters dated May 05, 2009. Thereafter, an opportunity of hearing was afforded to the aforesaid 25 entities/persons on May 22, 2009, when they were represented by Mr. P. N. Modi and Mr. Vinay Chauhan, Advocates, who made
Page 4 of 7 disposed of the said appeals on June 29, 2009 with a direction to SEBI to pass an order on or before July 10, 2009.
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Source: SecMarx — sebi:WTM/KMA/93/IVD/07/2009. 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.