sebi:WTM/KMA/IVD/250/03/2010
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Facts / Headnote
Show cause notice disposed of; noticees restrained from accessing the securities market for one month; proceedings against Mr. Rohidas Kumbharkar abated; show cause notice against Mr. Mitesh Kulkarni disposed of without directions.
Provisions invoked
- s. 11B
- s. 19
Regulations
- Reg. 44
- Reg. 11(1)
- Reg. 3(4)
- Reg. 3(3)
Parties
- Mr. Sanjay Sonawani
- Mr. Abhay Shastri
- Mr. Vinod Sonawani
- Mr. Rohidas Kumbharkar
- Mr. Mitesh Kulkarni
- Suryoday Finmark Consultants Private Limited
- Suryoday Engineering Limited
- Suryoday Service Stations Limited
- Shastri Foods and Vegetables Limited
- Pushpa Prakashan Limited
- Washington Software Limited (WSL)
Holding
The noticees (Mr. Sanjay Sonawani, Mr. Abhay Shastri, Mr. Vinod Sonawani along with Suryoday Finmark Consultants Private Limited, Suryoday Engineering Limited, Suryoday Service Stations Limited, Shastri Foods and Vegetables Limited and Pushpa Prakashan Limited) were held to have contravened Regulation 11(1) of the Takeover Regulations by acquiring 19,42,400 shares (26.36% of paid-up capital) within twelve months without making a public announcement, and were restrained from accessing the securities market for one month. Proceedings against Mr. Rohidas Kumbharkar abated due to death, and the notice against Mr. Mitesh Kulkarni was disposed of without directions.
Full text
Page 2 of 9 holding of Mr. Sanjay Sonawani, Mr. Abhay Shastri along with Suryoday Finmark Consultants Private Limited, Suryoday Engineering Limited, Suryoday Service Stations Limited, Shashtri Foods and Vegetables Limited and Pushpa Prakshan Limited had increased to 73.75% of the total equity capital of WSL. It was also found that, pursuant to the aforesaid allotment, WSL had further allotted 4,69,000 shares by way of preferential issue to the promoters and other entities in July,
Page 3 of 9 Pushpa Prakshan Limited, vide their separate letters dated December 3, 1999 filed their replies to the show cause notice. The same are being considered in the later part of this Order. WSL in its reply also informed about the death of Mr. Rohidas Kumbharkar, its former director. A copy of the death certificate was also submitted in this regard. Mr. Mitesh Kulkarni, vide letter dated February 1, 2010 filed his reply to the show cause notice. SEBI has not received any replies from the other persons mentioned in the show cause notice.
Page 4 of 9 Sr. No. Name No. of shares allotted 4 Shastri Foods & Vegetables Limited 3,34,614 5 Pushpa Prakashan Limited 3,41,400
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Source: SecMarx — sebi:WTM/KMA/IVD/250/03/2010. 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.