sebi:WTM/KMA/NRO/IVD/382/05/2011
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Facts / Headnote
Proceedings disposed of without any directions
Provisions invoked
- s. 19
- s. 11B
Regulations
- Reg. 11
Parties
- Mr. Ashok Juneja
- Mr. Vinod Bansal
- Mr. Rajesh Arora
Holding
The proceedings initiated against Mr. Ashok Juneja, Mr. Vinod Bansal and Mr. Rajesh Arora in the matter of Kinetic Capital Services Limited were disposed of without any directions.
Full text
Page 2 of 3 Vinod Bansal, Mr. Deepak Kumar Gupta and Mr. Rajesh Arora, who were identified as the directors of the company. While the proceedings were in progress, the company and two of its directors namely, Mr. Deepak Kumar Gupta and Mr. Sanjeev Khurana submitted an application to SEBI for passing of a consent order in terms of SEBI Circular dated April 20, 2007. Thereafter, SEBI vide a Consent Order dated October 22, 2010 disposed of the proceedings against the company and its directors, Mr. Deepak Kumar Gupta and Mr. Sanjeev Khurana, as ordered therein.
Page 3 of 3 and Section 11B thereof read with Regulation 11 of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003, hereby dispose of the proceedings initiated against Mr. Ashok Juneja, Mr. Vinod Bansal and Mr. Rajesh Arora in the matter of Kinetic Capital Services Limited, without any
2. The proceedings against the other directors namely, Mr. Ashok Juneja, Mr. Vinod Bansal and Mr. Rajesh Arora now remain to be disposed of in the matter. I find from the notices issued to the aforesaid directors that they have been indicted in the matter in their capacities as the directors of the company. Mr. Ashok Juneja, Mr. Vinod Bansal and Mr. Rajesh Arora in their replies have submitted that they have resigned from the directorship of the company with effect from March 31, 1998 and that the intimation of the same was filed with the concerned Registrar of Companies. They have also enclosed the copies of the certified true copy of Form 32 which mentions that they had resigned on the aforesaid date. Further, the annual return of the company in respect of the annual general meeting held on September 27, 2002 also mentions that the aforesaid individuals have ceased to be the directors of the company from March 31, 1998. As per the notices issued to the company and its directors, the share price of the company had increased during the period- December 22, 1998 to May 17, 1999. In view of the foregoing, it would not be proper in the interest of justice to issue any direction against Mr. Ashok Juneja, Mr. Vinod Bansal and Mr. Rajesh Arora. Accordingly, I dispose of the present proceedings initiated against them as ordered hereinbelow.
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Source: SecMarx — sebi:WTM/KMA/NRO/IVD/382/05/2011. 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.