sebi:WTM/KMA/NRO/IVD/422/07/2011
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Facts / Headnote
Notices dated January 17, 2005 disposed of without any directions
Provisions invoked
- s. 11B
- s. 19
- s. 560(3)
Regulations
- Reg. 11
- Reg. 14(3)
Parties
- Beetal Capital Services Limited
- Mr. Kawitansh Khanna
Holding
The notices issued to Beetal Capital Services Limited and Mr. Kawitansh Khanna were disposed of without any directions, as the proceedings against the dissolved entity had abated and the proceeding against Mr. Khanna was solely in his capacity as a director of that entity.
Full text
Page 2 of 4 shown as bought at low rates and then sold at high rates to enable the clients to obtain capital gain entries which were set-off by clients against losses declared under the Voluntary Disclosure of Income Scheme of 1997 (VDIS). The entity, Beetal Capital Services Limited was alleged that it had made endorsements of transfers as per the list provided to it by the company without any transfer deeds and non-verification of the specimen signatures. The notice had alleged that Beetal Capital Services Limited had failed to exercise due diligence and care as required under Clauses 1 and 3 of the Securities and Exchange Board of India (Registrar to an Issue and Share Transfer Agents) Regulations, 1993 (the Regulations). It was also alleged in the notice that the entity also failed to maintain records in accordance with Regulation 14(3) of the Regulations. The notice has contemplated issuance of directions inter alia restraining the entity from accessing the securities market and prohibiting them from associating with capital market activities. Similar irregularities and charges were alleged against the parties in the notice dated January 17, 2005 issued in the matter of CGIL.
Page 3 of 4 that the proceedings under Sections 11 and 11B of the Securities and Exchange Board of India Act, 1992, could not be proceeded against it, as it ceased to be a registered intermediary by the time notices were issued. The parties have submitted that the charges against Beetal Capital Services Limited were dropped by the Commissioner of Income Tax (Appeals)- I, Ludhiana, vide
Page 4 of 4 5. In view of the foregoing, I, in exercise of the powers conferred upon me under Section 19 of the Securities and Exchange Board of India Act, 1992 read with Section 11B thereof and Regulations 11 and 13 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 notices dated January 17, 2005 issued to Beetal Capital Services Limited and Mr. Kawitansh Khanna, in the matters of SG Global Exports Limited and Classic Global Impex Limited (now known as Divine Impex Limited), without any
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Source: SecMarx — sebi:WTM/KMA/NRO/IVD/422/07/2011. 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.