sebi:WTM/KMA/OIAE/332/12/2010
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Facts / Headnote
Topline Shoes Limited and its directors Mr. H.M.G. Murthy, Mr. H.M.B. Murthy and Mr. C.V.S. Narayanan restrained from accessing the securities market and prohibited from buying, selling or otherwise dealing in securities till all pending investor grievances are resolved and confirmed by SEBI; proceedings against Mr. Sunil M. Gavaskar, Mr. Vinod B. Mistry, Mr. Duleep Singh and Mr. Arun L. Kapani disposed of without any directions.
Provisions invoked
- s. 19
Parties
- Topline Shoes Limited
- Mr. H.M.G. Murthy
- Mr. H.M.B. Murthy
- Mr. C.V.S. Narayanan
- Mr. Sunil M. Gavaskar
- Mr. Vinod B. Mistry
- Mr. Arun L. Kapani
- Mr. Duleep Singh
Holding
Topline Shoes Limited and its directors Mr. H.M.G. Murthy, Mr. H.M.B. Murthy and Mr. C.V.S. Narayanan are restrained from accessing and dealing in the securities market until all pending investor grievances are resolved and confirmed by SEBI, while the show cause notices against Mr. Sunil M. Gavaskar, Mr. Vinod B. Mistry, Mr. Duleep Singh and Mr. Arun L. Kapani are disposed of without any directions.
Full text
Page 2 of 5 Since the said letter which was sent by registered post was returned undelivered, a public notice was given on March 23, 2009 in the website of SEBI (www.sebi.gov.in) advising the Company to resolve the pending investor grievances and to submit the Action Taken Report. Despite such letters and public notice, SEBI had not received any response from the Company or its directors.
Page 3 of 5 (VSE) at the last know address of the Company. In case of the directors, it was pasted by VSE at the last known address of Mr. H. M. G. Murthy, Mr. H.M.B. Murthy and Mr. C. V. S. Narayan while when the show cause notice and hearing notice was sent for pasting to the last known address of Mr. Vinod B. Mistry and Mr. Arun L. Kapani, it could not be effected since they were no longer staying there and the person occupying the property did not allow it to be pasted. In case of Mr. Duleep Singh it returned with the comments “Short address and so not pasted”. As the show cause notices issued to the Company and its aforesaid directors had returned undelivered/could not be pasted, a paper publication was made by SEBI on June 13, 2010, in respect of the said show cause notice and hearing in various newspapers having nationwide and statewide circulation including ‘Sandesh’ (Rajkot Edition) and ‘Gujarat Samachar’ (Vadodara Edition). Despite taking all possible measures, neither the Company nor the aforesaid directors attended the said hearing on August 5, 2010.
Page 4 of 5 or deal in the securities market. The Company or its directors (except Mr. Sunil M. Gavaskar) have not filed any submissions or the Action Taken Report after resolving the complaints. In the case of Mr. Sunil M. Gavaskar, I find from Form-32 submitted along with his reply that he had resigned from the company as early as December 23, 1994. In view of the submissions and the material furnished in support of the contentions, it would not be proper to fasten any liability on him as a director. I also note from a certified copy of the Annual Return of the Company made upto October 25, 1994, received from the Registrar of Companies, Gujarat, which forms part of the record in the present proceedings, that Mr. Vinod B. Mistry and Mr. Arun L. Kapani have been shown to have ceased to be the directors of the Company from July 7, 1994. Further, I note from an earlier Order of SEBI dated September 8, 2004 passed in the matter of the Company and its directors, SEBI had inter alia observed “In respect of Duleep Singh, Sunil M. Gavaskar, Vinod B Mistry and Arun L Kapani, I note that while they were directors of TSL, the company had filed balance sheets and otherwise complied with requirements of the listing agreement and that they are no longer directors of the company.” (Emphasis supplied). In view of the above
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Source: SecMarx — sebi:WTM/KMA/OIAE/332/12/2010. 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.