sebi:WTM/KMA/OIAE/334/12/2010
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Facts / Headnote
Restrained Nexus Software Limited and Mr. Ajay Sanghavi from accessing the securities market and buying, selling or otherwise dealing in securities directly or indirectly till all pending investor grievances are resolved; show cause notices against Mr. Dipak R. Patel, Mr. Hitesh M. Panchal and Mr. Harshad Patel disposed of without directions.
Provisions invoked
- s. 15
- s. 19
Parties
- Nexus Software Limited
- Mr. Ajay Sanghavi
- Mr. Dipak R. Patel
- Mr. Hitesh M. Panchal
- Mr. Harshad Patel
Holding
SEBI restrained Nexus Software Limited and its director Mr. Ajay Sanghavi from accessing the securities market and from buying, selling or otherwise dealing in securities till all pending investor grievances against the company are resolved, while disposing of the proceedings against three former directors without any directions.
Full text
Page 2 of 4 status report to SEBI, as advised. Therefore, a reminder dated November 24, 2008 was sent to the Company at the same address advising it to resolve the complaints and submit the status report within seven days. As the said letter returned undelivered, a public notice dated January 23, 2009 was given 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 taking such steps, SEBI had not received any response from the company.
Page 3 of 4 and July 27, 2010 respectively, submitted that they have resigned from the Company in the year 2001. In support of the said contention, they had also filed copy of Form-32.
Page 4 of 4 grievances and failure to respond to the SEBI notices in contravention of Sections 15C and 15A(a) of the SEBI Act, respectively. However, the Company has not paid the aforesaid penalty till date.
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Source: SecMarx — sebi:WTM/KMA/OIAE/334/12/2010. 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.