sebi:WTM/KMA/OIAE/340/12/2010
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Facts / Headnote
Kolar Biotech Limited and directors Basantani Chinrai Rajkumar and Jain Mohanlal Vijay restrained from accessing and dealing in securities till pending investor grievances resolved and confirmed by SEBI; show cause notices against Dr. Karthikswami Pravin Swami, Mr. Teckchandani R. Haresh and Mr. Hingorrani Ramchand Vinod disposed of without any directions
Provisions invoked
- s. 11B
- s. 19
Parties
- Kolar Biotech Limited, formerly known as Kolar Information Technologies Limited
- Mr. Basantani Chinrai Rajkumar
- Mr. Jain Mohanlal Vijay
- Dr. Karthikswami Pravin Swami
- Mr. Teckchandani R. Haresh
- Mr. Hingorrani Ramchand Vinod
Holding
Kolar Biotech Limited and its directors Mr. Basantani Chinrai Rajkumar and Mr. Jain Mohanlal Vijay are restrained from accessing the securities market and from buying, selling or otherwise dealing in securities till all pending investor grievances are resolved and confirmed by SEBI. The show cause notices against Dr. Karthikswami Pravin Swami, Mr. Teckchandani R. Haresh and Mr. Hingorrani Ramchand Vinod are disposed of without any directions.
Full text
Page 2 of 4 Thereafter, a public notice was also given on January 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 did not receive any response from the Company or its Directors.
Page 3 of 4 Mohanlal Vijay returned undelivered from the last known address, a copy of the same along with the notice of hearing was pasted as a substitute service of the notice. A paper publication was also made by SEBI on June 13, 2010, in respect of the said show cause notices and the hearing in various newspapers having nationwide and statewide circulation including ‘Hindustan Times’ (Mumbai, New Delhi & Kolkata Edition) ‘Sandesh’ (Rajkot Edition) and ‘Gujarat Samachar’ (Vadodara Edition). On the date of hearing, Ms. Vaishali R. Shetty, Advocate represented Dr. Karthikswami Pravin Swami and submitted that he had tendered his handwritten resignation to the company on March 18, 2001 and copy of Form 32 was also submitted.
Page 4 of 4 grievances of the investors. 5. Taking into consideration the facts and circumstances of the case, I, in exercise of the powers conferred upon me under Section 19 of the Securities and Exchange Board of India Act, 1992 read with Sections 11(4) read with 11B thereof do hereby restrain Kolar Biotech Limited, formerly know as Kolar Information Technologies Limited, (having its registered office at 23 Narayan Building, Lakhamshi Napoo Road, Dadar [Central Railway], Mumbai-400014) and its directors, Mr. Basantani Chinrai Rajkumar [having his address at 701,Pinky Panorama, 6th Road, Khar (West), Mumbai-400052] and Mr. Jain Mohanlal Vijay [having his address at B/12, Nandhhan Estate, Bankur Nagar, Goregaon (West), Mumbai- 400090] from accessing the securities market and prohibit them from buying, selling or otherwise dealing in securities, directly or indirectly, till all the pending investor grievances against the said company are resolved and the same is reported and confirmed by the Securities and Exchange Board of India.
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Source: SecMarx — sebi:WTM/KMA/OIAE/340/12/2010. 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.