sebi:WTM/KMA/OIAE/352/01/2011
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Facts / Headnote
Directions issued against Mr. Vijay Mohanlal Jain vide SEBI Order dated December 15, 2010 revoked; show cause notice dated November 11, 2009 disposed of.
Provisions invoked
- s. 19
Parties
- Mr. Vijay Mohanlal Jain
Holding
The directions issued against Mr. Vijay Mohanlal Jain by SEBI Order dated December 15, 2010 in the matter of Kolar Biotech Limited are revoked with immediate effect, and the show cause notice dated November 11, 2009 issued to him is disposed of.
Full text
Page 2 of 2 was enclosed by Mr. Vijay Mohanlal Jain along with the aforesaid letter. In view of the same, he requested SEBI to revoke the directions issued against him in the matter. I have considered the submissions of Mr. Vijay Mohanlal Jain and perused the certified copy of Form-32 filed by him. The said form indicates that he had resigned from the directorship of the Company on June 27, 2003. As Mr. Vijay Mohanlal Jain had ceased to be a director of the Company before the letter of SEBI dated September 25, 2008 was issued advising the Company to redress the pending investor complaints, no responsibility can be fixed on him for the failure of the Company in redressing the investor complaints, as alleged in the show cause notice. In view of the said reasons, in the interest of justice, I find it appropriate to revoke the directions issued against Mr. Vijay Mohanlal Jain, vide SEBI Order dated December 15, 2010 in the matter of Kolar Biotech Limited (formerly known as Kolar Information Technologies Limited). 2. In view of the foregoing, I, in exercise of powers conferred upon me under Section 19 of the Securities and Exchange Board of India Act, 1992 and Sections 11(4) and 11B thereof, hereby revoke the directions issued by the Securities and Exchange Board of India, vide Order dated December 15, 2010 in so far as Mr. Vijay Mohanlal Jain [having his address at A/12, Nand Dham, Bangur Nagar, Goregaon (West), Mumbai- 400090] is concerned, with immediate effect.
3. Accordingly, the show cause notice dated November 11, 2009 issued to Mr. Vijay Mohanlal Jain in the aforesaid matter is disposed of.
DR. K. M. ABRAHAM WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA PLACE: MUMBAI DATE: JANUARY 19, 2011
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Source: SecMarx — sebi:WTM/KMA/OIAE/352/01/2011. 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.