sebi:WTM/MPB/EFD-1-DRA-IV/67/2019
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Facts / Headnote
Order finding violations of PFUTP Regulations and SEBI Act; directions issued including penalty and restraint on Shri D Ravikumar from being associated with any listed company or SEBI registered intermediary
Provisions invoked
- s. 11A
- s. 11
- s. 19
- s. 12A
- s. 61
- s. 11(2)
- s. 55A
- s. 11C
- s. 633(1)
- s. 30
- s. 292A
- s. 3(42)
- s. 60B(9)
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 2
- Reg. 2(c)
- Reg. 5
- Reg. 3(b)
- Reg. 2(1)
- Reg. 57
- Reg. 57(1)
- Reg. 200
- Reg. 60(7)(a)
- Reg. 24
- Reg. 60(7)
- Reg. 301
Holding
ATL, its Chairman & Managing Director Shri Ravikumar, and its Audit Committee members were held to have violated Regulations 3(b), (c), (d) and 4(1) of PFUTP Regulations read with Sections 12A(a), (b) and (c) of the SEBI Act by deviating from the objects of the issue and diverting a major portion of the IPO proceeds of Rs. 170 crore. Various conduit entities (Vision, Interbrew, Corus, HDK, SK, Viraj, Maars, AFIL, Ecologix, Equastone, Virtus, Datamatics) were held to have aided ATL in playing fraud on investors.
Full text
Order in the matter of Acropetal Technologies Limited Page 2 of 101 12. Vision Info Inc - Vision Info Inc, UAE, Office No.204, Tower-A, Gulf Towers, Oud Metha,
Order in the matter of Acropetal Technologies Limited Page 3 of 101 2 Mr. Ramdas Janardhana Kamath Non-Executive & Independent Director 3 Dr. Subrahmanya Dandala Kannayya Reddy Non-Executive & Independent Director 4 Dr. Mathew James Manimala Non-Executive & Independent Director 5 Mr. Ashok Kumar Gopal Rao Jultha Non-Executive & Non Independent Director 6 Mr. Mohan Hosahally Ramakrishna Non-Executive & Independent Director 7 Ms. Shobha Sudhakar Acharya Company Secretary 8 Mr. Jamili Jalaiah Compliance Officer 9 Mr. S. Sudheer Chief Financial Officer
Order in the matter of Acropetal Technologies Limited Page 4 of 101 (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (herein after referred to as “PFUTP Regulations”). The period of investigation is taken as listing day of the scrip, March 10, 2011 (herein after referred to as “Investigation Period”). SHOW CAUSE NOTICE
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-IV/67/2019. 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.