sebi:WTM/MPB/ISD/06/2018
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Facts / Headnote
Interim Order dated December 19, 2017 confirmed; forensic audit to continue
Provisions invoked
- s. 11
- s. 19
Regulations
- Reg. 2(1)
Parties
- M/s Pincon Spirit Limited
Holding
The Whole-Time Member confirmed the directions contained in the Interim Order dated December 19, 2017, including the continuation of the forensic audit of Pincon Spirit Limited, as PSL had not submitted any response or material contradicting the allegations or prima facie findings.
Full text
Order in the matter of M/s Pincon Spirit Limited Page 2 of 12 2. Aggrieved by the aforesaid letter dated August 7, 2017 issued by SEBI and Stock Exchnages, PSL filed an appeal No. 178 of 2017 before the Hon’ble Securities Appellate Tribunal (hereinafter referred to as “SAT”). The Hon’ble SAT vide order dated August 11, 2017 had granted stay to PSL and directed stock exchanges to reverse their decision in respect of PSL as expeditiously as possible and also directed SEBI to dispose of PSL representation in accordance with law. Hon’ble SAT also held that the said order shall not come in the way of SEBI as well as the stock exchanges to investigate the case of PSL and initiate proceedings if deemed fit.
Order in the matter of M/s Pincon Spirit Limited Page 3 of 12 iv. The other actions envisaged in SEBI’s letter dated August 07, 2017 in para 1 (d), as may be applicable, and the consequential action taken by Stock Exchanges shall continue to have effect against M/s Pincon Spirit Limited.
Order in the matter of M/s Pincon Spirit Limited Page 4 of 12 5 Bubna Properties Pvt Ltd Rajendra Bubna (Director) 6 Dream Commosale Pvt Ltd Kamala Kanta Jena (Director)
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Source: SecMarx — sebi:WTM/MPB/ISD/06/2018. 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.