sebi:WTM/MPB/ISD/100/2017
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Facts / Headnote
Representation of M/s Svam Software Limited disposed of; interim directions issued modifying the actions envisaged in SEBI's letter dated August 7, 2017, including reverting trading to pre-August 7, 2017 status, appointment of independent forensic auditor, and restricting promoters/directors to buying only.
Provisions invoked
- s. 11B
- s. 11(4)
- s. 19
- s. 11(1)
Regulations
- Reg. 30
Parties
- M/s Svam Software Limited
Holding
SEBI found prima facie evidence of misrepresentation of financials and misuse of books of accounts/funds by M/s Svam Software Limited, and directed that trading in its securities be reverted to the status prior to August 7, 2017, an independent forensic auditor be appointed, and promoters/directors be permitted only to buy (not sell) securities of the company.
Full text
Interim Order in the matter of M/s Svam Software Limited Page 2 of 25 (b) Misusing the books of accounts/funds of the company including facilitation of accommodation entries to the detriment of minority shareholders and therefore reneging on the fiduciary responsibility cast on the board, controlling shareholders and key management person (KMP)
Interim Order in the matter of M/s Svam Software Limited Page 3 of 25 respect of all the listed securities as identified by MCA and communicated by SEBI, with effect from August 8, 2017.
Interim Order in the matter of M/s Svam Software Limited Page 4 of 25 before SEBI. Accordingly, we permit the appellant to withdraw the appeal with liberty to pursue the representation pending before SEBI.
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Source: SecMarx — sebi:WTM/MPB/ISD/100/2017. 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.