sebi:WTM/MPB/ISD/105/2017
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Facts / Headnote
Interim order modifying SEBI's letter dated August 7, 2017; trading reverted to pre-August 7, 2017 status, independent forensic audit ordered, promoters/directors restricted to buying only, representations disposed of.
Provisions invoked
- s. 11B
- s. 11(4)
- s. 19
- s. 11(1)
- s. 133
- s. 186
- s. 204(1)
- s. 186(7)
Parties
- Assam Company India Ltd.
Holding
SEBI's Whole Time Member modified the interim trading restrictions imposed on Assam Company India Ltd. (ACIL) via letter dated August 7, 2017, reverting trading to its prior status while ordering an independent forensic audit and restricting promoters/directors to buying securities only, pending further enquiry.
Full text
Order in the matter of Assam Company India Ltd. Page 2 of 23 (b) Misusing their respective books of accounts/funds 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)
Order in the matter of Assam Company India Ltd. Page 3 of 23 fourteen number of Tea Estates & factories, in the State of Assam. Assam Company India Limited (ACIL) was established in the year 1839, by a Deed of British Parliament and was the first tea company in the world. The Company produces about 11 Million Kgs. of premium Tea and employs about 20,000 labours across all its Tea Estates in Assam. …
Order in the matter of Assam Company India Ltd. Page 4 of 23 or otherwise. We also call upon you to withdraw such direction on our Company and allow the normal trading as was being done. “
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Source: SecMarx — sebi:WTM/MPB/ISD/105/2017. 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.