sebi:WTM/MPB/ISD/114/2017
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Facts / Headnote
Revoked - actions envisaged in SEBI letter dated August 07, 2017 revoked; representation disposed of
Provisions invoked
- s. 11B
- s. 11(4)
- s. 19
- s. 11(1)
Parties
- Prakash Industries Limited
Holding
SEBI revoked the actions envisaged in its letter dated August 07, 2017 and the consequential actions taken by the Stock Exchanges against Prakash Industries Limited, and disposed of the company's representation.
Full text
Order in the matter of Prakash Industries Limited Page 2 of 15 (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)
Order in the matter of Prakash Industries Limited Page 3 of 15 respect of all the listed securities as identified by MCA and communicated by SEBI, with effect from August 8, 2017.
Order in the matter of Prakash Industries Limited Page 4 of 15 companies’ deserves to be stayed. Accordingly while staying the communication of SEBI dated 07.08.2017, qua the two appellants, we direct BSE and NSE to forthwith reverse their decisions both dated 07.08.2017 in case of these two appellants.
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Source: SecMarx — sebi:WTM/MPB/ISD/114/2017. 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.