sebi:WTM/MPB/ISD/144/2018
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Facts / Headnote
Interim order modifying the actions envisaged in SEBI's letter dated August 7, 2017; trading in securities of IGFL reverted to status prior to that letter; forensic audit directed; representation disposed of.
Provisions invoked
- s. 11B
- s. 11(4)
- s. 19
- s. 11(1)
- s. 45I
Regulations
- Reg. 201
- Reg. 23
- Reg. 30
- Reg. 23(1)
Parties
- Inter Globe Finance Limited
Holding
The Whole Time Member found prima facie evidence of misrepresentation of financials/business and misuse of books of accounts/funds by IGFL, and directed that trading in IGFL securities be reverted to the status prior to SEBI's letter dated August 7, 2017, with a forensic audit to be appointed by the exchange pending further enquiry.
Full text
Order in the matter of Inter Globe Finance Limited Page 2 of 32 (a) Misrepresentation including that of their respective financials and businesses and possible violations of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 (hereinafter referred to as “LODR Regulations”) and/or (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 Inter Globe Finance Limited Page 3 of 32 the listed companies as identified by MCA and communicated by SEBI, with effect from August 8, 2017.
Order in the matter of Inter Globe Finance Limited Page 4 of 32 “… 3. In view of the facts set out in the Memorandum of Appeal and other documents tendered at the time of hearing relating to annual turnover of the appellant company for last three years, which even according to SEBI prima facie appear to be correct, we extend the said stay to the case of the appellant company herein and direct the stock exchanges to reverse their decision in respect of the appellant company as expeditiously as possible.
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Source: SecMarx — sebi:WTM/MPB/ISD/144/2018. 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.