sebi:WTM/MPB/ISD/17/2017
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Interim order modifying the actions envisaged in SEBI's letter dated August 07, 2017: trading restrictions on promoters/directors removed and trading reverted to pre-August 7, 2017 status, while directing an independent forensic audit of the company's financials to continue.
Provisions invoked
- s. 19
- s. 11(1)
Parties
- Hit Kit Global Solutions Limited
Holding
The Whole Time Member found no prima facie evidence of misrepresentation or misuse of books of accounts/funds by HKGSL, and accordingly removed the restrictions imposed on promoters/directors and reverted trading in the securities to its pre-August 7, 2017 status, while directing that an independent forensic audit of the company's financials be conducted to establish their genuineness.
Full text
Order in the matter of Hit Kit Global Solutions Ltd. Page 2 of 13 4. SEBI was also of the view that investors should be alerted on the possible enforcement action by various authorities leading to potentially significant impact on the price of the stock.
Order in the matter of Hit Kit Global Solutions Ltd. Page 3 of 13 March, 2017, which will enable the company to generate further revenue stream for the company.
Order in the matter of Hit Kit Global Solutions Ltd. Page 4 of 13 HKGSL may be placed under the same trading category as was traded up till August 7, 2017.
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Source: SecMarx — sebi:WTM/MPB/ISD/17/2017. 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.