sebi:WTM/MPB/ISD/19/2017
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Facts / Headnote
Representation dated August 21, 2017 disposed of; interim actions modified - trading reverted to XT group of BSE in trade to trade category, independent forensic audit ordered, promoters/directors permitted only to buy securities, other actions of SEBI letter dated August 7, 2017 to continue
Provisions invoked
- s. 11B
- s. 11(4)
- s. 19
- s. 11(1)
Parties
- M/s IRIS Mediaworks Limited
Holding
SEBI's Whole Time Member modified the interim actions against M/s IRIS Mediaworks Limited, reverting trading to XT group of BSE in trade to trade category, directing an independent forensic audit, restricting promoters/directors to only buying securities, while continuing other actions envisaged in SEBI's letter dated August 7, 2017.
Full text
Interim Order in the matter of M/s IRIS Mediaworks Limited Page 2 of 14 (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 IRIS Mediaworks Limited Page 3 of 14 7. On August 09, 2017, SEBI further advised the Exchanges to submit a report after seeking auditor's certificate, from all such listed companies, providing the status of certain aspects of the company like company's compliance requirement with Companies Act, whether company is a going concern and its business model, status of compliance with listing requirements, etc.
Interim Order in the matter of M/s IRIS Mediaworks Limited Page 4 of 14 (h) Vide letter dated 17.08.2017 to BSE, the company had filed auditors certificate alongwith with all the requisite data/details/documents. The same is also enclosed. (i) The company is not a ‘Shell’ company and erroneously the name had been included in the list of suspected ‘shell’ companies by SEBI vide Notice dated 07.08.201 and BSE vide its Notice dated 07.08.2017. (j) The company prayed that its name be removed and expunged from the list of suspected ‘shell’ companies.
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Source: SecMarx — sebi:WTM/MPB/ISD/19/2017. 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.