sebi:WTM/MPB/ISD/22/2017
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Facts / Headnote
Actions envisaged in SEBI's letter dated August 07, 2017 and the consequential actions taken by Stock Exchanges against M/s Lotus Eye Hospital and Institute Limited are revoked; representation dated August 08, 2017 disposed of.
Provisions invoked
- s. 11B
- s. 11(4)
- s. 19
- s. 11(1)
- s. 139
Parties
- M/s Lotus Eye Hospital and Institute Limited
Holding
SEBI's Whole Time Member revoked the interim trading restrictions and other actions imposed on M/s Lotus Eye Hospital and Institute Limited (LEHIL) vide SEBI's letter dated August 07, 2017, finding no prima facie evidence of misrepresentation, misuse of books of accounts/funds, or violation of LODR Regulations.
Full text
Order in the matter of M/s Lotus Eye Hospital and Institute Limited Page 2 of 11 (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 M/s Lotus Eye Hospital and Institute Limited Page 3 of 11 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.
Order in the matter of M/s Lotus Eye Hospital and Institute Limited Page 4 of 11 in the list of shell companies and also the reason for which the trading has been suspended. (h) In case you need any specific information we shall be happy to furnish the same and comply with the requirements. We enclose the audited financial statements of the company for the past three years for your immediate perusal. (i) In the interest of the Company and our valued shareholders, we request you to kindly treat this as most urgent and shall be glad to have your feedback in the matter.
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Source: SecMarx — sebi:WTM/MPB/ISD/22/2017. 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.