sebi:WTM/MPB/ISD/25/2017
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Facts / Headnote
Representation of Trinity Tradelink Ltd. disposed of; trading reverted to status prior to SEBI letter dated August 7, 2017; Exchange to appoint independent auditor to verify misrepresentation and misuse of books/funds; promoters/directors permitted only to buy with sale transfers frozen; other August 7, 2017 actions to continue; directions effective immediately until further orders subject to 30-day reply.
Provisions invoked
- s. 11B
- s. 11(4)
- s. 19
- s. 11(1)
- s. 21
- s. 56
Regulations
- Reg. 201
- Reg. 29(1)
Parties
- Trinity Tradelink Ltd.
Holding
SEBI modified the August 7, 2017 actions against Trinity Tradelink Ltd., reverting trading to pre-August 7 status while directing an independent audit and freezing promoter/director sales pending enquiry.
Full text
Order in the matter of Trinity Tradelink Ltd. Page 2 of 12 (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 Trinity Tradelink Ltd. Page 3 of 12 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, 1956 whether company is a going concern and its business model, status of compliance with listing requirements, etc.
Order in the matter of Trinity Tradelink Ltd. Page 4 of 12 would not preclude SEBI from further investing the matter and initiate appropriate proceedings if deemed fit.
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Source: SecMarx — sebi:WTM/MPB/ISD/25/2017. 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.