sebi:WTM/MPB/ISD/29/2018
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Facts / Headnote
Actions envisaged in SEBI's letter dated August 07, 2017 and consequential actions taken by Stock Exchanges against Kkalpana Industries (India) Limited revoked; representation disposed of
Provisions invoked
- s. 11B
- s. 11(4)
- s. 19
- s. 11(1)
- s. 2(76)
Parties
- Kkalpana Industries (India) Limited
Holding
SEBI revoked the trading restrictions and other actions envisaged in its letter dated August 7, 2017 against Kkalpana Industries (India) Limited and disposed of the company's representation.
Full text
Order in the matter of Kkalpana Industries (India) Limited Page 2 of 20 (a) Misrepresentation including of its financials and its business and possible violation of SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015 (hereinafter referred to as “LODR Regulations”) and/or (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 Kkalpana Industries (India) Limited Page 3 of 20 India Limited (hereinafter referred to as “MSE”) vide notice dated August 07, 2017, to all its market participants, initiated actions envisaged in the SEBI letter dated August 7, 2017 in respect of all the listed securities as identified by MCA and communicated by SEBI, with effect from August 8, 2017.
Order in the matter of Kkalpana Industries (India) Limited Page 4 of 20 (f) Company’s all compliances in regard to LODR Regulations and Companies Act, 2013 are up to date. (g) Company has a dedicated Registrar and Share Transfer Agents to handle the shareholder Grievances on regular basis. (h) Company has been regularly declaring and paying dividend atleast since 2007-08 till 2013- 14. (i) Company has 9 registrations under GST regime all across India. Company is a regular tax payer and paying taxes from almost 30 years. Company has paid Direct Taxes of more than Rs. 25 Crores in last five years. (Copies of Income Tax Return are enclosed). Company has also paid Indirect Taxes of more than Rs. 500 Crores in last five years.
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Source: SecMarx — sebi:WTM/MPB/ISD/29/2018. 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.