sebi:WTM/MPB/ISD/34/2017
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Facts / Headnote
Modified SEBI letter dated August 7, 2017: trading in NTWL reverted to pre-letter status; Exchange to appoint independent forensic auditor; promoters/directors permitted only to buy securities with transfer for sale blocked; other actions in para 1(d) of August 7, 2017 letter 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)
Parties
- M/s Newever Trade Wings Limited
Holding
SEBI modified the August 7, 2017 restrictions against M/s Newever Trade Wings Limited to revert trading to pre-letter status while ordering an independent forensic audit and restricting promoters/directors to only buying securities pending further enquiry.
Full text
Interim Order in the matter of M/s Newever Trade Wings 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 Newever Trade Wings 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 Newever Trade Wings Limited Page 4 of 14 preclude SEBI from further investing the matter and initiate appropriate proceedings if deemed fit….”
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Source: SecMarx — sebi:WTM/MPB/ISD/34/2017. 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.