sebi:WTM/MPB/ISD/67/2017
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Facts / Headnote
Representation dated September 15, 2017 disposed of; trading in securities of RIL reverted to status prior to SEBI letter dated August 7, 2017; Stock Exchange to appoint independent forensic auditor; promoters and directors permitted only to buy securities with transfer for sale blocked; other actions in SEBI letter dated August 7, 2017 para 1(d) to continue; RIL to file reply/objections within 30 days failing which order stands automatically confirmed.
Provisions invoked
- s. 11B
- s. 11
- s. 11(4)
- s. 19
- s. 11(1)
Regulations
- Reg. 38
Parties
- Ritman Infra Ltd
Holding
SEBI modified the August 7, 2017 measures against Ritman Infra Ltd, reverting trading to pre-August 7 status while ordering an independent forensic audit, restricting promoters/directors to only buying securities, and continuing other August 7 restrictions pending audit/further enquiry.
Full text
Order in the matter of Ritman Infra Ltd Page 2 of 20 (b) Misusing their respective books of accounts/funds 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 Ritman Infra Ltd Page 3 of 20 whether company is a going concern, its business model, status of compliance with listing requirements, etc.
Order in the matter of Ritman Infra Ltd Page 4 of 20 from 08.08.2017, without considering peculiar facts and circumstances of the case as mentioned below. Hereto annexed and marked as Annexure - "I" is the copy of the aforesaid MSEI's Notice dated 07.08.2017.
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Source: SecMarx — sebi:WTM/MPB/ISD/67/2017. 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.