sebi:WTM/MPB/ISD/84/2017
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Facts / Headnote
Representation of M/s V B Industries Limited disposed of; actions in SEBI letter dated August 07, 2017 modified to revert trading to pre-August 07, 2017 status, direct Exchange-appointed independent forensic audit, permit promoters and directors only to buy securities with sale transfers blocked, and continue other applicable restrictions until further orders.
Provisions invoked
- s. 11B
- s. 11(4)
- s. 19
- s. 11(1)
Regulations
- Reg. 33
Parties
- M/s V B Industries Limited
Holding
SEBI modified its August 07, 2017 restrictions against M/s V B Industries Limited to revert trading to pre-order status while ordering an independent forensic audit and restraining promoters/directors to only buy securities pending further enquiry.
Full text
Interim Order in the matter of M/s V B Industries Limited Page 2 of 23 (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 V B Industries Limited Page 3 of 23 respect of all the listed securities as identified by MCA and communicated by SEBI, with effect from August 8, 2017.
Interim Order in the matter of M/s V B Industries Limited Page 4 of 23 9. In the meantime, aggrieved by the aforesaid letters dated August 7, 2017 issued by SEBI and BSE, VBIL filed an appeal No. 251 of 2017 before the Hon’ble Securities Appellate Tribunal (hereinafter referred to as “SAT”). The Hon’ble SAT vide order dated October 12, 2017 directed the following:-
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Source: SecMarx — sebi:WTM/MPB/ISD/84/2017. 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.