sebi:WTM/MPB/SEBI/ISD/09/2018
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Facts / Headnote
Directions issued against HKGSL vide interim order dated September 7, 2017 are confirmed.
Provisions invoked
- s. 19
Parties
- Hit Kit Global Solutions Ltd. (HKGSL)
Holding
SEBI's Whole Time Member confirmed the interim directions issued against Hit Kit Global Solutions Ltd. (HKGSL) on September 7, 2017, including the requirement for a forensic audit of HKGSL's financials, finding that the facts and circumstances had not changed adequately to justify revocation or modification of those directions.
Full text
Order in the matter of Hit Kit Global Solutions Ltd. Page 2 of 21 filed before SEBI against the said letter dated August 7, 2017. Hon’ble SAT directed SEBI to dispose of the representation of HKGSL as expeditiously as possible and in any event within a period of three weeks from August 17, 2017. Hon’ble SAT also held that passing of any order on the representation made by the appellant would not preclude SEBI from further investigating the matter and initiate appropriate proceedings if deemed fit.
Order in the matter of Hit Kit Global Solutions Ltd. Page 3 of 21 company. However, in the audited financial results of the company for the financial year 2015-16, the amount of Rs. 11.00 lakhs is not reflected in the Statement of Profit & Loss Account for the year ended March 31, 2016 under Income – Other Income, which is reflected as "Nil". Further, the Cash flow statement of the Company for the year ended March 31, 2016, does not reflect this transaction of sale of shares of Shree Gajratna Corporation Pvt. Ltd.(SGCPL) under the head "cash flow from investment activity".
Order in the matter of Hit Kit Global Solutions Ltd. Page 4 of 21 since the amount of Rs. 3.87 crore, has not been fructified for more than 3 financial years, prima facie there arises a suspicion regarding the authenticity of the said transaction.
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Source: SecMarx — sebi:WTM/MPB/SEBI/ISD/09/2018. 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.