sebi:WTM/MPB/SEBI/ISD/51/2018
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Facts / Headnote
Directions issued against VDPL vide interim order dated December 18, 2017 confirmed
Provisions invoked
- s. 19
- s. 2(76)
- s. 188
- s. 188(1)
Regulations
- Reg. 2(1)
- Reg. 53(f)
Parties
- Venmax Drugs and Pharmaceuticals Limited
Holding
The directions issued against VDPL vide interim order dated December 18, 2017 are confirmed, as the facts and circumstances of the case have not changed so as to justify discontinuation, modification, or revocation of those directions.
Full text
Order in the matter of Venmax Drugs and Pharmaceuticals Limited Page 2 of 17 2. Aggrieved by the aforesaid letter dated August 7, 2017 issued by SEBI, VDPL filed an
Order in the matter of Venmax Drugs and Pharmaceuticals Limited Page 3 of 17 6. Vide an email dated December 18, 2017, a copy of interim order was forwarded to VDPL. Subsequently, a physical copy of interim order was also sent to VDPL vide letter dated December 18, 2017 on its address on record, and the same was delivered.
Order in the matter of Venmax Drugs and Pharmaceuticals Limited Page 4 of 17 The company was founded in the year 1990 an since then, it has followed all ethical practices. There is no case pending against the company as on date. Currently, as regards the business of the company, it is submitted that the company has developed certain oncology related products and for their commercialization, the company requires money. The company is only hoping to procure the money from investors. The financial condition of the company had weakened and it was referred to BIFR. Mr. Narender had pledged his gold and had infused money into the company. Salaries of the employees have been paid in cash by Mr. N. V. Narender. No TDS was filed in that regard as the amount was less than Rs. 25,000. Regarding the observations I the interim order, the company has made good the errors and has also submitted documentary evidence. The company has provided the settlement agreement, VAT receipts, invoices, etc.
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Source: SecMarx — sebi:WTM/MPB/SEBI/ISD/51/2018. 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.