sebi:WTM/MSS/ISD/63/2010
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Facts / Headnote
Directions issued for completion of sale of 1,06,450 shares, transfer of sale proceeds to SEBI, and investment of proceeds in fixed deposits.
Parties
- Devangi Dipakbhai Panchal
Holding
The Whole Time Member directed Devangi to complete formalities for the sale of 1,06,450 shares to the acquirers within 15 days, with NSDL/Karvy to transfer the shares to a Special Depository Account and the Manager to the offer to remit sale proceeds to SEBI within 7 days of such transfer.
Full text
Page 2 of 2 a. Devangi shall complete all the necessary formalities to give effect to sale of the said 1,06,450 shares to the acquirers within 15 days from the date of this order. b. On completion of the necessary formalities as at (a) above, and ensuring that there is no encumbrance / attachment by any other law enforcement agency / Court on the said shares, National Securities Depository Ltd. (NSDL) and its DP, Karvy Stock Broking Ltd. (DP ID: IN300394) shall transfer the aforesaid shares from the demat account No. 11933458 of Devangi (PAN: ABOPP7151Q) with Karvy Stock Broking Ltd. (DP ID: IN300394) to the Special Depository Account (IN300394 17601089) maintained by the Manger to the offer. d. The Manager to the offer, namely, SBI Capital Markets Ltd., shall transfer the entire sale proceeds in respect of aforesaid shares to SEBI within 7 days from the date of transfer to the Special Depository Account. e. SEBI shall invest the sale proceeds in fixed deposits with a nationalized bank and use the same towards contingent liability, if any, arising from disposal of the pending proceedings against Devangi. f. Any tax liability arising out of the aforesaid offer of shares shall be borne by Devangi.
5. A copy of this order shall be served on Ms. Devangi Dipakbhai Panchal, NSDL, Karvy Stockbroking Ltd., SBI Capital Markets Ltd., HSBC Securities and Capital Markets (India) Pvt. Ltd. and HSBC Violet Investments (Mauritius) Ltd. to ensure implementation of
directions contained herein. M. S. Sahoo Date: August 13, 2010 Whole Time Member Place: Mumbai Securities and Exchange Board of India
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Source: SecMarx — sebi:WTM/MSS/ISD/63/2010. 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.