sebi:WTM/PS/03/IVD/ID-08/APR/2013
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Ad-interim ex-parte directions issued vide order dated December 28, 2011 confirmed against Rosevalley Merchandise Pvt. Limited, its directors, Overall Financial Consultants Pvt. Limited and its directors; directions to remain in force till further directions.
Provisions invoked
- s. 19
Parties
- Rosevalley Merchandise Pvt. Limited
- Mr. Anil Sharma
- Mr. Biraj Sonakar
- Overall Financial Consultants Pvt. Limited
- Mr. Anup Kumar Sharma
- Mr. Manoj Kumar Pandit
Holding
The ad-interim ex-parte directions issued against Rosevalley Merchandise Pvt. Limited, its directors, Overall Financial Consultants Pvt. Limited and its directors are confirmed and shall remain in force till further directions.
Full text
Page 2 of 7 Overall and its directors namely Mr. Anup Kumar Sharma and Mr. Manoj Kumar Pandit (hereinafter collectively referred to as 'the entities' and individually by their respective names) from buying, selling or dealing in the securities market, in any manner whatsoever, till further
Page 3 of 7 share subscription money which the management of Rosevalley had decided to allot 2,50,000 shares to Anubhav at ₹200 per share. - The fund transfer of ₹4 crore by Snehsil Marketing Pvt. Limited (hereinafter referred to as 'Snehsil') was also for share subscription of Rosevalley. The management of Rosevalley had decided to allot 50,000 shares to Snehsil at a price of ₹200 per share. Thereafter the remaining funds were returned back to Snehsil on October 25, 2011. - Sugam, Anubhav and Snehsil had lent/ forwarded the respective amounts for business purposes and the same had nothing to do with the trading in securities. - It had no knowledge about the source of such funds for Sugam, Anubhav and Snehsil. The receipt of ₹10.85 crore from these three entities was in regular course of business and such funds were never utilised in the share market. - As regards the payment of ₹1.60 crore made to Baba Bhoothnath on October 22, 2011, the same was the pay-in obligation to the said entity, being one of its designated brokers. As on October 20, 2011, an amount of ₹1.78 crore was outstanding from its side to Baba Bhoothnath and the transfer of ₹1.60 crore was adjusted by it for the outstanding amount.
Page 4 of 7 the date fixed, both Rosevalley and Overall failed to turn up for the personal hearing without any prior intimation to SEBI. I note that these entities have not asked for another opportunity of personal hearing. Therefore, I proceed further with the matter.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/PS/03/IVD/ID-08/APR/2013. 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.