sebi:WTM/PS/03/IVD/ID-4/SEP/2012
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Facts / Headnote
Interim order dated December 28, 2011 confirmed; directions not revoked or modified pending completion of investigation
Provisions invoked
- s. 19
Parties
- D&A Financial Services (P) Ltd.
- Dinesh R. Kaushik
Holding
The ex-parte ad interim order dated December 28, 2011 against D&A Financial Services (P) Ltd. and its director Dinesh R. Kaushik was confirmed and not revoked or modified, pending completion of investigation.
Full text
Page 2 of 7 of Brooks. The persons against whom interim order was passed were advised that they may file their objections, if any, within twenty one days from the date of the said order and also of an opportunity of personal hearing, if they so desire.
Page 3 of 7 B. On procurement of plant & machinery for the project D&A has submitted that it was only informed of the proposed suppliers till the date of filing of the DRHP when the BRLM had done its due diligence and confirmed the existence, capability, quality, market presence of the said suppliers. D&A also submitted that
Page 4 of 7 These quotations, though unsigned were on letter heads of the respective suppliers and also indicated the name and designation of the officials concerned and were duly certified by the management of the company. Before incorporating the details of these quotations in the DRHP, the BRLM had checked the websites of the respective suppliers and found them to be genuine and existing entities. Having satisfied itself regarding the reputations of the said suppliers, the BRLM incorporated their quotations in the offer document. Further, in the computer era, all business correspondence is done through emails which do away with the physical signatures on the files attached with the emails. The mismatch of the quotations is probably because SEBI has probably taken into account the basic price ex taxes, installation charges, transit insurance, freight & forwarding charges, etc. whereas the BRLM had given the prices of the items after inclusion of the excise duty (@10.30%), sales tax (@2%), packing, freight and forwarding charges (@5%).
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Source: SecMarx — sebi:WTM/PS/03/IVD/ID-4/SEP/2012. 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.