sebi:WTM/PS/06/IVD/MAY/2013
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Facts / Headnote
Interim directions issued against the five independent/non-executive directors vide order dated December 28, 2011 and confirmed vide order dated October 05, 2012 are revoked with immediate effect.
Provisions invoked
- s. 19
Parties
- Ms. Arti Bhatia
- Mr. Anil Kapoor
- Mr. Sanjay Kapoor
- Mr. Harjeet Anand
- Ms. Jaya Mishra
Holding
The interim directions previously issued against Ms. Arti Bhatia, Mr. Anil Kapoor, Mr. Sanjay Kapoor, Mr. Harjeet Anand and Ms. Jaya Mishra are revoked with immediate effect upon completion of the investigation.
Full text
Page 2 of 2 4. Upon consideration of the objections received and after affording an opportunity of personal hearing, the interim directions were confirmed vide order dated October 05, 2012 inter alia against Ms. Arti Bhatia, Mr. Anil Kapoor, Mr. Sanjay Kapoor, Mr. Harjeet Anand and Ms. Jaya Mishra till the completion of the investigation. Now as the investigation in the matter is complete, the matter has again been taken up for reconsideration.
5. I note that the investigation in the matter is concluded. As regards, Ms. Arti Bhatia, Mr. Anil Kapoor, Mr. Sanjay Kapoor, Mr. Harjeet Anand and Ms. Jaya Mishra, who are the independent/ non-executive directors, the investigation could not establish that they had a crucial role to play in the alleged fraud. In view of the foregoing, I do not find it appropriate to continue with the interim directions passed by SEBI, vide order dated December 28, 2011 and later confirmed vide order dated October 05, 2012.
6. For the reasons stated above, I, in exercise of the powers conferred upon me under Section 19 of the Securities and Exchange Board of India Act, 1992 read with Sections 11(1), 11(4) and 11B thereof, do hereby revoke the interim directions issued against Ms. Arti Bhatia [PAN: AFCPB 5056J], Mr. Anil Kapoor, Mr. Sanjay Kapoor [PAN: AIXPK 2530Q], Mr. Harjeet Anand [PAN: AABPA 2410K] and Ms. Jaya Mishra [PAN: AAJPM 6407E] vide the ad interim ex-parte Order dated December 28, 2011 and confirmed vide
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Source: SecMarx — sebi:WTM/PS/06/IVD/MAY/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.