sebi:WTM/PS/09/IVD/ID-06/SEPT/2012
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Facts / Headnote
Confirmed the ex-parte ad interim directions dated 28 December 2011 against Almondz Global Securities Limited, Mr. Vinay Mehta and Mr. Sanjay Dewan; directions to continue till further directions
Provisions invoked
- s. 19
Parties
- Almondz Global Securities Limited
- Mr. Vinay Mehta
- Mr. Sanjay Dewan
Holding
The Whole Time Member confirmed and continued the ex-parte ad interim directions dated December 28, 2011 against Almondz Global Securities Limited, Mr. Vinay Mehta and Mr. Sanjay Dewan till further directions.
Full text
Page 2 of 6 82. SEBI initiated a preliminary investigation upon noticing wide fluctuations in the price of the scrip of BGIL, pursuant to the listing. The preliminary investigation inter alia revealed that the proceeds of the IPO of BGIL was transferred to various entities with a likely purpose of siphoning off and/ or diversion of funds. It was prima facie revealed that BGIL had suppressed material facts in the offer document pertaining to the company like utilization of proceeds of the issue, payment for Inter Corporate Deposits (hereinafter referred to as 'ICD'), payment to vendors etc. Further, Almondz was also prima facie found to have failed to exercise due diligence and aided and abetted the fraud committed by BGIL.
Page 3 of 6 - Almondz relied upon the work of experts and believed that an independent valuation of software or retention of invoices of hardware purchased by the company or an exercise to bifurcate hardware and software or to separately indentify all assets in the fixed assets register of BGIL was not warranted.
Page 4 of 6 4. While the proceedings were in progress, Almondz approached Hon'ble Securities Appellate Tribunal for setting aside the directions against it, contained in the interim
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Source: SecMarx — sebi:WTM/PS/09/IVD/ID-06/SEPT/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.