sebi:WTM/PS/15/IVD/ID-2/OCT/2012
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Interim directions issued vide ad interim ex-parte Order dated December 28, 2011 revoked with immediate effect
Provisions invoked
- s. 19
Parties
- Mr. Pawan Kumar Jain
- Mr. Pana Chand Jain
- Mr. Tej Kumar Jain
Holding
SEBI revoked the interim restraint directions issued against Mr. Pawan Kumar Jain, Mr. Pana Chand Jain and Mr. Tej Kumar Jain vide the ad interim ex-parte Order dated December 28, 2011, with immediate effect.
Full text
Page 2 of 3 buying, selling or dealing in any securities, in any manner whatsoever, till further directions. The persons/ entities against whom the interim order was passed, were advised to file their objections, if any, within twenty one (21) days from the date of the said order and also avail opportunity of personal hearing, if they so desire.
Page 3 of 3 11B thereof, do hereby revoke the interim directions issued against Mr. Pawan Kumar Jain [PAN: AALPJ 1084G], Mr. Pana Chand Jain [PAN: ABJPJ 3148G] and Mr. Tej Kumar Jain [PAN: ACQPJ 1281L] vide the ad interim ex-parte Order dated December 28, 2011 with immediate effect.
4. I note that TPL in its prospectus dated September 12, 2011, had declared that it had not raised any bridge loan against the proceeds of the IPO. However, it is seen that TPL in its Board meeting dated September 10, 2011 had taken the decision to raise Inter Corporate Deposits (hereinafter referred to as 'ICD') to meet the working capital requirements and the repayments of these ICDs had to be from the proceeds of IPO. It has been observed from the copy of minutes of the Board meeting held on Saturday, September 10, 2011 that the Chairman had informed the Board of Directors that there was a need for extra funds for meeting the business need.
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/15/IVD/ID-2/OCT/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.