sebi:WTM/PS/28/IVD/ID-05/DEC/09
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Facts / Headnote
Noticees restrained from accessing the securities market and prohibited from buying, selling or otherwise dealing or associating with the securities market in any manner whatsoever, for a period of one year; order served on all recognized stock exchanges and depositories.
Provisions invoked
- s. 11
Regulations
- Reg. 44
- Reg. 11
- Reg. 2(1)(c)
- Reg. 12
- Reg. 14(3)
Parties
- Hari Singh Champawat
- Keshar Singh Rathore
- Manohar Singh Rathore
Holding
The noticees, acting in concert, acquired control of KIFL without making a public announcement as required under Regulation 12 of the SAST Regulations, and were therefore in violation of Regulation 12. They were restrained from accessing the securities market for a period of one year.
Full text
Page 2 of 10 Manohar Singh Rathore (Ex-Director, KIFL) (hereinafter collectively referred to as ‘noticees’) acquired the control of KIFL from Mr. Vijay Kirloskar (Ex-Chairman, KIFL) and his associates. However, it was noticed that they had not made any open offer to public as required under Regulations and thereby violated Regulation 12 of SAST Regulations.
Page 3 of 10 5. In view of non-delivery of SCN of Keshar Singh Rathore and Manohar Singh Rathore, efforts were made to collect their addresses from the Registrar of Companies (hereinafter referred to a as ‘ROC’) through BgSE. SCN were again sent vide letters dated June 14, 2004 on the collected addresses but the same returned undelivered. Again, vide letter dated August 10, 2004 SCN was sent to Keshar Singh Rathore and vide letter dated August 11, 2004, SCN was sent to Manohar Singh Rathore through Ahmedabad Stock Exchange for pasting on their last known address. Ahmedabad Stock Exchange vide its letter dated August 20, 2004, returned the SCN of Manohar Singh Rathore since the present occupier of the stated address did not allow pasting of SCN. However, reply was received from Keshar Singh Rathore vide his letter dated September 01, 2004.
Page 4 of 10 7. I have carefully examined the SCN, replies of SCN and other material available on record. The contentions of the noticees in their replies, in brief, are:
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Source: SecMarx — sebi:WTM/PS/28/IVD/ID-05/DEC/09. 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.