sebi:WTM/PS/58/IVD/JUN/2016

SEBI · SEBI · 2011-09-21 · Prashant Saran, Whole Time Member

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Facts / Headnote

Interim directions issued and to remain in force till further directions

Parties

• Mr. Arun Panchariya
• India Focus Cardinal Fund
• Vintage

Holding

SEBI directed local custodians to report beneficiary accounts receiving underlying shares on conversion/cancellation of 59 GDR issues of 51 companies for freezing by depositories, and directed that sale proceeds of underlying shares sold by Global Depository Banks be kept in interest-bearing escrow with the Indian custodian.

Full text

Page 2 of 7 (b) Similarly, vide order dated September 21, 2011 read with order dated December 30, 2011, SEBI had restrained India Focus Cardinal Fund, an entity connected with Mr. Arun Panchariya from dealing in securities or instruments with Indian securities as underlying, in any manner whatsoever, until further orders. The said action was taken in view of the alleged role of this entity in respect of the GDR issues made by the companies referred in the sub-paragraph above. The orders were subject to the modification by Hon’ble Securities Appellate Tribunal made vide Orders dated November 21, 2011 and June 27, 2012, granting the entity permission to sell the scrips as mentioned therein and to repatriate the sale proceeds. (c) Vide order dated March 23, 2015, SEBI had prima facie found that Vintage availed loan from Euram bank and such loan was secured by a pledge agreement entered into with the issuer company, Rasoya Protein Limited. Accordingly, as an interim measure, SEBI had restrained Vintage from accessing the securities market and further prohibited from buying, selling or dealing in securities or any instrument exchangeable or convertible into securities, directly or indirectly, in any manner whatsoever, till further directions.

Page 3 of 7 Sl. No. Name of the GDR issuer company No. of GDR issues Period of GDR issue Total amount raised by GDR issue (USD) million Global Depository Bank Custodian of GDRs 1 Aksh Optifibre Ltd. 1 Sep-10 25.00 The Bank of New York Mellon, USA DBS Bank Ltd, Mumbai 2 Aqua Logistics Ltd 1 Feb-11 62.38 Deutsche Bank Trust Company Americas ICICI Bank, Mumbai 3 Beckons Industries Ltd. 1 Jun-10 10.54 The Bank of New York Mellon, USA DBS Bank Ltd, Mumbai 4 Bhoruka Aluminium Ltd. 1 Dec-10 10.38 The Bank of New York Mellon, USA DBS Bank Ltd, Mumbai 5 Birla Cotsyn (India) Ltd. 1 Mar-10 25.00 The Bank of New York Mellon, USA HSBC, Mumbai 6 Birla Power Solutions Ltd. 1 Jan-10 20.00 The Bank of New York Mellon, USA HSBC, Mumbai 7 Edserv Softsystems Ltd. 1 Aug-11 23.89 The Bank of New York Mellon, USA HSBC, Mumbai 8 IT - People Limited (name changed to Commex Technology Ltd.) 1 May-09 9.99 Deutsche Bank Trust Company Americas Deutsche Bank AG 9 Jindal Cotex Ltd 1 Jun-10 38.75 JP Morgan Chase Bank, NY, USA JP Morgan Chase Bank, Mumbai 10 Kemrock Industries & Exports Ltd. 1 Apr-10 50.00 The Bank of New York Mellon, USA DBS Bank Ltd, Mumbai 11 Nakoda Ltd. 1 Nov-10 24.25 The Bank of New York Mellon, Luxembourg DBS Bank Ltd, Mumbai 12 Nissan Copper Ltd. 1 May-10 22.40 The Bank of New York Mellon, USA HSBC, Mumbai 13 Southern Ispat and Energy Ltd. 2 Aug-10, Jun- 11 29.98 The Bank of New York Mellon, USA DBS Bank Ltd, Mumbai 14 Sybly Industries Ltd. 1 Jun-08 6.99 Deutsche Bank Trust Company Am

Page 4 of 7 Sl. No. Name of the GDR issuer company No. of GDR issues Period of GDR issue Total amount raised by GDR issue (USD) million Global Depository Bank Custodian of GDRs 28 Crew B.O.S. Products Ltd. 1 Jul-05 5.00 The Bank of New York Mellon, USA ICICI Bank, Mumbai 29 GV Films Ltd. 1 Apr-07 40.00 The Bank of New York Mellon, USA ICICI Bank, Mumbai 30 Himachal Futuristic Communications Ltd. 1 Sep-02 50.00 Initial depository bank - Deutsche Bank Trust Company, USA, subsequent suceeding depository bank - The Bank of New York Mellon, USA ICICI Bank, Mumbai 31 Kaashyap Technologies Ltd. 4 May- 07, July- 07, Dec-07, Oct-09 60.55 the Bank of New York Mellon, USA ICICI Bank, Mumbai 32 KEI Industries Ltd. 1 Sep-05 9.99 The Bank of New York Mellon, USA ICICI Bank, Mumbai 33 Lyka Labs Ltd. 1 Dec-05 5.00 Deutsche Bank Trust Company Americas ICICI Bank, Mumbai 34 Mascon Global Ltd. 1 Mar-08 21.00 Deutsche Bank Trust Company Americas Deutsche Bank AG 35 Morepen Laboratories Ltd. 1 Mar-03 15.25 The Bank of New York Mellon, USA ICICI Bank, Mumbai 36 Pentamedia Graphics Ltd. 3 Feb-02, Nov- 02, Jun-03 60.55 M/s Bankers Trust Company, London ICICI Bank, Mumbai 37 Pentasoft Technologies Ltd. (Amalgamated with Pentamedia Graphics Ltd) 2 Apr- 02, Jun- 03 35.08 1 and 2 Citi Bank NA, USA Citi Bank NA, Mumbai 38 Rana Sugars Ltd. 1 May-06 18.00 Deutsche Bank Trust Company Americas ICICI Bank, Mumbai 39 Sanraa Software Ltd. (name changed to Sanraa Media Ltd.) 1 May-08 27.50 The Bank of New York M

Source: SecMarx — sebi:WTM/PS/58/IVD/JUN/2016. 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.