sebi:WTM/PS/76/IVD/ID-01/MARCH/2012
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Facts / Headnote
Show cause notice disposed of without imposing any penalty or direction; proceedings against Late Mr. B.S. Ranga abated; proceedings against Vikram infructuous
Provisions invoked
- s. 11B
- s. 11
- s. 19
Regulations
- Reg. 6(a)
Parties
- Vikram Studio and Labs Private Limited
- Late Mr. B.S. Ranga
- Mr. B. Ranga Vasanth
Holding
The Show Cause Notice issued to Vikram Studio and Labs Private Limited, Late Mr. B.S. Ranga, and Mr. B. Ranga Vasanth was disposed of without imposing any penalty or direction, as SEBI did not find sufficient evidence that the noticees had violated Regulation 6(a) of the PFUTP Regulations.
Full text
Page 2 of 7 Act, 1956. The preferential issue was to be made to the persons other than the promoters. The amount for the shares in the preferential issue was to be paid in two tranches; firstly `1 per share towards the nominal value and a premium of `1.70 per share on the application and `9 towards nominal value and `15.30 per share towards premium on first and final call before August 31, 2000. Later on, the time for payment of final call was extended by Datasoft till April 27, 2001 to give the allottees adequate time to pay the final call money. A total of 41 entities had applied for the preferential allotment of Datasoft. Out of these, 16 applicants had applied for 1,18,50,000 shares and they paid `3,19,95,000 towards application money. Later on, these 16 applicants had defaulted in making the payment of the call money. The application money of these entities who had not paid the balance amount even after the extended time, was forfeited.
Page 3 of 7 Securities Market) Regulations, 1995 (hereinafter referred to as ‘PFUTP Regulations’). Accordingly, the SCN called upon the noticees to show cause as to why suitable directions under Section 11 read with Section 11B of the SEBI Act including the direction of restraining them from accessing the securities market should not be initiated against them.
Page 4 of 7 returns for which 8 lakh shares of Electrolux Kelvinator were transferred to Vision’s demat account in SCHIL. - No contra-entry of `1,02,00,000 can be seen in the Bank of Punjab statement of Vision allegedly transferred to Shalibhadra. - They have no knowledge that the shares were taken by Tukaram, an employee of G.S. Sridhar group of companies. - No material on record to infer that they were part of the alleged transactions and the entire transaction had taken place without their knowledge. No material on record to show that they were associate of G.S. Sridhar. - The SCN has been addressed to VSLPL and its directors, however, the
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Source: SecMarx — sebi:WTM/PS/76/IVD/ID-01/MARCH/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.