sebi:WTM/PS/IVD-ID8/05/SEPT/2012
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Facts / Headnote
Confirmed directions issued vide ad-interim ex-parte order dated December 28, 2011 against PNB Investment Services Ltd. and Shri L. P. Agarwal
Provisions invoked
- s. 19
Regulations
- Reg. 60(4)
Parties
- PNB Investment Services Ltd.
- Shri L. P. Agarwal
Holding
The Whole Time Member confirmed the ad-interim ex-parte directions dated December 28, 2011 against PNB Investment Services Ltd., Merchant Banker, and Shri L.P. Agarwal in the IPO matter of Taksheel Solutions Ltd.
Full text
Page 2 of 14 present. Copies of the relevant documents as required by PNB were also provided to them. 3. A combined personal hearing was granted to PNB and Shri L. P. Agarwal, on their request. On March 15, 2012, Shri L.P. Agarwal and Shri S.A.R. Zaidi, MD-PNB along with their advocates namely Shri R S Loona, Shri Ankur Loona, Ms. Roochi Hatengdi of Alliance Corporate Lawyers attended the hearing. Since, it was partly heard on March 15, 2012, the matter was once again heard on April 03, 2012 wherein Shri L. P. Agarwal, the representatives of PNB namely Shri D. Subrahmanyam, Sr. AVP and Shri J.K. Agarwal, COO along with their Advocates Shri R S Loona and Shri Ankur Loona of Alliance Corporate Lawyers made the submissions. Pursuant to hearing, the PNB further filed written submissions vide letter dated April 03, 2012 and April 12, 2012
Page 3 of 14 i. Non- disclosure of cancellation of land allotted to Taksheel by Andhra Pradesh Industrial Infrastructure Corporation Ltd. (herein referred to as APIICL) at Warangal in the offer document; ii. Incorrect disclosures about the presence of employees across various offices of Taksheel in the offer document; iii. Non-disclosure of utilisation of IPO proceeds for repayment of Inter Corporate Deposits(herein referred to as ICD) raised by Taksheel; iv. Incorrect disclosures about buy back arrangement of shares of Taksheel; v. Non-disclosure of purchase order placed with Wiselink Technologies Pvt Ltd (herein referred to as WTPL) for purchase of design and development of Mobile Interactive Solutions in the offer document; vi. Non-disclosure of related party transactions in the offer document.
Page 4 of 14 There was no mention of cancellation of the allotment of APIICL land in the Annual Report or any other Annual report of Taksheel for the period 2008-09 and thereafter. The cancellation order (dt: August 27, 2008) came to the notice of PNB only after the Impugned Order (of SEBI dtd December 28, 2011). Though APIICL had passed the cancellation order, the same remained ineffective and Taksheel continued to remain in possession of the said land.
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Source: SecMarx — sebi:WTM/PS/IVD-ID8/05/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.