sebi:WTM/PS/MRD/DSA/61/JAN/2015
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Facts / Headnote
Caution issued to Vadodara Stock Exchange Limited; SCN dated March 22, 2013 disposed of
Provisions invoked
- s. 19
- s. 12A
- s. 11
Parties
- Vadodara Stock Exchange Limited
Holding
Vadodara Stock Exchange Limited was cautioned for lack of transparency and fairness in allotment of Basement office no. 46 and advised to ensure transparency, fairness and compliance in future, with the SCN dated March 22, 2013 disposed of without monetary penalty.
Full text
Page 2 of 12 (d) The bids were opened by VSE on July 01, 2009 in the presence of Managing Director of VSE and Mr. Sudhir Shah, Chairman, VSE. (e) Thereafter, the Board of VSE had resolved in its meeting held on August 12, 2009 to allot properties to the highest bidders. (f) The properties mentioned at serial nos. 3 {first floor offices nos. 149 and 150} and 4 {second floor offices nos. 227 and 228} in the above table were allotted to the highest bidder. 1 Basement 2181 sq ft carpet area
Page 3 of 12 (g) However, irregularities were observed in respect of allotment of properties at serial nos. 1 (Basement) and 2 (Basement office no. 46).
Page 4 of 12 The SCN had also stated "From the above, it is noted that Pravin Naik was interested in allotment of all properties instead of one small basement office (property no. 46 measuring 325 Sq. Feet) and therefore, it cannot be concluded that withdrawal offer was only for property no. 46 as submitted by exchange".
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Source: SecMarx — sebi:WTM/PS/MRD/DSA/61/JAN/2015. 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.