sebi:WTM/RKA/CFD/160/2016

SEBI · SEBI · 2014-04-23 · Rajeev Kumar Agarwal, Whole Time Member

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Facts / Headnote

Directions and observations qua Mr. Shashikant Tulsian in the order dated October 21, 2016 revoked; copy to be sent to MCA and stock exchanges

Parties

• Mr. Shashikant Tulsian

Holding

The directions and observations against Mr. Shashikant Tulsian in the order dated October 21, 2016 are revoked on the ground that his inclusion was a mistake apparent from record.

Full text

Order in the matter of Vanishing Companies Page 2 of 2 5. I have considered the representation of Mr. Shashikant Tulsian and note that aforesaid order has been passed against the directors on the sole basis that they were directors of the concerned vanishing company at the relevant time. There is no charge of any default of personal nature against Mr. Shashikant Tulsian. Mr. Shashikant Tulsian had resigned from the company on July 27, 1995 and this fact was informed by him to SEBI on January 20, 2000 i.e. much before the show cause notice dated April 23, 2014 in this case was issued to him. It is thus, very clear from the record that Mr. Shashikant Tulsian was not responsible for the violations of the company as mentioned in the order dated October 21, 2016. I further note that in similar facts and circumstances, proceedings have been dropped in the said order against few other directors namely, Mr. Rajkumar Bafna (with respect to Genuine Commodities Development Company Limited) and Mr. Surendra Malhotra (with respect to South Asian Mushrooms Limited). I, therefore, find that inclusion of Mr. Shashikant Tulsian in the order dated October 21, 2016 is a clear mistake apparent from record.

6. Considering the peculiar facts and circumstances as brought out hereinabove, I hereby revoke the directions and observations qua Mr. Shashikant Tulsian in the aforesaid order dated October 21, 2016.

7. A copy of this order will also be sent to MCA and stock exchanges for information. Sd/- DATE: OCTOBER 27TH, 2016 RAJEEV KUMAR AGARWAL PLACE: MUMBAI WHOLE TIME MEMBER

Source: SecMarx — sebi:WTM/RKA/CFD/160/2016. 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.