sebi:WTM/RKA/EFD-DRA-II/12/2016
Facts / Headnote
Charges under PFUTP Regulations held not established; no debarment or repayment directed; right to initiate adjudication for possible Clause 36 violation reserved
Provisions invoked
- s. 11
- s. 11(1)
- s. 12A
- s. 300
- s. 11(2)
- s. 372A
- s. 55A
- s. 391
- s. 21
- s. 3(1)
- s. 23I
- s. 211
- s. 94
- s. 299
- s. 394(2)
- s. 299(2)
Regulations relied on
- SEBI (PFUTP) Regulations, 2003
Parties
- Mr. Salil Taneja
- Mr. C. S. Kameswaran
Holding
The charge of violation of regulation 3 and 4 of the PFUTP Regulations against the noticees was not established and the debarment and repayment directions contemplated in the SCN were not imposed.
Full text
In the matter of Taneja Aerospace and Aviation Limited Page 2 of 32 remained with TTPL for over 6 months. TAAL kept interest free money worth ₹ 9.7019 crore with TTPL for these periods and without indicating any intention to subscribe to the share capital of TTPL. The name of TTPL, for the outstanding advances of TAAL in TTPL, was not disclosed in the audited financial statements / annual accounts of TAAL for the FY2006-07 and FY2007-08. Until 27th October, 2009 such advance by TAAL was in substance an interest free loan by it to TTPL.
In the matter of Taneja Aerospace and Aviation Limited Page 3 of 32 Thus, as opposed to advance of ₹ 9.7019 crore by TAAL in TTPL, Mr. Salil Taneja and Mr. C. S. Kameswaran, had together infused only ₹ 1lac in TTPL since its incorporation, of which TTPL had already lost over ₹ 95,000 till 31st March 2007. Further, none of them infused any additional money in TTPL after 31st March
In the matter of Taneja Aerospace and Aviation Limited Page 4 of 32 three directors failed to ensure compliance with provisions of section 299 and section 300 of the Companies Act, 1956.
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Source: SecMarx — sebi:WTM/RKA/EFD-DRA-II/12/2016. 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.