sebi:WTM/RKA/ISD/21/2015
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Facts / Headnote
Prayer for revocation/modification of interim order rejected; directions issued vide para 45 of the interim order dated September 24, 2014 shall remain in force till further directions.
Provisions invoked
- s. 11B
- s. 11
- s. 11(4)
- s. 19
- s. 11(1)
- s. 11(2)
- s. 12
- s. 11A
- s. 12(3)
- s. 28
- s. 77(2)
- s. 61
- s. 77(4)
Regulations
- Reg. 2(1)(c)
Holding
The noticees failed to make out a prima facie case for revocation or modification of the ex-parte interim order dated September 24, 2014, and the material on record justified continuation of the directions against them till further orders.
Full text
Order in the matter of Rasoya Protein Limited Page 2 of 27 6. Mr. Arun Panchariya AEVPP6125N 7. India Focus Cardinal Fund ("IFCF") AABCI9518D
Order in the matter of Rasoya Protein Limited Page 3 of 27 cost to the subscriber and without any consideration received by RPL at the time of subscription. However, those GDRs were still available to Vintage for further sale and conversion into underlying shares of RPL. (f). RPL portrayed a false and misleading picture of availability of the proceeds of its GDR issue at its disposal for utilisation towards further expansion and diversification of its project to its investors and the stock exchange. (g). The information regarding a GDR issuance is a price sensitive information and GDR issue by any listed company has direct bearing on the trading and prices of shares of the said company in Indian stock exchanges as immediately after the GDR issue of RPL there was spurt both in price and traded volume in its shares on the stock exchange. (h). As more particularly described in the interim order, RPL had deliberately made false/misleading statements, misrepresented, actively suppressed and concealed material
Order in the matter of Rasoya Protein Limited Page 4 of 27 its directors desired to inspect was provided on October 16, 2014. Accordingly, an inspection was provided by SEBI to the said noticees on October 27, 2014 and various desired documents including KYC documents and account statement available with Euram Bank for Vintage and Pan Asia, Loan Agreement between Vintage and Euram Bank, pledge agreement between RPL and Euram Bank, Bank Statement of RPL with Euram Bank, etc., were provided to the representatives of RPL.SEBI has also provided the copies of the correspondence exchanged with the Financial Market Authority, Austria (FMA).
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Source: SecMarx — sebi:WTM/RKA/ISD/21/2015. 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.