sebi:WTM/RKA/ISD/35/2015
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Directions issued vide para 35 of the interim order dated November 05, 2013 confirmed and to remain in force till further directions; proceedings against Ms. Nila R. Shah abated due to her death.
Provisions invoked
- s. 19
- s. 12A
- s. 21
Regulations
- Reg. 3(a)
- Reg. 77(1)
Holding
The WTM confirmed the directions issued in the interim order dated November 05, 2013 against the noticees, finding they failed to make a prima facie case for revocation or modification, while abating proceedings against Ms. Nila R. Shah due to her death prior to initiation of proceedings.
Full text
Order in the matter of SMS Techsoft (India) Ltd. Page 2 of 16 Appearances: 1. Mr. Rajesh Ranka 2. Mr. Dharmendra R. Shah 3. Mr. Dilip J. Gajjar 4. Mr. Himanshu Shah and Mr. Vishal Acharya (Advocate) representing Mr. Himanshu Shah and 9 Family Members Entities from 24 to 33.
Order in the matter of SMS Techsoft (India) Ltd. Page 3 of 16 27. Ms. Kaliyaben Himansu Shah BFQPS1462A 28. Mr. Karan Kirtibhai Shah BQYPS0082D 29. Mr. Keval Kirtikumar Shah DFNPS6796L 30. Mr. Kirtikumar Rasiklal Shah AKQPS8463F 31. Ms. Minaben Prafulbhai Shah COYPS9153J 32. Mr. Pruthvi Himanshu Shah DCAPS6011N 33. Mr. Vinit Kamleshkumar Shah BOIPS2506E 34. Ms. Nila Rajeshkumar Shah BSLPS2675B 35. Mr. Mahavirsingh N. Chauhan AQOPC6330R 36. Mr. Maheshchandra Chunilal Shah AIOPS3870Q
Order in the matter of SMS Techsoft (India) Ltd. Page 4 of 16 account number ‘139003201016137’ jointly held by Mr. Maheshchandra Chunilal Shah and his wife Ms. Manjulaben Maheshchandra Chunilal Shah (hereinafter referred to as "Manjulaben") with Nav Nirman Co-operative Bank. On the same day, Mr. Maheshchandra Chunilal Shah transferred the same amount to the bank account number ‘673011005933’ of the company with ING Vysya Bank against which he was allotted 10,50,000 preferential shares. (i) On March 05, 2012, the company transferred back the same amount of `1,00,00,000/- to Manjulaben (bank account number ‘673010029662’ with ING Vysya Bank). Manjulaben thereafter transferred the same or approximately same fund again and again to 19 allottees (i.e., the three promoters and the entities from serial number 1 to 16 mentioned in the Table No. 3 of the interim order) from March 05, 2012 to March 13, 2012, i.e., just before the preferential allotment of shares on March 15, 2012. (j) On receipt of the funds from Manjulaben, the respective allottee transferred the same to the company. Each time the allottee made payment for his/her allotment to SMS Techsoft, the same fund was transferred back by it to Manjulaben. Manjulaben again transferred the fund to another allottee who in turn transferred the said amount to the company. In this pattern, `1,00,00,000/- received by Manjulaben from Mr. Rajesh Ranka through the company was circulated amongst Manjulaben, these 19 allotees and SMS Techs
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/RKA/ISD/35/2015. 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.