sebi:WTM/RKA/IVD/NRO/01/2013
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Facts / Headnote
Directions issued: restraint from securities market for 10 years, refund of subscription monies with 15% interest, public notice, and certification of refund to SEBI.
Provisions invoked
- s. 11A
- s. 11
- s. 19
- s. 11(1)
- s. 55A
- s. 73
- s. 30
- s. 67(3)
- s. 67
- s. 255
- s. 56
- s. 73(1)
- s. 2(36)
- s. 254
Regulations
- Reg. 11
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 2(1)
- Reg. 4(2)
- Reg. 3(b)
- Reg. 7
- Reg. 107
- Reg. 25
- Reg. 6
- Reg. 46
- Reg. 5
- Reg. 59
Parties
- SGI Research & Analysis Ltd.
- Shri Lokeshwar Dev
- Ms. Priyanka Saraswat Dev
- Shri Pradeep Sharma
- Shri Baldev Raj Sharma
- Ms. Ramesh Sharma
- Shri Sanjeev Sharma
- Ms. Sonia Sharma
Holding
The noticees were found to have contravened the ICDR Regulations, the Companies Act, and the PFUTP Regulations by offering convertible preference shares to the public without complying with listing and disclosure requirements and by making false and misleading statements to investors. SEBI directed a 10-year restraint from the securities market and refund of subscription monies with 15% interest.
Full text
Page 2 of 14 Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as 'PFUTP Regulations').
Page 3 of 14 Ramesh Sharma were resent at their new address and were delivered to them. Shri Pradeep Sharma submitted his reply to the SCN vide his letter dated September 12, 2012. Shri Baldev Raj Sharma, Ms. Ramesh Sharma, Shri Sanjeev Sharma and Ms. Sonia Sharma also submitted their replies through their undated letters. The other noticees i.e. SGI , Mr. Lokeshwar Dev and Ms. Priyanka Saraswat Dev did not submit their replies to the SCNs issued to them.
Page 4 of 14 vi. That being an investor of the company, they have also suffered from these non- compliances made by the company.
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Source: SecMarx — sebi:WTM/RKA/IVD/NRO/01/2013. 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.