sebi:WTM/RKA/NRO/128/2014
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Facts / Headnote
Directions issued under sections 11 and 11B of the SEBI Act read with regulations 65 and 73 of the CIS Regulations: winding up and refund within three months, market access prohibition for promoters/directors, and one-year market access prohibition for former directors Sukhjit Kaur, Soly Thomas and Satnam Singh Randhawa.
Provisions invoked
- s. 11A
- s. 11
- s. 24
- s. 19
- s. 12
- s. 28A
Regulations
- Reg. 65
- Reg. 3
Parties
- G. N. Dairies Ltd.
- Mr. Satnam Singh Randhawa
- Mr. Sunil Dutt
- Ms. Sukhjit Kaur
- Mr. Hardeep Singh Wahla
- Mr. Soly Thomas
- Mr. Ranjodh Singh
Holding
G. N. Dairies Ltd. was running a collective investment scheme without obtaining a certificate of registration from SEBI, in contravention of section 12(1B) of the SEBI Act and regulation 3 of the CIS Regulations. Directions were issued requiring winding up and refund of monies, and prohibiting the noticees from accessing the securities market.
Full text
Order in the matter of G. N. Dairies Limited Page 2 of 10 4. On examination of material available on record, it was prima facie observed that:
Order in the matter of G. N. Dairies Limited Page 3 of 10 Regulations, should not be issued against them. Vide the SCN all the noticees were also advised to file their reply, if any, within twenty one days from the date of receipt of the SCN and also indicate if they desire opportunity of personal hearing in the matter.
Order in the matter of G. N. Dairies Limited Page 4 of 10 and plans. Mr. Soly Thomas also submitted a copy of his resignation letter and copy of form 32 duly attested by the RoC, indicating that he was not associated with G. N. Dairies with effect from December 01, 2005. Ms. Sukhjit Kaur submitted that she remained the director of G. N. Dairies only from April 2003 to March 2004. She further submitted that even when she was director of G. N. Dairies, she was not aware who was conducting the operations of the company. Mr. Satnam Singh Randhawa, replying to the SCN, submitted inter alia as under –
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Source: SecMarx — sebi:WTM/RKA/NRO/128/2014. 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.