sebi:WTM/RKA/OIAE/12/2014
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Facts / Headnote
Directions revoked
Provisions invoked
- s. 19
Parties
- Shri Vikram Desai
Holding
The directions issued vide Order dated April 07, 2011 against Shri Vikram Desai, Ex-director, AEC Enterprises Ltd were revoked.
Full text
SECURITIES AND EXCHANGE BOARD OF INDIA In respect of Shri Vikram Desai, Ex-Director, AEC Enterprises Ltd 1. The Securities and Exchange Board of India (hereinafter referred to as 'SEBI'), vide Order dated April 07, 2011, restrained AEC Enterprises Ltd (hereinafter referred to as 'the Company') and its directors including Shri Vikram Desai, from accessing the securities market and prohibited them from buying, selling or otherwise dealing in securities, directly or indirectly, till all the pending investor grievances against the Company are resolved and the same is reported to and confirmed by SEBI.
2. Subsequent to the said Order, Shri Vikram Desai, Ex-director of the Company, vide a letter dated September 08, 2011, intimated that he was appointed as a nominee director by Technology Development and Investment Corporation of India ('TDICI') on the board of the Company in a non-executive capacity and he worked as a nominee director of TDICI from the year 1995 to 1998. In view thereof, he requested SEBI that the restriction imposed on him by the aforesaid SEBI order be disposed off without any directions.
3. A clarification regarding the tenure of directorship of Shri Vikram Desai was sought from the Company and the Company clarified that Shri Vikram Desai was never a director of the Company in his personal capacity but was merely a nominee director of TDICI for a period of 3 years from 1995 to 1998.
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Source: SecMarx — sebi:WTM/RKA/OIAE/12/2014. 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.