sebi:WTM/RKA/SRO/HLO/138/2016
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Facts / Headnote
Representations disposed of; SEBI circular dated December 31, 2015 held not applicable to allotments made by Astha on December 10, 2007; refund to be made following refund procedure prescribed in Clause 3 to 6 of the SEBI circular dated December 31, 2015
Provisions invoked
- s. 62
- s. 42(2)
Parties
- Astha Green Energy Ventures India Limited
- Mr. Keshav Reddy Mereddy
- Mr. Arjun Reddy Mereddy
- Mr. Jayanth Reddy Mereddy
- Mr. Kunduru Raghuveer
- Mr. K. Jayaveer
- Mr. N. Ram Bhupal Reddy
- Mr. N. Jayapal Reddy
Holding
The SEBI circular dated December 31, 2015, which allows avoidance of penal action for offers to up to 200 persons in a financial year, is not applicable to allotments made by Astha on December 10, 2007, as the allotment was made to more than 200 persons. However, Astha is permitted to follow the refund procedure prescribed in Clause 3 to 6 of the said circular while making refund to the allottees.
Full text
Disposal of representations of Astha Green Energy Ventures India Limited and others. Page 2 of 6 this order. A quarterly status report shall be submitted by the Noticees in this regard at the end of each quarter.
Disposal of representations of Astha Green Energy Ventures India Limited and others. Page 3 of 6 Less: Promoters in the Allotment 7 Less: Promoter & promoter’s group as per definition u/r 2(1)(za), 2(1)(zb) of SEBI (ICDR) Regulations, 2009 7 Less: Repetition of allottees 6 Less: Employees as allottees as per definition u/r 2(1)(m) of SEBI (ICDR) Regulations, 2009 7 Balance 187
Disposal of representations of Astha Green Energy Ventures India Limited and others. Page 4 of 6 7. Subsequently, the entities filed another appeal (SAT Appeal No. 226 of 2016) before Hon’ble SAT impugning the order dated January 1, 2016 and SEBI letter dated May 27, 2016 and prayed as under:
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Source: SecMarx — sebi:WTM/RKA/SRO/HLO/138/2016. 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.