sebi:WTM/RKA/SRO/HLO/3/2016
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Facts / Headnote
Directions issued: refund of ₹43,77,47,300 with 15% interest, market access restrictions, and association bans; interim order disposed of.
Provisions invoked
- s. 19
- s. 73
- s. 28A
- s. 67(3)
- s. 56
- s. 60
- s. 2(60)
- s. 40(3)
Regulations
- Reg. 107
- Reg. 111
- Reg. 4
- Reg. 18
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 allotments of equity shares by Astha Green Energy Ventures India Limited on December 10, 2007, March 31, 2009, March 4, 2010, March 5, 2010 and March 6, 2010 were public issues made without compliance with the Companies Act, 1956, DIP Guidelines and ICDR Regulations. The Noticees are jointly and severally directed to refund ₹43,77,47,300 with 15% interest and are restrained from accessing the securities market.
Full text
Order in respect of Astha Green Energy Ventures India Limited and others. Page 2 of 12 Ram Bhupal Reddy and Mr. N. Jayapal Reddy (hereinafter collectively referred to as “the Noticees” and individually by their respective names) in view of the following:
Order in respect of Astha Green Energy Ventures India Limited and others. Page 3 of 12 divert any funds raised from public at large through the issuance of the impugned equity shares, kept in its bank accounts and/ or in the custody of the Company without prior permission of SEBI until further orders.
Order in respect of Astha Green Energy Ventures India Limited and others. Page 4 of 12 allotments, which is contrary to the binding judgments of the Hon’ble Securities Appellate Tribunal (“SAT”) on the subject. Such an approach is by itself illegal and is a pointer to the outcome of the proceedings being pre-determined and a foregone
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Source: SecMarx — sebi:WTM/RKA/SRO/HLO/3/2016. 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.