sebi:WTM/SEBI/ISD/310/2010
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Facts / Headnote
Directions issued to facilitate sale of 4,500 shares in demat account 10004618 and 3,500 shares in demat account 10004562, in partial relaxation of the consent terms in the order dated February 10, 2009.
Holding
SEBI partially relaxed the terms of the consent order dated February 10, 2009 and issued directions permitting the sale and transfer of 4,500 and 3,500 shares held in the demat accounts of Bela K. Jhaveri and Sumangala P. Jhaveri, with proceeds to be held in escrow until February 28, 2012 upon completion of the debarment period.
Full text
Page 2 of 2 4. In view of the above facts and circumstances and in partial relaxation of the terms of consent resting in the order dated February 10, 2009, the following directions are issued to facilitate sale of 4,500 shares held in the demat account 10004618 (Client name: Bela K. Jhaveri) and 3,500 shares in the demat account 10004562 (Client name: Sumangala P. Jhaveri) maintained with Karvy Stock Broking Pvt. Ltd. (DP ID: IN300394) which are both jointly held with Kamal: a. Bela, Sumangala and Kamal shall complete all the necessary formalities to give effect to sale of their respective said shares to the acquirers within 15 days from the date of this order.
b. On completion of the necessary formalities as at (a) above, and ensuring that there is no encumbrance / attachment by any other law enforcement agency / Court on the said shares, NSDL and its DP, Karvy Stock Broking Ltd. (DP ID: IN300394) shall transfer the aforesaid shares from the demat account nos. IN300394 10004618 and IN300394 10004562 to the Special Depository Account (IN300394 17601089) maintained by the Manager to the offer.
d. The Manager to the offer shall transfer the entire sale proceeds in respect of aforesaid shares to Karvy within 7 days from the date of transfer to the Special Depository Account.
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Source: SecMarx — sebi:WTM/SEBI/ISD/310/2010. 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.