sebi:WTM/SM/IVD/ID10/16288/2022-23
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Facts / Headnote
Directions issued under Sections 11(1), 11(4), and 11B(1) read with Section 19 of the SEBI Act, 1992 against Noticees No. 2 and 3 for diversion of IPO proceeds; directions against the Company held infructuous due to liquidation
Provisions invoked
- s. 11B
- s. 11
- s. 19
- s. 12A
- s. 11C
- s. 141
- s. 70
Regulations
- Reg. 4
- Reg. 3
- Reg. 3(a)
Holding
The Company (ASL) failed to utilize INR 35,44,60,045 out of total IPO proceeds of INR 53,10,00,000 in accordance with the objects disclosed in the prospectus, amounting to diversion of IPO proceeds, and Noticees No. 2 and 3 (CMD and Executive Director) are held liable for the misdeeds of the Company by virtue of their post and position held during the relevant period.
Full text
__________________________________________________________________________________ Final Order in the matter of Aster Silicates Ltd. Page 1 of 55
__________________________________________________________________________________ Final Order in the matter of Aster Silicates Ltd. Page 2 of 55
__________________________________________________________________________________ Final Order in the matter of Aster Silicates Ltd. Page 3 of 55
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Source: SecMarx — sebi:WTM/SM/IVD/ID10/16288/2022-23. 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.