sebi:WTM/SM/IVD/ID12/26995/2023-24
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Facts / Headnote
Noticees No.1 to 9 (except Noticee No.4) held to have violated SAST Regulations and restrained from securities market for 5 years; proceedings against Noticee No.4 abated on death.
Provisions invoked
- s. 15A
- s. 19
- s. 11(1)
- s. 15H
- s. 15J
- s. 23A
Regulations
- Reg. 29(1)
- Reg. 29(2)
- Reg. 29(3)
- Reg. 3(1)
- Reg. 2(1)(q)
- Reg. 2(1)(q)(2)
- Reg. 115
Parties
- Omprakash Kovuri - Noticee No.1
- Ramchandra Murthy Adiraju - Noticee No.2
- Shiva Kumar Komaravelli - Noticee No.3
- Srikanth Burugu - Noticee No.4
- Lata Bejgam - Noticee No.5
- Perraju Pericharla - Noticee No.6
- Noticee No.7
- Noticee No.8
- Swaroopa Pasupula - Noticee No.9
Holding
Noticees No.1 to 9 acting in concert acquired 28 lakh of 30 lakh preferential shares increasing group holding from 24.10% to 88.03% without open offer and disclosures, violating Regulation 3(1) and Regulation 29(2) read with 29(3) of SAST Regulations; Noticees No.1-3 and 5-9 restrained for 5 years while proceedings against Noticee No.4 abated due to death.
Full text
Final Order in the matter of Abhishek Infraventures Limited Page 2 of 75 (hereinafter referred to as ‘AIL’/‘Company’) for the time period January 01, 2017 to March 31, 2017 (hereinafter referred to as the “Investigation Period”), to ascertain any violation of the provisions of securities law. However, wherever deemed necessary, SEBI has also made reference to violations outside this period and has also investigated those other violations.
Final Order in the matter of Abhishek Infraventures Limited Page 3 of 75 Table 1: List of preferential allottees of shares of the Company Sr. No. Name Prior to allotment Allotment Post allotment No. of Shares % shareholding No. of Shares % of total preferential shares No. of Shares % shareholding 1 Omprakash Kovuri 20,000 8.03% 5,00,000 16.67 5,20,000 16.00 2 Ramchandra Murthy Adiraju 40,000 16.06% 4,00,000 13.33 4,40,000 13.54 3 Shiva Kumar Komaravelli - - 7,50,000 25 7,50,000 23.08 4 Srikanth Burugu - - 3,75,000 12.50 3,75,000 11.54 5 Lata Bejgam - - 3,75,000 12.50 3,75,000 11.54 6 Swaroopa Pasupula - - 1,00,000 3.33 1,00,000 3.08 7 Perraju Pericharla - - 1,00,000 3.33 1,00,000 3.08 8 Joseph Polisetty - - 1,00,000 3.33 1,00,000 3.08 9 Balram Aerrolla - - 1,00,000 3.33 1,00,000 3.08 10 Sarveswar Reddy Sanivarapu - - 1,00,000 3.33 1,00,000 3.08 11 Hima Bindu Nallapareddy - - 1,00,000 3.33 1,00,000 3.08
Final Order in the matter of Abhishek Infraventures Limited Page 4 of 75 directly or indirectly with Noticees no. 1 & 2, just prior to their payment of the consideration to meet their obligation against the preferential allotment of shares.
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Source: SecMarx — sebi:WTM/SM/IVD/ID12/26995/2023-24. 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.