sebi:WTM/SM/IVD/ID3/22230/2022-23
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Facts / Headnote
Noticee Nos. 1, 2 and 3 held guilty and restrained from securities market for one year; proceedings against Noticee Nos. 4 and 5 dropped.
Provisions invoked
- s. 11B
- s. 19
- s. 12A
- s. 205
Regulations
- Reg. 4
- Reg. 3
- Reg. 3(b)
- Reg. 25
Parties
- Pankaj Kumar (Noticee No. 1) - Chairman/Director
- Prashant Mulekar (Noticee No. 2) - Director & Compliance Officer
- Kiran Kulkarni (Noticee No. 3) - Managing Director
- Vinod Sethi (Noticee No. 4) - Independent Non-Executive Director
- Nitin Potdar (Noticee No. 5) - Independent Non-Executive Director
Holding
Noticee Nos. 1, 2 and 3 are guilty of violating Section 12A(a),(b),(c) of SEBI Act read with Regulations 3(b),(c),(d), 4(1), 4(2)(f),(k),(r) of PFUTP Regulations for manipulation of books and financials, and are restrained for one year; proceedings against Independent Directors Noticee Nos. 4 and 5 are dropped.
Full text
Order in the matter of Geodesic Limited Page 2 of 56 2. In this matter, based on certain complaints received from various stakeholders, SEBI had already initiated an investigation so as to ascertain the possible violations of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the "SEBI Act, 1992") and regulations made thereunder into the books of accounts of the Geodesic Limited (hereinafter referred to as the “Company/Geodesic/ GL”) to find out the veracity of the alleged irregularities in the books and accounts of the Company. The said investigation was conducted for the period of April 01, 2011 to March 31, 2012 (hereinafter referred to as “Investigation Period / IP”).
Order in the matter of Geodesic Limited Page 3 of 56 1 Kiran Kulkarni (Noticee no.3) Managing Director NA 2 Pankaj Kumar (Noticee no. 1) Chairman/Director NA 3 Prashant Mulekar (Noticee no. 2) Director & Compliance Officer NA 4 Vinod Sethi (Noticee no. 4) Independent Non-Executive Director 16.05.2013 5 Nitin Potdar (Noticee no. 5) Independent Non-Executive Director 04.12.2012
Order in the matter of Geodesic Limited Page 4 of 56 D. On further probing the investments and the background of the companies in which the monies were transferred were indicating that the monies were invested or given as loan to companies in which Mr. Dinesh Jajodia is personally interested as director.
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Source: SecMarx — sebi:WTM/SM/IVD/ID3/22230/2022-23. 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.