sebi:WTM/SM/SRO/SRO/16910/2022-23
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Facts / Headnote
Ex-parte order restraining the Noticees from accessing the securities market; Guru Teak Investments, Mr. Gangadara Lingadevaraiah and Mrs. Nagamma Manjaiah restrained till expiry of 02 years from completion of refunds to investors; Mrs. Lakshmi Narsappa and Mr. H.A. Srinivas Murthy restrained for 02 years from the date of the order; existing holdings frozen during restraint period.
Provisions invoked
- s. 11A
- s. 11
- s. 24
- s. 19
- s. 11(1)
- s. 12
- s. 11(2)
- s. 30
Regulations
- Reg. 71
- Reg. 73
- Reg. 65
Parties
- Guru Teak Investment (Mysore) Private Limited (PAN: AABCG5027H)
- Mr. Gangadara Lingadevaraiah also known as Mr. Gangadhar, Managing Director (DIN: 01925150)
- Mrs. Lakshmi Narsappa, Director
- Mrs. Nagamma Manjaiah, Director (DIN: 02971793)
- Mr. H.A. Srinivas Murthy, Director
Holding
The Noticee Company and its Directors were found to have operated collective investment schemes without proper registration, violated conditions of provisional registration, failed to wind up schemes and refund investors as directed, and engaged in dilatory litigation; accordingly they were restrained from accessing the securities market for the periods specified.
Full text
Order in the matter of Guru Teak Investments (Mysore) Private Limited Page 1 of 16 WTM/SM/SRO/SRO/16910/2022-23 SECURITIES AND EXCHANGE BOARD OF INDIA
Order in the matter of Guru Teak Investments (Mysore) Private Limited Page 2 of 16 (hereinafter referred to as “CIMC”) on July 01, 2001, though with certain conditions as per the provisions of CIS Regulations.
Order in the matter of Guru Teak Investments (Mysore) Private Limited Page 3 of 16 represent and defend themselves effectively. Accordingly, efforts have been made to serve the Noticees through all possible means and for the said purpose, another personal hearing was scheduled for April 01, 2022. The records before me indicate that efforts have been made so as to obtain the address of the Noticees by contacting the Advocates who represented the petitioners (Company and the Managing Director) before the Hon’ble Karnataka High Court, through the Advocates representing SEBI. However, the said efforts also did not yield in the desired outcome as the Advocates representing the said parties also expressed that they are not having any communication with their clients. Accordingly, after exhausting all possible ways, the notice for the said hearing was published in the following newspapers on March 13, 2022: Sr. No. Newspaper Edition
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Source: SecMarx — sebi:WTM/SM/SRO/SRO/16910/2022-23. 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.