sebi:WTM/SR/EFD/59/09/2017
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Facts / Headnote
Directions issued against IKF, Shri M. K. Goyal, Shri S. K. Goel, Shri N. V. Simhadri, Shri Pradeep Dutta, Green Open Technologies, Shree Assets Reconstruction and Premium Linkers; SCN disposed of without directions against Shri R. P. Singh, Shri Pankaj Garg, Shri Anant P. Saxena and Seazun.
Provisions invoked
- s. 11
- s. 19
- s. 12A
- s. 27
- s. 11C(3)
- s. 11C(5)
- s. 77(2)
- s. 77(4)
Regulations
- Reg. 11
- Reg. 3(b)
- Reg. 4(2)(c)
- Reg. 11(1)
Parties
- IKF
- Seazun Limited (now Clifford Capital Partners AG SA)
- Shri Sunil Kumar Goel
- Shri Mukesh Kumar Goyal
- Shri R. P. Singh
- Shri Pankaj Garg
- Shri Anant P. Saxena
- Shri Pradeep Dutta
- Green Open Technologies Private Limited
- Shree Assets Reconstruction Limited
- Premium Linkers Limited
- Shri N. V. Simhadri
Holding
IKF, Shri M. K. Goyal and Shri S. K. Goel were found to have violated Sections 12A(a)-(c) of the SEBI Act read with Regulations 3(b)-(d) and 4(2)(c), 4(2)(f), 4(2)(k) and 4(2)(r) of the PFUTP Regulations, 2003, by using GDR subscription proceeds as collateral for loans taken by the subscribers to purchase IKF's own shares; Shri M. K. Goyal, Shri Pradeep Dutta and Shri N. V. Simhadri additionally violated Section 11C(3) of the SEBI Act by failing to provide correct information and concealing material information from SEBI.
Full text
Page 2 of 31 Show Cause Notice dated October 21, 2014 – 2.1 SEBI completed its investigation in the matter and based on the findings contained therein, a Show Cause Notice (“SCN”) dated October 21, 2014, was issued to the following entities, viz.
Page 3 of 31 2007, with Banco Efisa, a Portugal based bank (“Banco”). Shri M. K. Goyal was also the authorised signatory for IKF's bank account with Banco.
Page 4 of 31 iii. The Pledge Agreement (signed between IKF and Euram) was an integral part of another agreement viz. Loan Agreement dated April 28, 2009, signed between Vintage and Euram. These Agreements enabled Vintage to avail a loan of US $10.98 million from Euram for subscribing to the GDR issue of IKF on May 15, 2009.
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Source: SecMarx — sebi:WTM/SR/EFD/59/09/2017. 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.