sebi:WTM/TCN/53/11/IVD/06/

SEBI · SEBI · 2004-09-01 · Dr. T. C. Nair, Whole Time Member

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Facts / Headnote

M/s World Link Finance Ltd. debarred from dealing in securities or associating with any of the activities in the capital market for a period of three years with immediate effect

Provisions invoked

Regulations

Parties

Holding

M/s World Link Finance Ltd., as Lead Manager, grossly failed to exercise due diligence and misreported promoter quota lock-in shares and subscription in the prospectus, and was debarred from dealing in securities or associating with capital market activities for three years with immediate effect.

Full text

b.                   Since the aforesaid shares did not form part of the public offer made in 1994 in which they acted as Lead Manager, it was not required to show any diligence relating the sa was required to include the said shares for the purposes of showing public subscription made under offer of 1994. These shares were issued / allotted 2 years before the said placement basis and hence were totally independent of the issue of 1994. In fact, Lead Manager was not in the picture at the time of issue / allotment of these shares. c.                   The Lead Manager further stated that BAIL had already taken the responsibility and had given suitable undertaking to the said shareholders which proves that the entire resp and that they are not at all concerned or involved in respect of the said shares. d.                  Further, as per Regulation 23 of the SEBI (Merchant Bankers) Regulations, 1992, due diligence report must have been already submitted before the public issue and no d pointed out and the same was duly accepted. 4.0        Personal Hearing 4.1 An opportunity of hearing was granted to the Lead Manager before the Whole Time Member on September 1, 2004, wherein Shri Sudesh S Pahl designated as Assistant appeared on behalf of Managers and made submissions. 4.2 A fresh hearing was given to the Lead Manager on August 11, 2006 due to change in the competent authority. Submissions were made by one Shri Sudesh S Pahl designated as Assistant, who atte said hearing on the

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