sebi:WTM/TCN/63/IVD1/09/07
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Facts / Headnote
Proceedings against the noticees finally disposed of without any further directions; benefit of doubt given on date of acquisition of shares.
Provisions invoked
- s. 11B
- s. 11
- s. 19
Regulations
- Reg. 9
- Reg. 199
Parties
- Shri Prakash Gaggar
- Shri Suresh Gaggar
Holding
The proceedings against Shri Prakash Gaggar and Shri Suresh Gaggar were finally disposed of without any further directions, giving them the benefit of doubt regarding the date of acquisition of the 64,100 shares in question.
Full text
For SEBI : Shri P.K. Nagpal, Executive Director Shri Anshuman Das, Manager Ms. Kshama Chavan, Legal Officer ORDER UNDER SECTION 11B OF THE SEBI ACT, 1992 1. M/s. Yashodham Commercial Enterprises Limited (hereinafter referred to as “the company”) is a public limited company. The company came out with a rights issue of 9,90,000 equity shares of Rs.10/- each at a premium of Rs.5/- in the ratio 4:1. The issue opened on January 25, 1996 and closed on February 24, 1996. The issued capital of the company after the rights issue was Rs. 123.75 lakh.
3. On receipt of BSE report and in view of the sudden increase in trade and prices of the scrip, Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) also initiated its own investigation into the affairs of and dealings into the shares of the company.
the said visit also, the noticees and company representatives/officials did not co-operate and also did not produce the relevant records on one pretext or the other. When questioned as to why such records were not being maintained at the registered office of the company and whether the company had proper method for maintenance of share transfer records, the company representative stated that the transfer records and details of transfer committee meetings were not available at that point of time. On enquiry regarding the Company Secretary to handle such work, the SEBI investigation team was informed by Shri Suresh Gaggar that the last Company Secretary had left the company in 1994 and no one had been appointed to the post since then.
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Source: SecMarx — sebi:WTM/TCN/63/IVD1/09/07. 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.