sebi:WTM/TCN/ERO/64/10/2007
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Facts / Headnote
Directions issued under sections 11(1) and 11B read with sub-section (3) of section 4 of the SEBI Act restraining SVDPL and its directors from accessing the capital market for five years, and restraining public companies in which the directors hold controlling or substantial interest from raising funds from the capital market for five years.
Provisions invoked
- s. 11B
- s. 11(1)
- s. 21
Parties
- Shree Vaishnavi Dyeing & Printing Limited
- Shri Vijay Kumar Agarwal
- Shri Shashikant Kanoria
- Shri Bhagwati Prasad Kanoria
- Shri Suresh Patel
- Shri Rajendra Kumar Kanoria
- Shri Brij Kumar Poddar
- Shri Ram Gopal Mundra
- Shri Zulfikar Ali Kagzi
- Shri Yakub K. Mulla
- Shri Nizzamudin J. Saiyed
Holding
SEBI directed Shree Vaishnavi Dyeing & Printing Limited and its ten named directors to disassociate from capital market related activities and not access the capital market for five years, and further directed that public companies in which those directors hold controlling or substantial interest shall not raise funds from the capital market for five years.
Full text
Page 2 of 9 2.0 PUBLIC ISSUE BY SVDPL 2.1 Shree Vaishnavi Dyeing & Printing Limited (SVDPL) came out with a public issue of 32,40,000 equity shares of Rs 10/- each for cash at par through a prospectus dated 19.08.1994. The issue opened on 15.9.1994, the earliest closing date was 19.09.1994 and the latest closing date 26.09.1994. It has been stated in the prospectus that applications have been made to the Stock Exchanges at Magadh (Regional Stock Exchange), Bombay, Ahmedabad, Madras and Calcutta for listing of the shares.
Page 3 of 9 Stock Exchange. The non-compliance of listing agreement by the said company is in violation of the provisions of section 21 of the Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as SCRA). Magadh Stock Exchange vide its letter dated 21.12.2001 confirmed that SVDPL has been delisted from the Exchange.
Page 4 of 9 personal hearing before the Member, SEBI on 14.8.2003 vide our letter dated July 25, 2003. The letters addressed to SVDPL and four of its directors viz., Shri Vijaykumar Agarwal, Shri Ram Gopal Mundra, Shri Shashikant Kanoria and Shri Bhagwati Prasad Kanoria returned undelivered. While no replies were received from the remaining directors, one director namely Shri Suresh Patel appeared before the Member at the hearing and submitted the Notice for the AGM on September 30, 2002 and the financial results of SVDPL for the year 2001-02.
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Source: SecMarx — sebi:WTM/TCN/ERO/64/10/2007. 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.