sebi:WTM/VKC/MIRSD/DPS-1/110/07
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Facts / Headnote
interim order dated 29.10.2007 modified by lifting 30-day limit
Parties
- ACL
Holding
The interim order dated 29.10.2007 is modified to lift the 30 days time limit for ACL to submit documentary evidence of settlement of Johari's dues. ACL must still proceed to settle Johari's dues without waiting for completion of the enquiry.
Full text
i) As it is evident from the findings of the inquiry that sales proceeds of 449 shares of ACC and also the sales proceed of shares of 29 companies were not paid to the complainant, NSE is advised to deduct the amount equivalent to the current market price of the above mentioned shares from the deposits of the ACL and retain the same in a separate account till the full and final settlement of the matter. ii) The Enquiry Officer appointed by Board shall ensure the speedy completion of the enquiry proceedings and submit the Enquiry Report with its recommendations to the Board at the earliest. The Board after receiving of the Enquiry Report shall take all measure to pass its final order as early as possible. ACL is also directed to co-operate with the concerned authorities for early completion of the enquiry proceedings. iii) ACL to submit documentary evidences for settlement of the dues of Johari’s to SEBI within 30 days.
appropriate to impose 30 days time limit on ACL to submit documentary evidence for the settlement of dues of Johari’s as directed in the interim order dated 29/10/2007.
2. ACL vide letter dated 13. 11. 2007 has stated that pursuant to the direction given by SEBI vide order dated 29.10.2007 the complainant i.e. Mr. Johari was approached orally and in writing for the settlement of the claim but no response is received from him.
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Source: SecMarx — sebi:WTM/VKC/MIRSD/DPS-1/110/07. 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.