sebi:WTMN/215/CFD/9/04
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Facts / Headnote
Directions issued under Section 11(1) and 11B read with Section 19 of the SEBI Act restraining NGL and its present directors from accessing the capital market for five years, and restraining public companies in which those directors hold controlling or substantial interest from raising funds from the capital market for five years. No action taken against former directors Suresh Sanghvi, Mohanlal Sanghvi, Dinesh Sanghvi, N C Chauhan, K K Puri, or the deceased Avinash Sanghvi.
Provisions invoked
- s. 11B
- s. 11
- s. 19
- s. 11(1)
- s. 21
Parties
- Nuline Glassware Limited (now known as Pur Opale Creation Limited)
- Jayesh Dave
- Anjali Dave
- Jagdish Chandra Dave
- Madhuben Dave
- Rohit Vyas
- Himanshu Desai
- Kamlesh Mankodi
- Umesh Soni
Holding
SEBI directed Nuline Glassware Limited (now Pur Opale Creation Limited) and its present directors to disassociate from capital market 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
Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ ORDER In the matter of directions under Section 11 read with Section 11B of the SEBI Act, 1992 to Nuline Glassware Limited (now known as Pur Opale Creation Limited) and its directors WTMN/215/CFD/9/04 1.0 Background 1.1 A Co-ordination and Monitoring Committee (hereinafter referred to as the ‘CMC’) was set up jointly by the Department of Company Affairs (hereinafter referred to as ‘the DCA’) and the Secur Exchange Board of India (hereinafter referred to as ‘SEBI’) in 1999 in respect of companies which raised money from the public and which were not traceable. These companies were iden vanishing companies. Seven Task Forces for each region were also set up consisting of Officers of DCA, SEBI and the concerned Stock Exchange to assist the CMC in identifying v companies in the region and recommending the action to be taken by DCA and SEBI against such companies. 1.2 In the fifth meeting of the CMC held on 1.7.2000, the criteria for identifying vanishing companies has been laid down and companies that met the following criteria were to be considered as v companies: a) Companies which have not complied with listing requirements / filing requirements of Stock Exchange / Registrar of Companies respectively for a period of 2 years. b) Where no correspondence has been received by the Exchange from the company for a long time. c) Where no
the Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) in 1999 in respect of companies which raised money from the public and which were not traceable. These companies were identified as vanishing companies. Seven Task Forces for each region were also set up consisting of Officers of DCA, SEBI and the concerned Stock Exchange to assist the CMC in identifying vanishing companies in the region and recommending the action to be taken by DCA and SEBI against such companies. 1.2 In the fifth meeting of the CMC held on 1.7.2000, the criteria for identifying vanishing companies has been laid down and companies that met the following criteria were to be
2.2 In the prospectus, the address of the registered office of NGL is mentioned as 505-508, Sriram Chambers, R C Dutt Road, Alkapuri, Baroda and the following persons are shown as directors: (a) Mohanlal Sanghvi (b) Avinash Sanghvi (c) Suresh Sanghvi (d) Dinesh Sanghvi (e) N C Chauhan (f) KK Puri (g) P M Jaisingh The qualifications and experience of the said persons are also shown therein. 3.0 Nuline Glassware Limited– a vanishing company. 3.1 After the said public issue, the shares of NGL were listed at Ahmedabad and Vadodara Stock Exchanges. It has been found that NGL has not been complying with various clauses of the Listing Agreement entered into by it with the Stock Exchange viz., not submitting statutory reports, directors’ reports and other required reports, not furnishing financial results including Cash Flow Statements, Balance sheet and Profit & Loss Account etc. to the Stock Exchanges. 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). The scrip has been de-listed from the Vadodara Stock Exchange. 4.0 Show cause notice and personal hearing
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Source: SecMarx — sebi:WTMN/215/CFD/9/04. 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.