sebi:WTMO/7/CFD/09/03
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Facts / Headnote
Directions issued restraining Tuscon Exports Limited and its directors Shri Ranjeet Chouraria and Shri Ramesh Fatehpuria from accessing the capital market for a period of five years; no action taken against Shri Pradeep Chouraria and Smt. Manju Chouraria.
Provisions invoked
- s. 11B
- s. 19
- s. 11(1)
- s. 21
Parties
- Tuscon Exports Ltd.
- Shri Ranjeet Chouraria
- Shri Ramesh Fatehpuria
Holding
SEBI directed Tuscon Exports Limited and its directors Shri Ranjeet Chouraria and Shri Ramesh Fatehpuria to disassociate from capital market related activities and not to access the capital market for five years, and further directed that public companies in which these directors hold controlling or substantial interest shall not raise funds from the capital market for five years. No action was taken against Shri Pradeep Chouraria and Smt. Manju Chouraria as they were no longer directors and not involved in management.
Full text
c) Where no office of the company is located at the registered office address at the time of Stock Exchange inspection.
Kolkata – 700 029 3. Shri Pradeep Chouraria 4. Smt. Manju Chouraria 3.0 TEL – a vanishing company. 3.1 After the said public issue, the shares of TEL were listed at The Stock Exchange, Mumbai (BSE), Madras Stock Exchange, Calcutta Stock Exchange, its Regional Stock Exchange and Calcutta Stock Exchange (CSE). It has been found that TEL could not be traced at its registered office during physical verification conducted by CSE. Further, TEL 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 concerned 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). TEL was suspended from CSE w.e.f. 6.6.1997. This was communicated to SEBI by the CSE by its letters dated 10.7.2002.
and Smt. Manju Chouraria were represented by M/s Halai & Co. in the hearing before the member. They submitted that Pradeep Chouraria and Manju Chouraria had resigned from the Board of Directors w.e.f 15.12.2000 and 1.5.1997 respectively and submitted copies of Form 32 in evidence of the same. They also submitted the said persons were not involved in the management of the company.
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Source: SecMarx — sebi:WTMO/7/CFD/09/03. 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.