Farmax India Ltd
Penalties and directions recorded
- Farmax to pursue measures to bring back USD 72.20 million; MD to ensure compliance
- Farmax restrained from securities market for 5 years from order date
- M. Srinivasa Reddy restrained from securities market for 5 years
- Sanjay Aggarwal restrained from securities market for 2 years
- Prospect Capital Ltd and John Behar barred from securities services for 2 years
SAT-appeal
- Fraudulent GDR scheme: sole subscription via loan secured by pledge of GDR proceeds, misleading BSE claim of successful placement, conversion and sale in India.Farmax to pursue measures to bring back USD 72.20 million; MD to ensure compliance · Farmax restrained from securities market for 5 years from order date
- Fraudulent GDR scheme where Farmax pledged GDR proceeds with EURAM Bank as collateral for loan to sole subscriber Vintage, falsely announced successful placement to BSE, then GDRs cancelled and sold in India without proper consideration.Farmax to pursue measures to bring back outstanding US$ 72.20 million; M. Srinivasa Reddy to ensure compliance · Farmax and M. Srinivasa Reddy restrained from securities market for 5 yearsAppeal: Appeal Nos. 214/2020, 286/2020, 351/2020, 527/2021, 528/2021, 632/2021, 33/2022, 34/2022 with Misc. Application 201/2020, reserved 15.12.2021 and 03.02.2022, decided 21.03.2022
Source: SecMarx — Farmax India Ltd. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (charges, outcomes, appeal chain) is cited to us.