Prospect Capital Ltd / John Behar
Penalties and directions recorded
- Farmax to pursue measures to bring back outstanding USD 72.20 million, Reddy to ensure compliance
- Farmax restrained from accessing / dealing in securities market for 5 years from order date
- M. Srinivasa Reddy similarly restrained for 5 years
- Sanjay Aggarwal and Nithish Bangera restrained for 2 years each
- Prospect Capital Ltd and John Behar barred from rendering services for securities under SCRA Sec 2(h) for 2 years
SAT-appeal
- Fraudulent GDR scheme where Farmax pledged GDR proceeds to secure EURAM loan to sole subscriber Vintage, misled BSE on successful placement, then GDRs cancelled into equity and sold in India.Farmax to pursue measures to bring back outstanding USD 72.20 million, Reddy to ensure compliance · Farmax restrained from accessing / dealing in 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 — Prospect Capital Ltd / John Behar. 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.