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RDB Rasayans Ltd. and Others Versus Securities and Exchange Board of India,

2016 (9) TMI 767 - SECURITIES APPELLATE TRIBUNAL MUMBAI

Guilty of violating the ICDR Regulations and PFUTP Regulations - Held that:- Basic charge held against the appellants is that by suppressing material facts from the investors in the IPO, the appellants have violated Securities And Exchange Board Of India (Issue Of Capital And Disclosure Requirements) Regulations, 2009 (“ICDR Regulations” for short) and by misutilizing the IPO proceeds, the appellants have violated the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair T .....

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or RDB are guilty of violating ICDR Regulations and PFUTP Regulations and accordingly upheld the penalty of ₹ 2 crore imposed on the appellants. - However, going into the question as to whether the WTM of SEBI was justified in upholding the two additional charges would now be futile, because the appellants have already undergone the debarment imposed under the impugned order and as such the appeals have become infructuous. Accordingly, in view of our decision that the appellants are g .....

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N. Modi, Senior Advocate with Mr. Vinay Chauhan, Advocate i/b Corporate Law Chambers India For The Respondent : Mr. Kumar Desai, Advocate with Mr. Anubhav Ghosh, Advocate i/b The Law Point Per: Justice J.P. Devadhar 1. Appellants in these four appeals are aggrieved by the common order passed by the Whole Time Member ( WTM for short) of Securities and Exchange Board of India ( SEBI for short) on 19.12.2014. Hence all these appeals are heard together and disposed of by this common decision. 2. RD .....

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2 ( SEBI Act for short) has debarred the appellants from accessing the securities market and prohibited them from buying, selling and otherwise dealing in securities market directly or indirectly in any manner, whatsoever, for a period of four years. It is further stated in the impugned order that the period of prohibition already undergone by the appellants pursuant to the ex-parte ad-interim order dated 28.12.2011 shall be taken into account for the purpose of computing the period of prohibiti .....

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st and proper to hear the appeals on merit. 5. Basic charge held against the appellants is that by suppressing material facts from the investors in the IPO, the appellants have violated Securities And Exchange Board Of India (Issue Of Capital And Disclosure Requirements) Regulations, 2009 ( ICDR Regulations for short) and by misutilizing the IPO proceeds, the appellants have violated the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Secu .....

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