Sebi bars Sword-Edge, 26 others from capital mkts for 5 years
BY PTI3 Oct 2014 1:30 AM GMT
PTI3 Oct 2014 1:30 AM GMT
The Securities and Exchange Board of India (SEBI), in its order, said: ‘Rotam Commercials Ltd or RCL (presently known as Sword-Edge Commercials Ltd) is prohibited from raising any further capital from the securities market, in any manner whatsoever for a period of five years.’
Also, the regulator barred 26 others including various Malani group entities, Shamanjwali Metals, Krupa Sanay Soni and Sanjay Soni, from buying, selling or dealing in the securities market for five years.
These entities have violated regulations related to Listing Agreement, PFTUP (Prohibition of Fraudulent Trade Practices)and Takeover norms.
According to Sebi, RCL did not appoint any director on its board or in the audit committee till September 2010 violating Listing Agreement.
Besides, certain Malani Group entities did not make disclosures as required under Sebi regulations.
‘The Malani group entities and Krupa Soni group entities had acted in a manner highly detrimental to the interests of securities market and the investor therein...The violation of law observed with respect to Malani and Krupa group entities, have to be dealt with sternly so that it acts as an effective deterrent to future violations.
‘Failure to make proper disclosures under the PIT regualtions by the Malani group entities deprived the investors of valuable information,’ Sebi said in its yesterday's order.
Also, Sebi said that the ‘failure on part of RCL is not adhering to the provisions of the Listing Agreement is a very serious violation.’
Also, the regulator barred 26 others including various Malani group entities, Shamanjwali Metals, Krupa Sanay Soni and Sanjay Soni, from buying, selling or dealing in the securities market for five years.
These entities have violated regulations related to Listing Agreement, PFTUP (Prohibition of Fraudulent Trade Practices)and Takeover norms.
According to Sebi, RCL did not appoint any director on its board or in the audit committee till September 2010 violating Listing Agreement.
Besides, certain Malani Group entities did not make disclosures as required under Sebi regulations.
‘The Malani group entities and Krupa Soni group entities had acted in a manner highly detrimental to the interests of securities market and the investor therein...The violation of law observed with respect to Malani and Krupa group entities, have to be dealt with sternly so that it acts as an effective deterrent to future violations.
‘Failure to make proper disclosures under the PIT regualtions by the Malani group entities deprived the investors of valuable information,’ Sebi said in its yesterday's order.
Also, Sebi said that the ‘failure on part of RCL is not adhering to the provisions of the Listing Agreement is a very serious violation.’
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