TaxTMI 
TaxTMI 
2020 (9) TMI 1328
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....2010 to December 31, 2014 (hereinafter referred to as 'investigation period'). 2. SEBI observed that during the quarter ended March 2011, the number of promoters reduced from 10 to 8 and the shareholding of promoters reduced by 1,60,000 shares (4.25%) such that from 7,21,800 shares (19.16%) to 5,61,800 shares (14.91%). Despite such reduction in number of promoter, the necessary changes under clause 35 of Listing Agreement were not made in the quarterly disclosure as on March 2011. 3. The Noticee vide its email dated September 30, 2019 informed to SEBI that Mr. Vasant Bhadra and Mr. Ravindran T were directors on the board with no interest in management control. Till March 31, 2011, they were incorrectly shown into Promoter Group and la....
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....ee vide its email dated July 25, 2020 submitted its reply inter alia as follows: a) The Noticee submitted that Mr. Ravindran T and Mr. Vasant Bhadra were never the promoters of RRIL at the time of the Initial Public Offering (IPO) on October 4, 1995 and provided the copy of Prospectus filed at that point in time. b) The trading in the scrip of the company was under suspension from January 7, 2002 and same was only revoked with effect from February 13, 2012 vide BSE Notice No. 20120207-19 dated February 07, 2012. c) Mr. Ratanchand Deshmal Jain has taken over the SRK Industries Ltd. through open offer given under SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 in August 2019 and subsequen....
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....st 12, 2020. The Authorised Representative (AR) of the Noticee appeared before me on scheduled date of hearing through video-conferencing on webex platform. The AR reiterated Noticee's earlier submissions on the lines of written reply on record. The AR requested for two days' time to make additional written submission and production of evidence in support of its submission. The request of the Noticee was acceded to. The Noticee vide its email dated August 28, 2020, submitted that at the time of merger of Transcend Commerce Ltd. (TCL) with SRK in 2012, it had filed an application with the BSE for grant of approval under Clause 24(f) of the Listing Agreement wherein, inter-alia, it have also filed shareholding pattern for December 2011 which ....
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....e Noticee by showing them as public shareholder. I also gather from the record that the Noticee vide another email dated October 10, 2019 provided that Mr. Vasant Bhadra and Mr. Ravindran T were directors on the board with no interest in management control. Till December 31, 2010, they were wrongly shown into Promoter Group and later, on the basis of the opinion of advisor of the Noticee the error in the shareholding pattern from March 31, 2011 was rectified. Therefore, in view of the above it is established that Mr. Vasant Bhadra and Mr. Ravindran T were not promoter of SRK and despite the same they were shown as promoters. I, further note from the Annual report 2010-2011 that Mr. Vasant Bhadra and Mr. Ravindran T were not promoters during....