adjudication order with respect to sudipti estates limited and 33 others in the matter of dlf...

8/9/2019 Adjudication Order with respect to Sudipti Estates Limited and 33 others in the matter of DLF Limited and Sudipti Es…

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Adjudication Order dated February 26, 2015 in respect of Sudipti Estates Limited & 33 others in the matter of DLF Limited and Sudipti Estates Limited

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BEFORE THE ADJUDICATING OFFICERBEFORE THE ADJUDICATING OFFICERBEFORE THE ADJUDICATING OFFICERBEFORE THE ADJUDICATING OFFICER

SECURITIES AND EXCHANGE BOARD OF INDIASECURITIES AND EXCHANGE BOARD OF INDIASECURITIES AND EXCHANGE BOARD OF INDIASECURITIES AND EXCHANGE BOARD OF INDIA

[ADJUDICATION ORDER NO. ASK [ADJUDICATION ORDER NO. ASK [ADJUDICATION ORDER NO. ASK [ADJUDICATION ORDER NO. ASK/AO/AO/AO/AO////SPV/SPV/SPV/SPV/137137137137----170170170170/2014/2014/2014/2014----1!1!1!1!

UNDER SECTION 1UNDER SECTION 1UNDER SECTION 1UNDER SECTION 1----I OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT"I OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT"I OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT"I OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT"1##2 READ $ITH1##2 READ $ITH1##2 READ $ITH1##2 READ $ITH RU%E OF SECURITIES AND EXCHANGE BOARD OF INDIARU%E OF SECURITIES AND EXCHANGE BOARD OF INDIARU%E OF SECURITIES AND EXCHANGE BOARD OF INDIARU%E OF SECURITIES AND EXCHANGE BOARD OF INDIA

&PROCEDURE FOR HO%DING IN'UIR( AND I)POSING PENA%TIES B(&PROCEDURE FOR HO%DING IN'UIR( AND I)POSING PENA%TIES B(&PROCEDURE FOR HO%DING IN'UIR( AND I)POSING PENA%TIES B(&PROCEDURE FOR HO%DING IN'UIR( AND I)POSING PENA%TIES B(

ADJUDICATING OFFICER* RU%ES" 1##.ADJUDICATING OFFICER* RU%ES" 1##.ADJUDICATING OFFICER* RU%ES" 1##.ADJUDICATING OFFICER* RU%ES" 1##.

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AAECP2=1NAAECP2=1NAAECP2=1NAAECP2=1N ASK ASK ASK ASK/AO/AO/AO/AO/SPV//SPV//SPV//SPV/13=/201413=/201413=/201413=/2014 ----1111

3.3.3.3. F> B:>9, +9F> B:>9, +9F> B:>9, +9F> B:>9, +9C+,:+ P,< %59C+,:+ P,< %59C+,:+ P,< %59C+,:+ P,< %59

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4.4.4.4. S6, R@+9, G:S6, R@+9, G:S6, R@+9, G:S6, R@+9, G: AASPG0314PAASPG0314PAASPG0314PAASPG0314P ASK ASK ASK ASK/AO/AO/AO/AO/SPV//SPV//SPV//SPV/140/2014140/2014140/2014140/2014 ----1111

.... ),.P95@ S+?),.P95@ S+?),.P95@ S+?),.P95@ S+? AIGPS2#4AAIGPS2#4AAIGPS2#4AAIGPS2#4A ASK ASK ASK ASK/AO/AO/AO/AO/SPV//SPV//SPV//SPV/141/2014141/2014141/2014141/2014 ----1111

.... ),):96:>? B?),):96:>? B?),):96:>? B?),):96:>? B? AB$PC047EAB$PC047EAB$PC047EAB$PC047E ASK ASK ASK ASK/AO/AO/AO/AO/SPV//SPV//SPV//SPV/142/2014142/2014142/2014142/2014 ----1111

7.7.7.7.

S6, R@+9, K:5, R6@S6, R@+9, K:5, R6@S6, R@+9, K:5, R6@S6, R@+9, K:5, R6@ ACFPR#71GACFPR#71GACFPR#71GACFPR#71G ASK ASK ASK ASK/AO/AO/AO/AO/SPV//SPV//SPV//SPV/143/2014143/2014143/2014143/2014 ----1111

=.=.=.=. S6, P,5 K:5, <96,S6, P,5 K:5, <96,S6, P,5 K:5, <96,S6, P,5 K:5, <96, AADPV707GAADPV707GAADPV707GAADPV707G ASK ASK ASK ASK/AO/AO/AO/AO/SPV//SPV//SPV//SPV/144/2014144/2014144/2014144/2014 ----1111

#.#.#.#. ),. N S+),. N S+),. N S+),. N S+ A%IPS7=1)A%IPS7=1)A%IPS7=1)A%IPS7=1) ASK ASK ASK ASK/AO/AO/AO/AO/SPV//SPV//SPV//SPV/14/201414/201414/201414/2014 ----1111

10.10.10.10. S6, J8 S+S6, J8 S+S6, J8 S+S6, J8 S+ AVOPS3#10NAVOPS3#10NAVOPS3#10NAVOPS3#10N ASK ASK ASK ASK/AO/AO/AO/AO/SPV//SPV//SPV//SPV/14/201414/201414/201414/2014 ----1111

11.11.11.11. S6, V+ J+9>S6, V+ J+9>S6, V+ J+9>S6, V+ J+9> AAAPJ223AAAAPJ223AAAAPJ223AAAAPJ223A ASK ASK ASK ASK/AO/AO/AO/AO/SPV//SPV//SPV//SPV/147/2014147/2014147/2014147/2014 ----1111

12.12.12.12. S6, A,:+ K:5, B6S6, A,:+ K:5, B6S6, A,:+ K:5, B6S6, A,:+ K:5, B6 AAEPB430=GAAEPB430=GAAEPB430=GAAEPB430=G ASK ASK ASK ASK/AO/AO/AO/AO/SPV//SPV//SPV//SPV/14=/201414=/201414=/201414=/2014 ----1111

13.13.13.13.

S6, N,@ G:>S6, N,@ G:>S6, N,@ G:>S6, N,@ G:> ACSPG1333JACSPG1333JACSPG1333JACSPG1333J ASK ASK ASK ASK/AO/AO/AO/AO/S/S/S/SPV/PV/PV/PV/14#/201414#/201414#/201414#/2014 ----1111

14.14.14.14. S6, S:,@ B?S6, S:,@ B?S6, S:,@ B?S6, S:,@ B? AAKPB3=23EAAKPB3=23EAAKPB3=23EAAKPB3=23E ASK ASK ASK ASK/AO/AO/AO/AO/SPV//SPV//SPV//SPV/10/201410/201410/201410/2014 ----1111

1.1.1.1. S6, S.K G:S6, S.K G:S6, S.K G:S6, S.K G: ACSPG127CACSPG127CACSPG127CACSPG127C ASK ASK ASK ASK/AO/AO/AO/AO/SPV//SPV//SPV//SPV/11/201411/201411/201411/2014 ----1111

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1=.1=.1=.1=. S6, H,69S6, H,69S6, H,69S6, H,69 S69<S69<S69<S69< AARPS=0=#AAARPS=0=#AAARPS=0=#AAARPS=0=#A ASK ASK ASK ASK/AO/AO/AO/AO/SPV//SPV//SPV//SPV/14/201414/201414/201414/2014 ----1111

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24.24.24.24. D%F H5 D<>, %59D%F H5 D<>, %59D%F H5 D<>, %59D%F H5 D<>, %59&DHD%*&DHD%*&DHD%*&DHD%*

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2=.2=.2=.2=. S6, A K G:S6, A K G:S6, A K G:S6, A K G: AAAPG07RAAAPG07RAAAPG07RAAAPG07R ASK ASK ASK ASK/AO/AO/AO/AO/SPV//SPV//SPV//SPV/14/201414/201414/201414/2014 ----1111

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SEBI Act

Section 12 A. No person shall directly or indirectly -




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(a) use or employ, in connection with the issue, purchase or sale of any securities listed

or proposed to be listed on a recognised stock exchange, any manipulative or deceptive

device or contrivance in contravention of the provisions of this Act or the rules or the

regulations made thereunder;

(b)employ any device, scheme or artifice to defraud in connection with the issue or

dealing in securities which are listed or proposed to be listed on a recognised stock

exchange:

(c)engage in any act, practice, course of business which operates or would operate as

fraud or deceit upon any person, in connection with the issue, dealing in securities

which are listed or proposed to be listed on a recognised stock exchange, in

contravention of the provisions of this Act it the rules or the regulations made

thereunder

PFUTP Regulations

Reg.3. No person shall directly or indirectly-

(a) buy, sell or otherwise deal in securities in a fraudulent manner;

(b) use or employ, in connection with issue, purchase or sale of any security listed or

proposed to be listed in a recognised stock exchange, any manipulative or deceptive

device or contrivance in contravention of the provisions of the Act or the rules or the

regulations made thereunder:

(c) employ any device, scheme or artifice in connection with dealing in or issue of

securities which are listed or proposed to be listed on a recognised stock exchange;

(d) engage in any act, practice, course if business which operates or would operate as

fraud or deceit upon any person in connection with any dealing in or issue of securities

which are listed or proposed to be listed on a recognised stock exchange in

contravention of the provisions of the Act or the rules and the regulations made

thereunder

Reg. 4 Prohibition of manipulative, fraudulent and unfair trade practices




---------------------------------------------------------------------------------------------------------------------------------------


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(1) Without prejudice to the provisions of regulation 3, no person shall indulge in a

fraudulent or an unfair trade practice in securities.

(2) Dealing in securities shall be deemed to be a fraudulent or unfair trade pracrice if

it involves fraud and may include all or any of the following, namely

(f) publishing or causing to publish or reporting or causing to report by aperson

dealing in securities any information which is not true or which he does not believed to

be true prior to or in the course of dealing in securities;

(k) an advertising that is misleading or that contains information in a distorted manner

and which may influence the decision of investors.

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6::".....................the principles of natural justice require that the inquiry officer

should make available such document and material to the delinquent on which reliance

is being placed in the inquiry. It is not necessary for the inquiry officer to make

available all the material that might have been collected during the course of

investigation but has not been relied upon for proving charge against the delinquent. No

prejudice can, therefore, be said to have been caused to the appellant on this count....".

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6 5, V. N,@+ <. SEBI &A//> N. 104 3 2011* " 6,+

;,<9 6M- "… we are satisfied that the provisions of Regulations 3 and

4 of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair

Trade Practices relating to Securities Market) Regulations, 2003, were violated. These

regulations, among others, prohibit any person from employing any device, scheme or

artifice to defraud in connection with dealing in or Issue of securities which are listed or

proposed to be listed on an exchange. They also prohibit persons from engaging in any

act, practice, course of business which operates or would operate as fraud or deceit

upon any person in connection with any dealing in or issue of securities that are listed

on stock exchanges. These regulations also prohibit persons from indulging in a

fraudulent or unfair trade practice in securities which includes publishing any

information which is not true or which he does not believe to be true. Any advertisement

that is misleading or contains information in a distorted manner which may influence the

decision of the investors is also an unfair trade practice in securities which is prohibited.

The regulations also make it clear that planting false or misleading news which may

induce the public for selling or purchasing securities would also come within the ambit

of unfair trade practice in securities….......... A basic premise that underlies the integrity

of securities market is that persons connected with securities market conform to

standards of transparency, good governance and ethical behaviour prescribed in

securities laws and do not resort to fraudulent activities."

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15HA - Penalty for fraudulent and unfair trade practices

If any person indulges in fraudulent and unfair trade practices relating to

securities, he shall be liable to a penalty of twenty -five crore rupees or three

times the amount of profits made out of such practices, whichever is higher.

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DATEMDATEMDATEMDATEM F;,:,8 2" 201F;,:,8 2" 201F;,:,8 2" 201F;,:,8 2" 201 A SUNI% KU)ARA SUNI% KU)ARA SUNI% KU)ARA SUNI% KU)AR

P%ACEM ):5;P%ACEM ):5;P%ACEM ):5;P%ACEM ):5; ADJUDICATING OFFICERADJUDICATING OFFICERADJUDICATING OFFICERADJUDICATING OFFICER

adjudication order with respect to sudipti estates limited and 33 others in the matter of dlf...

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