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Adjudication order against Mr. Dheerendra Krishan Pratap

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Court :
SEBI

Brief :
Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) started investigation into the affairs of Sai Prakash Properties Development Limited (hereinafter referred to as ‘SPPDL/ Company’). During the course of investigation, the Investigating Authority of SEBI (hereinafter referred to as ‘IA’) issued summons under Sections 11C(3) of the SEBI Act to various entities including Shri Dheerendra Krishan Pratap (hereinafter referred to as the “Noticee/ by Name”) for production of documents.

Citation :
[ADJUDICATION ORDER NO. Order/BD/MG/2020-21/9551]

BEFORE THE ADJUDICATING OFFICER
SECURITIES AND EXCHANGE BOARD OF INDIA
[ADJUDICATION ORDER NO. Order/BD/MG/2020-21/9551]

UNDER SECTION 15-I OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH RULE 5 OF SEBI (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES BY ADJUDICATING OFFICER) RULES, 1995.

In respect of
Mr. Dheerendra Krishan Pratap
PAN: AXMPB0165C

In the matter of Sai Prakash Properties Development Limited

FACTS OF THE CASE

1. Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) started investigation into the affairs of Sai Prakash Properties Development Limited (hereinafter referred to as ‘SPPDL/ Company’). During the course of investigation, the Investigating Authority of SEBI (hereinafter referred to as ‘IA’) issued summons under Sections 11C(3) of the SEBI Act to various entities including Shri Dheerendra Krishan Pratap (hereinafter referred to as the “Noticee/ by Name”) for production of documents. However, the Noticee failed to comply with the summons. In view of the same, SEBI initiated adjudication proceedings under Section 15A(a) of the SEBI Act, 1992 (hereinafter referred to as ‘SEBI Act’) against the Noticee.

APPOINTMENT OF ADJUDICATING OFFICER

2. The undersigned was appointed as the Adjudicating Officer on dated March 14, 2019, under Section 15-I (1) of SEBI Act to inquire into and adjudge under the provisions of Section 15A(a) for the violations of the provisions of Section 11C (3) of the SEBI Act. The appointment was communicated to the undersigned vide communique dated March 20, 2019.

SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING

3. Show Cause Notice dated November 18, 2019 (hereinafter referred to as ‘SCN’) was issued to the Noticee under the provisions of Rule 4(1) of the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘AO Rules’), to show cause as to why an inquiry should not be held against the Noticee and why penalty, if any, should not be imposed on the Noticee under the provisions of Section 15A(a) of the SEBI Act for the violations of the provisions of Section 11C(2) and 11C(3) of the SEBI Act.

4. The IA had called for providing complete list of Investors containing full name including father / husband name, address of the investor, date of bookings / payments, date of maturity, type of scheme, amount invested, maturity amount, details of investment, details of plan, details of branches, branch wise collection details, total amount collected since inception till date, details of agents, details of agent wise collection, details of all bank account, bank statement and any other information pertaining to fund mobilization by the SPPDL. The above mentioned information was sought by issuing summons to the Noticee who was a director of SPPDL. Summons were issued on December 2, 2016, December 19, 2016 and January 16, 2017. However, these summons sent through registered post returned undelivered. Another summon was issued on January 19, 2017 which was affixed at the address of the Noticee on January 28, 2017. However, no information was submitted by the Noticee in response to summons.

To know more in details find the attachment file
 

 

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on 12 November 2020
Published in LAW
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