Adjudication Order in respect of three Directors in the matter of GDR issue by Aqua Logistics Limited

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Last updated: 01 October 2020
Quick Summary
The Securities and Exchange Board of India (SEBI) has issued an adjudication order against three directors of Aqua Logistics Limited concerning irregularities in a Global Depository Receipts (GDR) issue. Investigations revealed that Aqua Logistics pledged GDR proceeds as collateral for a loan obtained by Vintage FZE to subscribe to the GDRs. This action was authorised by a board resolution, and the pledge agreement was executed by a Whole Time Director.

Court :
SEBI

Brief :
ORDER UNDER SECTION 15-I OF THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH RULE 5 OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995

Citation :
ADJUDICATION ORDER NO: Order/GR/KG/2020-21/9268-9270

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1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

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