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Extension granted to sell shares of Indiabulls Ventures Ltd. due to the prevailing COVID-19 pandemic

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Court :
SEBI

Brief :
Order on the Representation dated September 16, 2020 made by Ms. Pia Johnson (PAN: AGVPJ6093M) and Mr. Mehul Johnson (PAN: ABBPJ3414H) pursuant to order dated February 24, 2020 passed by Hon’ble SAT in Misc. Application No. 61 of 2020 in Appeal No. 59 of 2020 – In the matter of Indiabulls Ventures Limited.

Citation :
WTM/AB/IVD/ID2/12/2020-21

WTM/AB/IVD/ID2/12/2020-21
SECURITIES AND EXCHANGE BOARD OF INDIA
MISCELLANEOUS ORDER


Order on the Representation dated September 16, 2020 made by Ms. Pia Johnson (PAN: AGVPJ6093M) and Mr. Mehul Johnson (PAN: ABBPJ3414H) pursuant to order dated February 24, 2020 passed by Hon’ble SAT in Misc. Application No. 61 of 2020 in Appeal No. 59 of 2020 – In the matter of Indiabulls Ventures Limited.

1. Ms. Pia Johnson and Mr. Mehul Johnson (hereinafter referred to as “the Representors”) have filed representation dated September 16, 2020 (hereinafter referred to as “the Representation”) as they could not affect the sale of shares within the time period granted to them in the Miscellaneous Order dated March 04, 2020 passed in the matter of Indiabulls Ventures Ltd.

2. Previously, the Securities and Exchange Board of India (hereinafter referred to as “SEBI”) passed a final order dated February 05, 2020 (hereinafter referred to as “Final Order”) against the Representors, inter alia, directing as under:
“…………………
50. In view of the aforesaid findings, I, in exercise of the powers conferred upon me under Section 11(1), 11(4) and 11B of the SEBI Act, 1992 read with Section 19 of the SEBI Act, 1992, hereby, directs, -

a. That Noticees shall remain restrained from accessing the securities market and from buying, selling or dealing in securities including the units of mutual funds, directly or indirectly, in any manner whatsoever, for a period of 1 year;

b. That Noticees shall remain restrained from buying, selling or dealing in the securities of the Indiabulls Ventures Limited, directly or indirectly, in any manner whatsoever, for a period of 3 years; and Order on the representation made by Ms. Pia Johnson and Mr. Mehul Johnson.

c. That the amount of Rs. 87,21,918.55/- which was impounded from the Noticees vide interim impounding order cum show cause notice dated May 09, 2019 stands disgorged and shall be remitted to Investor Protection and Education Fund (IPEF) referred to in Section 11(5) of the SEBI Act, 1992

To know more in details find the attachmnet file.

 

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on 19 October 2020
Published in LAW
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