ππππ πππ―π¨π€ππ¬ ππ₯π₯ ππ’π«ππππ’π¨π§π¬ ππ ππ’π§π¬π πππ π¬ππ«πππ ππ₯π’ππ§ππ¬ π π¨π₯π₯π¨π°π’π§π πππππ’π₯ππ ππ§π―ππ¬ππ’π πππ’π¨π§ π’π§ ππ‘ππ«ππ ππ₯π¨πππ₯ πππ―ππ₯π¨π©ππ«π¬ ππππππ«
Regstreet Law Advisors represented certain Noticees before Securities and Exchange Board of India (SEBI) in proceedings arising from the Interim Order dated December 23, 2024 in the matter of Bharat Global Developers Limited (βBGDLβ). The matter was led by Sumit Agrawal, Founder & Managing Partner, along with Kavish Garach, Senior Associate and the team.
The proceedings arose from SEBIβs prima facie allegations of a broader manipulative scheme in the scrip of BGDL involving substantial preferential allotments, allegedly false and misleading corporate disclosures, alleged misstatements in financial information and a sharp increase in the price of the scrip, followed by sale of preferentially allotted shares.
Insofar as the represented Noticees were concerned, the allegations included the sale of preferentially allotted shares after expiry of the lock-in period at prices alleged by SEBI to have been artificially inflated, with the corresponding alleged gains being impounded.
The Interim Order had resulted in significant protective directions, including restraints on accessing the securities market, impounding of alleged unlawful gains, restrictions on bank and demat accounts and a prohibition on dealing in the shares of BGDL. These directions were subsequently confirmed by SEBIβs Confirmatory Order dated March 26, 2025.
ππ‘ππ ππ‘π πππ―π¨ππππ’π¨π§ ππ«πππ« ππππ¨π«ππ¬
SEBI records that its investigating team conducted a detailed investigation into the role of the Noticees against whom the Interim Order had been passed and SEBI concluded that the interim directions against certain Noticees, including Regstreetβs clients, were βnot warrantedβ and revoked all such directions with immediate effect.
The order can be accessed at https://lnkd.in/dXCqcCMH
Readers can write to Regstreet Law Advisors at info@regstreetlaw.com
#Regstreet #SEBI #SecuritiesLaw #SecuritiesEnforcement #CapitalMarkets #PFUTP #RegulatoryLaw #SEBIOrders #BharatGlobalDevelopers
