Addendum to the Final Order dated November 05, 2019 in the matter of KLG Capital Services Limited
- CitationWTM/GM/EFD/DRA-I/43A/2019–20
Ratio decidendi
The rule this decision rests on
Where a debarment imposed by an earlier order was in force and was later set aside by the Securities Appellate Tribunal, the period of debarment actually undergone under that order, for the duration it remained operative, is to be set off against the debarment directed in the present order, both as to dealing in or accessing the securities market and as to holding a directorship in a listed company. Where a person is subject to a debarment in the present order, the exchanges and depositories are directed to permit him to square off any open position held on the date of that order, within a fixed date.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
1. Securities and Exchange Board of India had passed an Order dated November 05, 2019, bearing reference number WTM/GM/EFD/DRA-I/43/2019-20 (hereinafter referred to as “Order”) in the matter of KLG Capital Services Limited (“KLG/Company”).
2. Pursuant to a request received from Shri N. Ravichandran regarding setting off of period of debarment already undergone against that directed in the abovementioned Order and squaring off certain existing open positions, the following directions shall be added in Para 26 of the Order after sub-para (f):
“(g) The periods of debarment in respect of buying, selling or dealing in the securities market in any manner whatsoever, or accessing the securities market, directly or indirectly, already undergone by Mr. N. Ravichandran under the directions issued vide SEBI Orders dated September 22, 2009 and July 24, 2014, before these Orders were set aside by the Hon’ble SAT vide its orders dated October 21, 2010 and February 05, 2015 respectively (i.e. during the respective periods these Orders remained in force before being Addendum in the matter of KLG Capital Services Limited set aside), shall be set off against the period of debarment directed at para 26(a) above.
(h) The periods of debarment in respect of holding position of Director in the Board of Directors of any listed company, already undergone by Mr. N. Ravichandran under the directions issued vide SEBI Orders dated September 22, 2009 and July 24, 2014, before these Orders were set aside by the Hon’ble SAT vide its orders dated October 21, 2010 and February 05, 2015 respectively (i.e. during the respective periods these Orders remained in force before being set aside), shall be set off against the period of debarment directed at para 26(b) above.
(i) The exchanges and depositories shall allow Mr. N. Ravichandran to square off any open position which he may be holding as on the date of the Order, by February 28, 2020.”
3. The above mentioned directions shall be read along with the other directions contained in paragraph 26 of the Order.
Place: Mumbai G. MAHALINGAM Date: February 14, 2020 WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA
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