Order in the matter of Kalpa Commercial Limited

WTM/GM/IVD/ID1/69/2020-21 SECURITIES AND EXCHANGE BOARD OF INDIA ORDER Under Sections 11(1), 11(4) and 11B of the Securities and Exchange Board of India Act, 1992.

In the matter of Kalpa Commercial Limited In respect of: SR. NO. NAME OF THE ENTITY PAN 1. ABHISHEK ASHOKA AEBPA9685A 2. SUNIL KUMAR ANGPK2900A 3. NATURE INFOSOFT PRIVATE LIMITED AACCN6386M 4. TOPLINE FABRICS PRIVATE LIMITED AAACO7265J 5. TUSHAR COMMODITIES PRIVATE LIMITED AACCT2372F 6. BORISHA VISHALKUMAR K BFKPB8172A 7. GITIKA GUPTA ALHPG4498G 8. HETALBEN CHANDRAKANT DHRUV AXOPD4957E 9. KRISHAN KUMAR AKQPK9894C 10. KUNAL YADAV AJDPY2050J 11. MAHENDRA VADILAL SHAH GLWPS8277L 12. MINAKSHI MAKKAR BCTPM3492C 13. NIKHLESH KUMAR AFHPN8413N 14. PRAKESH VALECHA (HUF) AAKHP3116L 15. RADHIKA CHANDRAKANTBHAI DHRUV BRKPD7946J 16. RAMAN JINDAL AFIPJ3488G 17. RAMESH KUMAR VALECHA (HUF) AAMHR6192L 18. RASHMI S JAIN AWQPJ6634B 19. ROSHAN KUMAR ARUN MANDAL CXPPM6045P 20. SHAH SUBHADRABEN RAMESHCHANDRA GKCPS4278A 21. SHILPA JINDAL ATRPJ4399P 22. SIVA BALAN JAIPAL AKVPJ3453D 23. SONIYA VALECHA ABYPV7813M

Order in the matter of Kalpa Commercial Limited

BACKGROUND: 1. Securities and Exchange Board of India (hereinafter referred to as “SEBI”) had passed an ad interim ex-parte order dated April 27, 2018 (herein referred to as ‘the Interim Order’) in the matter of Kalpa Commercial Limited against a total of 28 entities, which included the 23 entities mentioned in the Table above (the said 23 entities are hereinafter collectively referred to as ‘the Noticees’), for their prima facie involvement in fraudulent, unfair and manipulative practices, in violation of the provisions of the SEBI Act, 1992 and the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003. Vide the Interim Order, SEBI had inter alia prohibited the Noticees from buying, selling or dealing in securities, directly or indirectly, in any manner whatsoever, till further directions; and also directed to cease and desist from directly or indirectly disseminating messages or news in any form related to the securities market, by any means whatsoever.

2. Subsequently, vide an order dated September 26, 2019 (hereinafter referred to as ‘the Confirmatory Order’), SEBI had inter alia confirmed the said directions against the abovementioned 23 entities.

3. Pursuant to the completion of investigation in the matter and upon reconsideration of the facts and circumstances of the case in totality, SEBI has decided to substitute the ongoing proceedings under Section 11 / 11B of the SEBI Act, 1992 against the abovementioned 23 entities with adjudication proceedings under appropriate legal provisions or any other action, as deemed appropriate, as the case may be. Accordingly, I, in exercise of the powers conferred upon me by virtue of Section 19 read with Sections 11 and 11B of the SEBI Act, 1992, hereby revoke the directions issued vide the Interim Order read with the Confirmatory Order against the abovementioned 23 entities.

4. The above directions shall come into force with immediate effect.

5. A copy of this order shall also be served upon the Exchanges and the Depositories.

Place: Mumbai G. MAHALINGAM Date: February 05, 2021 WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA