Revocation Order in the matter of V Marc India Limited
- Order No.WTM/AS/IVD/ID8/31730/2025-26
Ratio decidendi
The rule this decision rests on
Interim directions issued on prima facie findings, to protect investors pending investigation, are not to be continued against a noticee once the completed investigation fails to establish that noticee's involvement in the irregularities. Where the investigation has found no involvement of a particular noticee, the Board may revoke, with immediate effect and qua that noticee alone, all directions issued against it under the interim order, in exercise of its powers under Sections 11(1), 11(4) and 11B read with Section 19 of the SEBI Act.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
WTM/AS/IVD/ID8/31730/2025-26 SECURITIES AND EXCHANGE BOARD OF INDIA ORDER UNDER SECTION 11(1), 11(4) AND 11B OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 IN THE MATTER OF IRREGULARITIES IN THE IPO OF V MARC INDIA LIMITED In respect of – S. NO. NAME OF THE ENTITY PAN 1. Rekha Kurani AQCPK5061H
1. Pending detailed investigation into the irregularities in the IPO of V Marc India Limited, Securities and Exchange Board of India (hereinafter referred to as “SEBI”), vide an ad interim ex parte Order dated February 28, 2024 (hereinafter referred to as the “Interim Order”), inter alia, restrained 12 entities, including Ms. Rekha Kurani, from buying, selling or dealing in the securities market or associating themselves with the securities market, either directly or indirectly, in any manner whatsoever, until further orders. Further, the Interim Order directed impounding and depositing the wrongful gains into an Escrow/ Savings Account (with a lien marked in favour of SEBI) by entities mentioned in Table No. 16 of the Interim Order, including Ms. Rekha Kurani. In this regard, the Banks were also directed to ensure that no debits shall be made out of the bank accounts of these entities, except for the purpose of transfer of funds to the Escrow/ Savings Account.
2. The directions issued through the Interim Order were confirmed vide Confirmatory Order dated July 26, 2024 with certain modifications.
3. Simultaneously, an investigation was also carried out by SEBI to examine in detail the role of the entities against whom the Interim Order was passed and any other entities who played a part in the irregularities identified in the said Order.
4. I note that the directions issued against the entities vide the Interim Order were interim in nature and were issued on the basis of prima facie findings in order to protect the interests of investors in the securities market. Pursuant to the completion of the aforesaid investigation in the instant matter, it is found that the involvement of Ms. Rekha Kurani could not be established and thus, the said directions issued against her vide the Interim Order need not be continued.
5. In view of the same, I, in exercise of the powers conferred upon me under Section 19 read with Sections 11(1), 11(4) and 11B of the SEBI Act, hereby, revoke all the directions issued vide the Interim Order qua Ms. Rekha Kurani with immediate effect.
6. The Order shall be served on Ms. Rekha Kurani. A copy of this Order shall also be sent to the Stock Exchanges, Banks and Depositories for their information and necessary action.
DATE: OCTOBER 07, 2025 AMARJEET SINGH PLACE: MUMBAI WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA
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