December
19, 2005
PR No. 160/2005
Order against M/s. DSQ Biotech Ltd.
Securities and Exchange Board of India (SEBI) in exercise of the powers under Section 4(3) read with Section 11B of Securities and Exchange Board of India Act (hereinafter referred to as �the Act�) and Regulations 11 and 12 of Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to securities market) Regulations, 1995, (hereinafter referred to as �FUTP Regulations�) vide order No. CO/13/IES/2003/FUTP dated 10th April, 2003 directed Shri Dinesh Dalmiya, promoter of M/s. DSQ Biotech Ltd. and M/s. DSQ Biotech Ltd. (hereinafter referred to as �DSQB�) not to access the capital markets or deal in securities for a period of five years, with immediate effect.
DSQB filed an appeal before the Hon�ble Securities Appellate Tribunal (hereinafter referred to as �Tribunal�), appeal No. 64/2003, challenging the above mentioned order. The Hon�ble Tribunal, after hearing the submissions of the parties to the appeal, vide order dated 24th January, 2005 set aside the order, directing the DSQ Biotech Ltd to present before SEBI with the copy of the order for disposal of the matter by SEBI after giving an opportunity of hearing to DSQB.
Accordingly, the opportunity of hearing and making written submissions was given to DSQB. After considering the submissions of DSQB, DSQB has been found guilty of violating the provision of Regulation 4(a), (b) and (d) of FUTP Regulations.
SEBI has now passed an order dated December 15, 2005 directing M/s. DSQ Biotech Limited not to access the capital markets or deal in securities till 9th April, 2008, considering the fact that DSQB has already underwent debarment from the date of passing of the SEBI order dated 10.4.2003 till date. This order will come into force with immediate effect.
Mumbai
December 19, 2005
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