PRESS RELEASE
Order passed against M/s. Topline Shoes Ltd. and its Directors – Shri HMG Murthy and Shri HMB Murthy under section 11B of SEBI Act, 1992
M/s. Topline Shoes Ltd. made a public issue of 46, 50,000 equity shares of Rs.10 each for cash at par in July 1992. As per the information made available to SEBI by The Stock Exchange, Mumbai, the company is not physically traceable at its registered office address i.e B-3, Bihari apartments, R C Dutt Road, Alkapuri, Vadodara and is also not complying with the Listing Agreement. SEBI had issued show cause notices to the Company and the Directors. After due process, Whole Time Member, Shri T.M.Nagarajan, in exercise of powers conferred upon him under Section 11(1) and 11(B) read with section 19 of the Securities and Exchange Board of India Act, 1992 has passed an Order dated September 08, 2004 against M/s. Topline Shoes Ltd. and its Directors – Shri HMG Murthy and Shri HMB Murthy restraining them from accessing the securities market and also prohibiting them from being associated with the securities market in any manner whatsoever to buy, sell or deal in securities for a period of five years from the date of order. Further, the public companies in which the above directors hold controlling or substantial interest are also not allowed to raise funds from the capital market for a period of five years.
These Directions are being issued without prejudice to the right of SEBI to take any other action as deemed fit, under provisions of law, against the companies and their Directors.
Notice is also given hereby to public at large to enable the members of public to furnish any information in respect of the Companies, Promoters and Directors as mentioned above or any other companies which are not traceable at the registered office address and who have not complied with the listing provisions.
The full text of the order is available on our website: www.sebi.gov.in
Mumbai
September 20, 2004