SEBI v. Hamraj Fashions Consultants Private Limited (preferential allotment, Secunderabad Healthcare, 2022)

Dismissed

✓ Checked against the primary document on October 9, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, in a single reading of the order; an independent second reading of 60 SEBI records agreed on every field for 56, the four misses being penalty amounts; a later sample of 50 of the SEBI records added on 9 October agreed on every field for 46. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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In May 2022 a SEBI adjudicating officer disposed of proceedings against Hamraj Fashions Consultants, an allottee in Secunderabad Healthcare's 2010 preferential warrant issue, finding the fraud allegation unproven. The officer concluded from bank statements that it had paid the full Rs 6,88,20,000 subscription before the deadline.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The order of 31 May 2022 concerns Hamraj Fashions Consultants Private Limited, now Gilani Infra Private Limited, one of 27 non-promoter entities that received convertible warrants from Secunderabad Healthcare Limited, listed on BSE, in October 2010. It was allotted 37,00,000 warrants that converted into shares at a subscription price of Rs 6,88,20,000.

SEBI alleged, following an income-tax department referral about accommodation entries, that Hamraj paid only 25 percent of that price, Rs 1,72,05,000, and never paid the remaining Rs 5,16,15,000. On that basis it charged breaches of the preferential-issue payment rules in the ICDR Regulations and fraud on other shareholders and investors under section 12A of the SEBI Act and Regulations 3 and 4(1) of the PFUTP Regulations.

The company pointed to a Whole Time Member order of 23 September 2021 that had discharged it on the same allegations. The adjudicating officer examined the bank records himself and found that the remaining 75 percent had been transferred between October 2010 and February 2011, before the deadline of 14 March 2012.

He held the ICDR and fraud allegations not established and disposed of the proceedings. No penalty, direction or restriction was imposed.

The record does not show whether SEBI appealed, or how the other allottees in the same scheme fared in this order. A companion order of April 2022 reached a similar result for another allottee, Anvita Trading Company.

This library tags the matter as a preferential-allotment fraud matter that was dismissed, with no technique assigned. The tagging is ours, not the regulator's.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the order.

Timeline

1. 2022-05-31 SEBI adjudication order disposing of proceedings (31 May 2022)

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEBI order
• Order (PDF)

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Record added October 8, 2026. submit a correction.