SEBI's Adjudicating Officer issued a show cause notice to 18 entities for alleged violations in trading of Cressanda Solutions Ltd (CSL) shares.
Noticees 1-9 are charged with violating SAST Regulations for delayed disclosures and SCRA for non-compliant off-market share transfers.
Noticees 10-18, directors of struck-off companies, are charged with PFUTP violations for trading after company dissolution.
The notice alleges off-market transfers of 91.1 million CSL shares lacked proper payment, violating spot delivery contract rules.