To

All Trading Members of the Exchange

Sub:  Order under Sections 11, 11(4) and 11B of the Securities and Exchange Board of India Act, 1992 in the matter of Birla Power Solutions Ltd

SEBI vide its order no. WTM/AB/IVD/ID4/10994/2020-21 dated March 23, 2021 has inter-alia issued following directions:

• Vide SCN dated May 25, 2018, stands disposed of. However, in the event that the order for winding up passed by the Hon’ble High Court of Bombay is reversed in appeal, if any, the Noticee No. 1 shall be restrained from accessing the securities market and also remain prohibited from buying, selling or dealing in securities, directly or indirectly, in any manner whatsoever or being associated with the securities market in any manner, whatsoever, for a period of 3 years from the date of such reversal of winding up order.

• Mr. P.V.R Murthy (Noticee No. 2), being Executive Director and signatory to Pledge Agreements, is hereby restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in securities including units of mutual funds, directly or indirectly, or being associated with the securities market in any manner, whatsoever, for a period of 2 years from the date of this order.
• Mr. Rajesh V. Shah (Noticee No. 4) and Mr. Upkar Singh Kohli (Noticee no. 5), being Independent Directors, are hereby restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in securities including units of mutual funds, directly or indirectly, or being associated with the securities market in any manner, whatsoever, for a period of 1 year from the date of this order.
• The SCN against Mr. Yashovardhan Birla (Noticee no. 6) is disposed of in accordance with findings recorded in para 47 as mentioned in the order.
• Mr. N. Nagesh (Noticee no. 3), being signatory to the Pledge Agreements, is hereby restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in securities including units of mutual funds, directly or indirectly, or being associated with the securities market in any manner, whatsoever, for a period of 1 year from the date of this order.
• During the period of restraint, the existing holding of securities including units of mutual funds of the Noticees no. 1, 2, 3, 4 and 5 shall also remain frozen. However, the obligation of the Noticees no. 1, 2, 3, 4 and 5, restrained/prohibited by this Order, in respect of settlement of securities, if any, purchased or sold in the cash segment of the recognized stock exchange(s), as existing on the date of this Order, are allowed to be discharged irrespective of the restraint/prohibition imposed by this Order. Further, all open positions, if any, of the Noticees no. 1, 2, 3, 4 and 5, restrained/prohibited in the present Order, in the F&O segment of the recognised stock exchange(s), are permitted to be squared off, irrespective of the restraint/prohibition imposed by this Order.

This Order is effective from the date of the order.

A copy of the said Order is attached herewith and available on the SEBI website www.sebi.gov.in.

Trading members are advised to take note of the same and ensure compliance.

Jeevan Noronha                                                                                          Avijit Sarkar          

Senior Manager                                                                                           Deputy Manager  

Surveillance                                                                                                  Surveillance

Date: March 23, 2021