sebi:15249
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Facts / Headnote
Ad-interim ex-parte order dated 28.09.2005 confirmed against all persons; interim directions continue in force with immediate effect pending investigation.
Provisions invoked
- s. 11B
- s. 11(4)
- s. 27
Regulations
- Reg. 199
- Reg. 13(3)
- Reg. 8(3)
Holding
SEBI confirmed the ad-interim ex-parte order dated 28.09.2005 restraining IFSL Ltd., its promoters, directors, connected clients and stock brokers from dealing in IFSL securities and restricting IFSL from issuing further equity shares, pending completion of investigation into alleged price manipulation through misleading corporate announcements.
Full text
APPEARANCES: FOR NOTICEES: Shri Dilip Kulkarni, CEO Shri Mukesh Vora, Non-Executive Independent Director FOR SEBI : Shri Sunil Kadam, Dy.General Manager
IFSL Ltd. on behalf of the promoters, directors and clients mentioned hereinabove, directly or indirectly, till further directions in this regard. (iv) Further the entities/persons against whom the said directions were issued were given opportunity to file their objections, if any, to the order within 15 days from the date of the order and, if so desired, could avail themselves of an opportunity of personal hearing at the Securities and Exchange Board of India, Head Office, First Floor, Mittal Court B wing, Nariman Point, Mumbai 400 021 on a date and at a time to be fixed on a specific request, to be received in this behalf from the entities/persons within 15 days from the date of the said order. 2.0 IFSL and their directors/promoters viz. Shri Dilip Kulkarni, Dr. Mukesh Vora, Shri Rakesh Singhvi, Shri Rishi Vashisht, Sonal Fincap Pvt. Ltd., Shri Narendra Navlakha and Shri Prem Kumar Singh filed their objections to the ex-parte order. The other director of IFSL Ltd. viz. Ramdas Kshisagar, the clients viz. New Leader Trading Co. (P) Ltd., Sharpline Trading Co Pvt Ltd., Right Star Trading Co.(P) Ltd., Stockholm Mercantile Co Pvt Ltd, White Moon Mercantile Co.(P) Ltd., Amar Adhav, Deepak Narvekar, Umesh Choukekar, Ganesh Raut, Deepak Todkar, Rajkishore Singh, Prakash Yadav, Jay Shah, Vishalkumar Textiles Pvt Ltd., and Jayesh Waghela and the Stock Brokers viz., Indiabulls Securities Ltd. (formerly Orbis Securities Pvt Ltd), Insight Share Brokers Pvt. Ltd., Fortis Securities Ltd,
among FIIs/Institutional Investors, splitting of shares and the buoyant market. It is not the case that the price of IFSL’s share started increasing all of a sudden during the period under investigation i.e. August 19, 2005 to September 13,
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Source: SecMarx — sebi:15249. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.