sebi:190-210_206
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Facts / Headnote
Prohibition order: noticees prohibited from buying, selling, dealing in or accessing securities directly or indirectly for a period of three years
Provisions invoked
- s. 11B
- s. 11
- s. 19
Regulations
- Reg. 13(4)
- Reg. 11
- Reg. 4
- Reg. 13(2)
- Reg. 4(a)
- Reg. 200
Holding
The noticees, acting in concert, engaged in non-genuine trade transactions in the scrip of Cellulose and Chemicals Pvt. Ltd. (CCPL) between April 05, 2000 and July 14, 2000 to artificially depress its price for the purpose of affecting the pricing of a preferential share issue, thereby violating Regulations 4(a) to 4(d) of the SEBI FUTP Regulations, 1995. They were prohibited from dealing in securities for three years.
Full text
Feb 01, 2006 | Orders : Orders of Chairman/Members SECURITIES AND EXCHANGE BOARD OF INDIA ORDER Under Sections 11 and 11B of the Securities and Exchange Board of India Act, 1992 and Regulation 11 of SEBI (Prohibition of Fraudulent & Unfair Trade Practices Relating To Securities Market) Regulations, 1995, Against
2 1.2 On August 17, CCPL issued 20,50,000 equity shares on preferential basis @ Rs.35/- including premium of Rs.25/- per share. CCPL made an application before BSE for grant of listing permission of said issue. BSE concluded that there was price manipulation in the scrip during the relevant period for the purposes of determination of the minimum price for the preferential issue and the price of the scrip had been consistently hammered from Rs. 71.25 April 05, 2000 to Rs. 13.30 July 14, 2000 and hence rejected the application of CCPL for listing of the said issue.
3 shares of CCPL @ Rs. 71.25 on April 05, 2000 . Mrs. Smita Kirti Shah had been a continuous seller in the market. She sold 800 shares through (DFDTL) from June 01, 2000 (at the rate of Rs. 56.00) to June 22, 2000 (at the rate Rs.18.55). Further she sold these 800 shares in 16 trades of 50 shares each during the period June 01, 2000 to June 22, 2000. This period falls under the period April 05, 2000 to July 14, 2000 which is
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Source: SecMarx — sebi:190-210_206. 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.