sebi:8213
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Facts / Headnote
Suspension of certificate of registration of M/s Media Investments as sub-broker for a period of one month, effective on expiry of 21 days from the date of order
Provisions invoked
- s. 19
- s. 12
Regulations
- Reg. 4
- Reg. 13(4)
- Reg. 6
- Reg. 15(1)(b)
- Reg. 13(1)
Parties
- M/s Media Investments
Holding
M/s Media Investments, sub-broker to Joindre Capital Services Limited, had its certificate of registration (INS010115710) suspended for one month for aiding and abetting promoter-associated entities in creating artificial price and volume in Warner Multimedia Ltd in violation of PFUTP Regulations, Code of Conduct and SEBI Act.
Full text
DATE OF HEARING: 12.03.2007 APPEARANCES: FOR COMPANIES/ BROKERS: Shri. C.B.R Murthy, Authorised Representative of M/s Media Investments Shri. Manoj Singal, Authorised Representative of M/s Media Investments. FOR SEBI: Mrs Barnali Mukherjee, DGM, SEBI Shri. Vir Sahib Singh, Manager, SEBI Shri. Mohamed Rahaz P.M., Legal Officer, SEBI
fresh certificate of incorporation was obtained on July 05, 1994. 1.2 The company came out with a public issue of 40 lac equity shares of Rs.10/- each at a premium of Rs.5 each, aggregating to Rs.6 crores in December 1994 to part-finance the setting up of wind power generation plants at Kayathar, Tamilnadu. Total project cost was estimated at Rs 16.5 crores. CGSL was engaged in financial activities in the areas of capital restructuring, mergers, amalgamations, taxation, legal matters, etc. It also undertook appraisal of project reports of its clients and assisted them in preparing technically and financially viable projects. It had also added a host of new activities to its services list such as investment banking, management, advisory services, market studies, capital restructuring etc. 1.3 The name of the company was again changed to its present name i.e. Warner Multimedia Limited (hereinafter referred to as “WML”) from December 24, 1999 and company informed Bombay Stock Exchange Ltd (BSE) that the reason for change in name was for diversification into Multimedia Entertainment and Tele-media Business. WML also informed BSE that it had changed its main object in Memorandum of Association and the change in name will reflect true nature of its business. It is noticed that during this time technology, media, communication and entertainment scrips were in limelight at the Stock Exchanges and WML was one of such companies which had changed its objects and name. 1.4 SEBI received
1.5 From the price volume data in the scrip on BSE, it was observed that price of the scrip had moved up from Rs. 18/- on September 08, 2000 to a high of Rs 53.30 on December 13, 2000 which is 196% of increase in a period of about 3 months. The average daily traded volume on BSE was just 1000 shares for the period January 01, 2000 to September 08,
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Source: SecMarx — sebi:8213. 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.