sebi:ACL/VH/AO/DRK/AS/EAD-3/165/09-68/2010
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Facts / Headnote
Consolidated penalty of Rs. 55,00,000 imposed on the noticee for violations of SEBI PFUTP Regulations, 2003 and SEBI Insider Trading Regulations, 1992
Provisions invoked
- s. 15A
- s. 15
- s. 11B
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 13
- Reg. 13(4)
Parties
- Shri Vinod Hingorani
Holding
The noticee, Shri Vinod Hingorani, was found to have violated Regulations 3(a), 3(c), 4(1), 4(2)(a) and 4(2)(e) of the SEBI PFUTP Regulations, 2003 and Regulations 13(4) and 13(5) of the SEBI Insider Trading Regulations, 1992. A consolidated penalty of Rs. 55,00,000 was imposed: Rs. 50,00,000 under Section 15HA and Rs. 5,00,000 under Section 15A(b) of the SEBI Act, 1992.
Full text
Page 2 of 18 them, from buying, selling or dealing in any other manner in the shares of ACL, KBL, and SIL till the investigations are completed. The Chairman, SEBI passed order dated February 18, 2005 confirming earlier order dated September 30, 2004 and further directed that the order dated September 30, 2004 shall continue until further orders. Shri Vinod Hingorani (hereinafter referred to as the noticee) was also one of the entities against whom the aforesaid directions under Section 11B was issued.
Page 3 of 18 Jain, Mr. Vinod Hingorani, Chairman and Dr. Swamy Pravin Karthikswamy. However, as per the annual report of the company for the year ended June 30, 2003, the Board of Directors were Mr. Vinod Hingorani, Mr. Vikas Seth, Mr. Raja Yadav (appointed on November 25, 2003) and Dr. Umesh Khariwala (appointed on October 08, 2003). In the said annual report it was stated that the company was planning to come up with some expansion plans and since SEBI had passed an order against RKB barring him from accessing the capital market for 3 years, RKB has resigned from the Board of Directors to ensure smooth going of the process of expansion. As per the records available with SEBI, the Board of Directors for the year 2003 - 04, was: Table- 1 Sr. No Name and address of the director Designation Date of appointment Date of Resignation 1 Mr. Vinod Hingroni Chairman June, 27 2003 Continues 2 Mr. Vikas Sheth Additional Director June 27, 2003 Continues 3 Mr. Raja Yadav Additional Director November 25, 2003 Continues 4 Dr Umesh Khariwala Director October 8, 2003 Continues 5 Mr. Vijay Jain Director May 2001 June 27, 2003 6 Dr Swamy Pravin Karthikswamy Director January 2000 June 27, 2003 7 Mr. Rajkumar
Page 4 of 18 Financial Performance 7. ACL had shown a tremendously higher turnover and profit for the quarter ending December 31, 2003 as compared to the previous quarter and the previous completed year. While the total income for the quarter ended December 31, 2003 was Rs. 161.55 million, the same for the quarter ended March 31, 2004 and June 30, 2004 were Rs. 52.11 million and Rs. 49.39 million, respectively. The net profit for the quarter ended March 31, 2004 and June 30, 2004 were Rs. 3.68 million and Rs. 4.76 million, in comparision to the quarter ended December 31, 2003, which stood at Rs. 47.1 million.
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Source: SecMarx — sebi:ACL/VH/AO/DRK/AS/EAD-3/165/09-68/2010. 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.