sebi:AK/AO-15-20/2015
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4
- Reg. 13
- Reg. 4(1)
- Reg. 7
- Reg. 199
- Reg. 13(3)
- Reg. 4(2)
- Reg. 3(a)
- Reg. 7(1)
- Reg. 4(2)(e)
- Reg. 35
- Reg. 22
- Reg. 4(2)(b)
- Reg. 4(2)(d)
- Reg. 1
- Reg. 35(2)
- Reg. 30
- Reg. 15A(b)
Parties
- Shri Vijay Vora
- Ms. Hina Vora
- Shri Chetan Dogra
- M/s. Chetan Dogra HUF
- Ms. Minoti Dhawan
- Shri Manojbhai Shah
Holding
The Adjudicating Officer framed the issues for determination regarding whether the Noticees violated PFUTP Regulations through reversal/synchronized/self trades in SIL scrip, and whether Shri Vijay Vora failed to make disclosures under PIT and Takeover Regulations. The excerpt does not contain the final determination or penalty.
Full text
_____________________________________________________________________________________ In the matter of Sky Industries Ltd. Page 2 of 76 Rameshchandra Shah (Shri Manojbhai Shah) (hereinafter collectively referred to as 'the Noticees') executed reversal/ synchronized trades with connected clients/ self trades, as applicable, in the scrip of SIL during the investigation period. Further, the overall impact of the trading of the Noticees on the price of the scrip was found to be positive. Shri Vijay Vora and Ms. Hina Vora were also observed to have transferred shares in off market that were used in manipulative trades. Consequently, it was alleged that the Noticees entered into reversal/ synchronized/ self trades, as applicable, which created artificial volume and price in the scrip, leading to false and misleading appearance of trading in the scrip in the securities market, and hence, allegedly fraudulent. Thus, it was alleged that the acts of Shri Vijay Vora and Ms. Hina Vora are in violation of Regulations 3 (a), (b), (c) (d), 4 (1), 4(2) (a), (b), (d), (e) and (g) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as ‘PFUTP Regulations’). Further, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri Manojbhai Shah were alleged to have violated Regulation 3(a), (b), (c) (d), 4 (1), 4(2) (a), (b), (e) and (g) of PFUTP Regulations. In addition, Shri Vijay Vora was also alleged to
_____________________________________________________________________________________ In the matter of Sky Industries Ltd. Page 3 of 76 Noticees. Consequent upon transfer of Ms. Barnali Mukherjee, I was appointed as the Adjudicating Officer vide order dated August 08, 2013 under Section 15-I of the SEBI Act read with rule 3 of SEBI Rules to inquire into and adjudge under Section 15HA of the SEBI Act for the alleged violation of PFUTP Regulations by the Noticees and also under Section 15A(b) of the SEBI Act for the alleged violation of PIT Regulations and Takeover Regulations, 1997 by the Noticee Shri Vijay Vora.
_____________________________________________________________________________________ In the matter of Sky Industries Ltd. Page 4 of 76
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Source: SecMarx — sebi:AK/AO-15-20/2015. 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.