sebi:AO/AS/01/2019
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Charges proved; penalties imposed on Noticees under SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 7
- Reg. 4
- Reg. 3
- Reg. 7(1)
- Reg. 13(4)
- Reg. 13
- Reg. 11
- Reg. 10
- Reg. 12
- Reg. 13(1)
- Reg. 13(3)
- Reg. 44
- Reg. 3(a)
- Reg. 13(5)
- Reg. 7(2)
- Reg. 30
- Reg. 38
Parties
- Shiv Kumar Agarwal (Noticee no. 1)
- Rosydevi Agarwal (Noticee no. 2)
- Madhudevi Agarwal (Noticee no. 3)
- Singhal Overseas Ltd. (Noticee no. 4)
- Pawan Kumar Agarwal (Noticee no. 5)
Holding
The Noticees were found to have violated PFUTP Regulations, SAST Regulations, and Insider Trading Regulations by offloading shares through off-market transfers around misleading corporate announcements that created artificial volume and defrauded investors, without making required public announcements and disclosures. Penalties were imposed on the Noticees under Sections 15A(b), 15H, and 15HA of the SEBI Act.
Full text
Order in the matter of Gujarat Arth Ltd. Page 2 of 20 India Act, 1992 (hereinafter referred to as “Act”) and various Rules and Regulations made thereunder for the period from October 06, 2003 to January 28, 2004 (hereinafter referred to as "investigation period"). Trading) Regulations, 1992 (hereinafter referred to as “Insider Trading Regulations”).
Order in the matter of Gujarat Arth Ltd. Page 3 of 20 Show Cause Notice, Reply and Personal Hearing 6. The following Show Cause Notices (hereinafter referred to as “SCN”) were issued against the Noticees:
Order in the matter of Gujarat Arth Ltd. Page 4 of 20 Regulations was crossed during the course of their acquisition of shares in the month of October, 2003. Further, Noticees mentioned at 1, 4 and 5 also did not file disclosures as required under Insider Trading Regulations and Noticee no.1 and 5 did not file disclosures as required under SAST Regulations.
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Source: SecMarx — sebi:AO/AS/01/2019. 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.