sebi:BM/AO-132/2010
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Noticee found to have violated Regulation 3(a),(b),(c),(d), 4(1) and 4(2)(a) of PFUTP Regulations; penalty imposed under section 15HA of SEBI Act
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
- Reg. 3(c)
- Reg. 3(b)
- Reg. 4(2)(a)
- Reg. 3(d)
Parties
- Jaiprakash Jain
Holding
The Noticee Jaiprakash Jain was held to have violated Regulation 3(a),(b),(c),(d), 4(1) and 4(2)(a) of the PFUTP Regulations by executing synchronized trades, creating artificial volume and price in the scrip of HKGS, and facilitating the promoter EUL in offloading its shares.
Full text
_____________________________________________________________________________________ Jaiprakash Jain in the matter of Hit Kit Global Solutions Limited Page 2 of 28 million by January 31, 2005, `.19.3 million by April 2005 and `. 20.19 million by July 2005 which came down to `. 4.66 million in the quarter ended October 31, 2005 and ended up with a loss of `.34.31 million by January 31, 2006. EUL reduced its holding in the company from 205,68,600 shares (58.5%) as on September 2004 to 54,36,667 shares (15.53%) as on March 31, 2005. This was further reduced to 10,96,267 shares (3.13 %) as on June 30, 2005 and to 6,86,000 shares (1.85%) as on September 30,
_____________________________________________________________________________________ Jaiprakash Jain in the matter of Hit Kit Global Solutions Limited Page 3 of 28 volume in the scrip and acted hand‐in‐glove with EUL for facilitating the offloading of shares.
_____________________________________________________________________________________ Jaiprakash Jain in the matter of Hit Kit Global Solutions Limited Page 4 of 28 e. that Noticee don’t know the persons whose name were mentioned in the SCN and who were found to be connected with each other. f. that Noticee was not involved in any transactions and was not connected with promoter as well as any other person who had traded in the scrip. g. that Haresh Soni, Sanjay Soni and Jayesh Shah had dealt in his account without his knowledge and carried on all the transactions of which he has not received any bill nor any acknowledgement.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:BM/AO-132/2010. 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.