sebi:BM/AO-137/2011
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty imposed on the Noticee for violation of PFUTP Regulations
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
- Sanjay Jethilal Soni
Holding
The Noticee was found to have violated Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of the PFUTP Regulations by executing synchronized trades and manipulating the order book to create artificial volume and price in the scrip of Hit Kit Global Solutions Limited, and a penalty of Rs. 10,00,000 was imposed under Section 15HA of the SEBI Act.
Full text
_____________________________________________________________________________________ Sanjay Jethilal Soni in the matter of Hit Kit Global Solutions Limited Page 2 of 21 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,
_____________________________________________________________________________________ Sanjay Jethilal Soni in the matter of Hit Kit Global Solutions Limited Page 3 of 21 volume in the scrip and acted hand‐in‐glove with EUL for facilitating the offloading of shares.
_____________________________________________________________________________________ Sanjay Jethilal Soni in the matter of Hit Kit Global Solutions Limited Page 4 of 21 undelivered stating that the Noticee was not residing on the mentioned address for the past six years. Hence the information with respect to the SCN was published in English and Hindi newspaper on February 9, 2011.
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Source: SecMarx — sebi:BM/AO-137/2011. 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.