sebi:CO/496/IES/O3/2003
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Debarred Shri Madhusudan Jain from dealing in securities and accessing the capital market for a period of two years
Provisions invoked
- s. 11B
- s. 4(3)
Regulations
- Reg. 4
- Reg. 11
- Reg. 12
- Reg. 11B
Parties
- Shri Madhusudan Jain
Holding
Shri Madhusudan Jain was found guilty of violating Regulation 4 of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995 by creating a false market in the shares of Mandu Industries Ltd., and was debarred from dealing in securities and accessing the capital market for two years.
Full text
CO/496/IES/O3/2003 SECURITIES AND EXCHANGE BOARD OF INDIA Directions under regulation 11B of SEBI Act, 1992 read with Regulation 11 and 12 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to the Securities Market) Regulations, 1995 against Shri Madhusudan Jain.
and my family. 3. It is denied that my father had approached Mr. Yogesh Tiwari for off loading MIL shares. In fact Mr. Yogesh Tiwari approached my father to purchase shares of MIL and he was directed to meet Mr. Nuwal since Mr. Nuwal had approached my father for selling his shares. No deal was struck with Mr. Talati and his statement is totally false. Also no money transaction had taken place and this can also be inspected from the pass books of all our family members. Had Mr. Talati sold 50000 shares he must have definitely received payments and the same may well be verified with his books of accounts and bank statements.
easiest and the safest pleas for them to put the blame on Promoters. 10. In the interest of JUSTICE, I humbly pray you to grant a personal hearing so that all the Original Bills/ Contract Notes/ Internal memos prepared by DSSSFSL may be produced before you along with all passbooks of myself and my family members for your inspection and verification.”
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Source: SecMarx — sebi:CO/496/IES/O3/2003. 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.