sebi:CO/ISD/1050/AO/PKB/36/2009
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Facts / Headnote
Consent order disposing of pending adjudication proceedings against the noticees
Regulations
- Reg. 3(a)
Parties
- M/s Nissan Copper Limited
- Ratanlal Mardia
- Sunita R. Mardia
- Bela Sanjay Mardia
- Shantilal Mardia
- Atul Mardia
- Sanjay Mardia
- Danial Investment Pvt. Ltd.
Holding
The consent order disposes of the adjudication proceedings pending against Nissan Copper Limited and its promoters for alleged violations of SEBI (PFUTP) Regulations, 2003, on payment of Rs. 22,00,000/-. The order is passed without admission or denial of guilt and without prejudice to SEBI's right to take further enforcement action.
Full text
Consent Order in respect of M/s Nissan Copper Ltd. & its Promoters. Page 2 of 3 24/04/2009 subscribed 5.25 times and the shares of NCL were listed on BSE and NSE on December 29, 2006. Upon listing on December 29, 2006, the scrip showed abnormal price rise from about Rs. 40/- during the morning session to a high of Rs. 136/- by late afternoon and closed at about Rs. 130/-.
Consent Order in respect of M/s Nissan Copper Ltd. & its Promoters. Page 3 of 3 24/04/2009 5. In terms of the proposal of the noticees for the sole purpose of settling the matter on hand and without admission or denial of guilt on the part of the noticee to the finding of fact or conclusion of law, the Nissan Copper Limited and its Promoters have remitted a sum of Rs. 22,00,000/- (Rupees Twenty Two Lakhs only) vide Demand Draft No. 892688 and 892689, dated April 17, 2009 favouring SEBI drawn on the State Bank of India, Mumbai, towards the terms of consent in the matter.
2. It prima-facie appeared to SEBI that the NCL and its promoters arranged for subscription in the IPO of NCL through the machinations of the subscribers in the QIB segment and their final buyers after the listing of the scrip. This constitute a misuse of the trading mechanism of the stock market since the final buyers provided an assured exit to the FIIs who had applied in the IPO of Nissan Copper Limited.
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Source: SecMarx — sebi:CO/ISD/1050/AO/PKB/36/2009. 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.