sebi:DSR/AO-41/2008
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Facts / Headnote
Allegations against the noticee not established; matter disposed of
Provisions invoked
- s. 15
Regulations
- Reg. 3
Parties
- Shri Vrajraj Morarjee
Holding
The Adjudicating Officer held that the allegations against Shri Vrajraj Morarjee of violating Regulations 3(a) and 3(c) of the SEBI (FUTP) Regulations did not stand established, and the matter was disposed of without penalty.
Full text
Page 2 of 10 A total of 72, 66,277 shares were traded on gross basis and 22, 00,477 shares on net basis. The top-10 brokers jointly contributed about 58% of gross purchase, 70% of gross sale, 62% of net purchase and 98% of net sale. BSE revised the circuit filter from 10% to 5% on July 08, 2005 and transferred the scrip to trade-to-trade group w.e.f July 15, 2005. During this period, PPDC had made various announcements relating to declaration of dividend, completion of projects, Board meeting to discuss increase in authorised share capital, split in equity etc.
Page 3 of 10 8. It was observed that Shri Vrajraj Morarjee (hereinafter referred to as ‘the noticee’) knew Padamshi L. Soni and the management of the PPDC since the time when negotiation was going on for sale of his property at Juhu for the Prime Beach Project of Prime Property during 2000 to 2003.
Page 4 of 10 Appointment of AO 13. I was appointed as Adjudicating Officer vide order dated February 18, 2008 to inquire into and adjudge under Section 15 HA of the Securities and Exchange Board of India Act, 1992, the alleged violation of Regulations 3 (a) and (c) of SEBI (FUTP) Regulations, committed by the abovementioned entity.
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Source: SecMarx — sebi:DSR/AO-41/2008. 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.