sebi:DT/AO/05/2011
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violations established; monetary penalties imposed under Sections 15H(ii) and 15A(b) of the SEBI Act, 1992
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 10
- Reg. 13(1)
- Reg. 200
- Reg. 7(1)
Parties
- Mr. Anil Gandhi
- Anil Gandhi (HUF)
- Mr. Amrutlal Gandhi
- Mrs. Sudhaben Gandhi
- Mrs. Priti Anil Gandhi
- Ms. Pooja Anil Gandhi
- M/s. Presilco Impex Limited
Holding
Noticees 1 to 6 (Anil Gandhi group) violated Regulation 10 of SAST Regulations, 1997 by acquiring over 15% without making a public open offer, and noticee No.5 (Priti Anil Gandhi) and noticee No.7 (Presilco Impex Ltd.) violated Regulation 7(1) read with 7(2) of SAST Regulations, 1997 and Regulation 13(1) and 13(3) read with 13(5) of PIT Regulations, 1992. Penalties of Rs.500,000 jointly and severally on noticees 1-6 under Section 15H(ii), Rs.50,000 on noticee 5 and Rs.50,000 on noticee 7 under Section 15A(b) were imposed.
Full text
Page 1 of 9 BEFORE THE ADJUDICATING OFFICER SECURITIES AND EXCHANGE BOARD OF INDIA (ADJUDICATION ORDER NO. DT/AO/05/2011)
Page 2 of 9 volume, out of which Manju Kedia bought 1,00,948 shares (9.10%), SPJ Stock Brokers Pvt. Ltd. bought 80,257 shares (7.24%) and Amit Pandya bought 69,722 shares (6.29%). The top 10 clients together sold 5,11,031 shares (46.10%) of the market volume, out of which Manju Kedia sold 96,469 shares (8.70%), SPJ Stock Brokers sold 80,257 shares (7.24%) and Amit Pandya sold 84,150 shares (7.59%).
Page 3 of 9 Name of the person No. of shares held as on 31/05/2005 % of total equity Anil Gandhi 5,70,274 3.85% Priti A. Gandhi 4,21,370 2.84% Amrutlal Gandhi 3,34,800 2.26% Pooja A Gandhi 3,13,000 2.11% Presilco Impex Ltd. 2,21,794 1.50% Sudhaben Gandhi 1,41,668 0.96% Anil Gandhi (HUF) 1,11,150 0.75% Total 21,14,056 14.27%
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Source: SecMarx — sebi:DT/AO/05/2011. 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.