sebi:EAD-2/AO/34/2012
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Facts / Headnote
Monetary penalty imposed
Provisions invoked
- s. 15
- s. 15J
- s. 15H
Regulations
- Reg. 3
Holding
The Noticee, as director of GAL, violated Regulations 3(a),(b),(c),(d), 4(1) and 4(2)(a),(d),(e),(f),(k),(r) of the PFUTP Regulations and was held liable for monetary penalty under Section 15HA of the SEBI Act. A penalty of Rs. 2,00,000 was imposed.
Full text
Page 2 of 11 price increase lured investors into investing in the shares of GAL. 2. SEBI has therefore, initiated adjudication proceedings under the provisions of the SEBI Act against the Noticee to inquire and adjudge the alleged violations of the provisions of Regulations 3 (a), (b), (c), (d), 4 (1), 4(2) (a), (d) (e), (f), (k) and (r) of the SEBI (Prohibition of Fraudulent and Unfair trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as the “PFUTP Regulations”).
Page 3 of 11 5. The allegation against the Noticee is that he as the director of GAL was instrumental in issuing misleading corporate announcements and inflated unaudited quarterly results of the company which created artificial volumes and price increase lured investors into investing in the shares of GAL.
Page 4 of 11 However, in order to pass a speaking order, the undersigned is going to analyse the evidence and allegations made against the Noticee.
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Source: SecMarx — sebi:EAD-2/AO/34/2012. 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.