sebi:EAD-7/BD/NR/2019-20/6653-6660
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Facts / Headnote
Proceedings disposed of on merits; Noticees 1, 2, 3, 5 and 6 found to have indulged in synchronized trades with manipulative intent in violation of SEBI (PFUTP) Regulations, 2003
Provisions invoked
- s. 11B
- s. 11
- s. 15
- s. 19
- s. 15H
- s. 15J
- s. 28A
Regulations
- Reg. 3
- Reg. 4
- Reg. 3(a)
Parties
- Noticee 1 (AJC Securities & Fin. P. Ltd.)
- Noticee 2 (Caps Finstock Services P. Ltd.)
- Noticee 3 (Shivam Investments)
- Noticee 4 (Peeyush Agarwal)
- Noticee 5 (Supreme Lease Finvest P. Ltd.)
- Noticee 6 (DPK Stocks and Securities)
- Noticee 7
- Noticee 8 (Shailja Investments Ltd.)
Holding
The Noticees 1, 2, 3, 5 and 6 indulged in synchronized trades with a manipulative intention of matching their trades among themselves for creating a false appearance of trading in the scrip of PPIL, violating Regulation 3(a)-(d) and Regulation 4(1), 4(2)(a), (e) and (g) of the PFUTP Regulations, 2003. The adjudication proceedings were not kept in abeyance despite parallel proceedings under Section 11B.
Full text
Adjudication Order in the matter of Polar Pharma India Ltd., Page 2 of 54 BACKGROUND 1. Securities and Exchange Board of India (hereinafter referred to as "SEBI") conducted an investigation in the scrip of Polar Pharma India Ltd., (hereinafter referred to as “PPIL” / “Company”) to ascertain any possible violation of the provisions of SEBI Act, 1992 and SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as “PFUTP” Regulations) by certain connected entities during the period July 4, 2005 to September 13, 2005 (hereinafter referred to as “Investigation Period”).
Adjudication Order in the matter of Polar Pharma India Ltd., Page 3 of 54 Period Date Price/ Volume Opening Price (Volume) on first day of the period (`) Closing price (volume) on last day of the period(`) Low price (volume) during the period (`) High Price (volume) during the period (`) Avg. no. shares trading daily during the period Before investigation period April 01, 2005 to July 01, 2005 Price 19.50 17.55 16.65 29.90 7247 Volume 2425 895 575 74703 investigation period July 04, 2005 to September 13, 2005 Price 17.50 61.55 17.50 65.55 58517 Volume 6213 148991 3704 210249 After investigation period September 14, 2005 to March 31, 2006 Price 64.10 21.60 20.20 66 36849 Volume 154561 12399 900 502470
Adjudication Order in the matter of Polar Pharma India Ltd., Page 4 of 54 Sl. No. Name of Entity Basis of connection 4. Shivam Investment This is proprietorship firm of Mrs. Sushma Kapur wife of Mr. DK Kapur.
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Source: SecMarx — sebi:EAD-7/BD/NR/2019-20/6653-6660. 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.