sebi:EAD-7/BJD/NJMR/2018/19/1863-72
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Facts / Headnote
Noticees held guilty of violating SEBI (PFUTP) Regulations, 2003 and, for Noticees 1 and 2, SEBI (PIT) Regulations, 1992 and SEBI (SAST) Regulations, 1997; monetary penalties imposed under Section 15HA and Section 15A(b) of the SEBI Act, 1992
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15I
- s. 15J
Regulations
- Reg. 7
- Reg. 3
- Reg. 7(1)
- Reg. 4
- Reg. 13
- Reg. 2(1)(c)
- Reg. 13(1)
- Reg. 13(3)
- Reg. 3(a)
- Reg. 13(5)
- Reg. 7(2)
Parties
- Nilesh Krushna Palande (Noticee 1)
- Dadima Capital Private Ltd. (Noticee 2)
- Noticee 3
- Noticee 4
- Noticee 5
- Noticee 6
- Noticee 7
- Pragjibhai Mohanbhai Sukhadiya (Noticee 8)
- Noticee 9
- Noticee 10
Holding
The Noticees were held guilty of indulging in circular trading that created artificial volume in the scrip of Mindvision Capital Ltd., in violation of Regulation 3(a),(b),(c),(d) and 4(1), 4(2)(a) and (g) of the SEBI (PFUTP) Regulations, 2003. Noticees 1 and 2 were additionally held guilty of failing to disclose change in shareholding upon crossing the 5% threshold and upon change of more than 2% of shareholding, in violation of Regulation 13(1) and 13(3) read with 13(5) of SEBI (PIT) Regulations, 1992 and Regulation 7(1) read with 7(2) of SEBI (SAST) Regulations, 1997.
Full text
Adjudication Order in the matter of Mindvision Capital Ltd., Page 2 of 35 BACKGROUND 1. Securities and Exchange Board of India (hereinafter referred to as "SEBI") conducted an investigation in the scrip of Mindvision Capital Ltd., (formerly known as Kailash Ficom Ltd.,) (hereinafter referred to as “MCL”) to ascertain any possible violation of the provisions of SEBI Act, 1992 and SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 (hereinafter referred to as “PFUTP” Regulations) by certain connected entities during the period June 17, 2009 to February 08, 2010 (hereinafter referred to as “Investigation Period”).
Adjudication Order in the matter of Mindvision Capital Ltd., Page 3 of 35 Rules”) to inquire into and adjudge under Section 15HA of SEBI Act for the alleged violation of the provisions of SEBI (PFUTP) Regulations by all the Noticees and under Section 15 A (b) of SEBI Act for the alleged violation of the provisions of SEBI (PIT) & SEBI (SAST) Regulations, by the Noticees 1 & 2 respectively.
Adjudication Order in the matter of Mindvision Capital Ltd., Page 4 of 35 proceeding further in the matter in respect of other Noticees, as there is no bar to keep the current proceedings against the Noticees in abeyance till disposal of settlement application.
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Source: SecMarx — sebi:EAD-7/BJD/NJMR/2018/19/1863-72. 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.