sebi:HB/AO-03/2012
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty imposed on Noticees jointly and severally
Provisions invoked
- s. 15H
- s. 15J
- s. 15
Regulations
- Reg. 4
- Reg. 3
- Reg. 199
- Reg. 3(a)
- Reg. 15H
Parties
- Rajendra Agarwal
- Shambhu Agarwal
- Vasudev Agarwal
- Indra Agarwal
- Lata Agarwal
Holding
The Noticees (Agarwal Family) violated Regulations 3(a), 4(1), 4(2)(a) and 4(2)(e) of the PFUTP Regulations, 2003 by intentionally aiding and abetting the promoter-director of EIL in the circular movement of shares and creation of artificial trading volumes, and are liable for a monetary penalty of Rs.10,00,000 under section 15HA of the SEBI Act.
Full text
Page 2 of 12 at 11:02 AM & 4:44 PM held on 08.03.2005 to consider the pricing of the issue and also to consider the options and ways for expansion plans, acquisition and any other related matter for growth of the company and to consider the increase in authorized capital and issue of right/preferential shares. price Rs.100.15 on March 1, 2005 to Rs.101.90 on next trading day. Volume increased from average daily trading volume of 3685 shares to average daily trading volume of 22606 shares for remaining investigation period. 2 11.03.2005 at 04:31PM The Board meeting which was scheduled to be held on March 08, 2005 has been postponed as the directors of the company have gone out of station. The price came down from closing price Rs.113.96 on March 11, 2005 to Rs.110.75 on next trading day. There was negligible effect on the volume.
Page 3 of 12 However, the investigation conducted by SEBI revealed that the Noticees, acting in concert with each other had bought shares in off-market from Mr. Devang Master, promoter director of EIL on October 25, 2004 as shown below - Table-2 Date Buyer Name Quantity October 25,2004 Rajendra Agarwal 25000 October 25,2004 Lata Agarwal 25000 October 25,2004 Vasudev Agarwal 25000 October 25.2004 Indira Agarwal 25000 October 25.2004 Shambhu Agarwal 25000
Page 4 of 12 Agrawal- (38007) Govind Goel Capital Ltd. 5 Rajendra Agrawal- (38001) 11900 11 Nileshkuma Upadhyay Indiainfoline ltd. Total 107000 379
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:HB/AO-03/2012. 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.