sebi:ISD/IPCL/Alaska/AO/DRK-CS/EAD-3/390/56-13
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Facts / Headnote
Alleged violation of regulation 3 of PIT Regulations not established; matter disposed of
Provisions invoked
- s. 15G
Regulations
- Reg. 3
- Reg. 2
- Reg. 2(c)
- Reg. 2(e)
- Reg. 2(h)
Parties
- Alaska Mercantile Company Pvt. Ltd.
Holding
The alleged violation of regulation 3 of the PIT Regulations by Alaska Mercantile Company Pvt. Ltd. was not established, and the matter was disposed of.
Full text
Page 2 of 14 2. It was observed from the above table that share price of IPCL had more or less moved in sync with the sensex movement as observed on March 5, 2007 the scrip declined by 8.13% at BSE when the sensex declined by 3.79%. It is pertinent to add that the price of the scrip declined even after the announcement of the interim dividend by IPCL. However, in a divergence from the index, the scrip witnessed substantial price gain on March 8, 2007 and March 9, 2007 subsequent to the announcement of amalgamation of IPCL with Reliance Industries Ltd. (hereinafter referred to as “RIL”).
Page 3 of 14 Date/Time Announcements 2007 14:28 of the Company. The Company further informed the Exchange that the Company has fixed March 22, 2007 as 'Record Date' to determine the equity shareholders who would be eligible to receive the Interim Dividend if declared by the Board at its meeting scheduled on March 10,
Page 4 of 14 dividend and amalgamation of IPCL with RIL, i.e when the price sensitive information remained unpublished. • During the period March 7, 2007 to March 13, 2007 (i.e. after the announcement of merger between RIL and IPCL), the Noticee had sold 51,43,059 shares of IPCL amounting to ` 136,54,39,262 at an average rate of `265.35/- per share. • By selling 5,09,997 shares, which were purchased just before the aforesaid important announcements by IPCL, at an average price of ` 265.35/-, the Noticee had made profit of approximately ` 41.30 lacs ( i.e. cost of acquisition of 5,09,997 shares less sale proceedings of 5,09,997 shares). The details of shares of IPCL purchased and sold by the Noticee during the period from April 01, 2006 to March 31, 2007 are as follows: Date Scrip Stock Broker Exch Buy Qty Buy Value Sell qty Sell value 5.12.06 IPCL Sonal NSE 100000 28752183 5.12.06 IPCL Shriyam NSE 150000 43086976 5.12.06 IPCL Shriyam BSE 133411 38300396 6.12.06 IPCL Shriyam NSE 90000 25807689 6.12.06 IPCL Shriyam BSE 110000 31511419 6.12.06 IPCL SSM NSE 150000 42789442 6.12.06 IPCL Sonal NSE 100000 28572119 8.12.06 IPCL Sonal NSE 50000 14136224 11.12.06 IPCL Shriyam NSE 50000 13697891 11.12.06 IPCL Shriyam BSE 55000 15044229 11.12.06 IPCL Sonal NSE 50000 13513163 12.12.06 IPCL Pace Financia l NSE 85000 21820803 12.12.06 IPCL Pace Stock BSE 15000 3854387 12.12.06 IPCL Shriyam NSE 78000 20657448 12.12.06 IPCL Shriyam BSE 122000 31890839 13.12.06 IPCL SSM NSE 100000 26495789 13.
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Source: SecMarx — sebi:ISD/IPCL/Alaska/AO/DRK-CS/EAD-3/390/56-13. 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.