sebi:IVD/KIL/AO/DRK/AS/EAD-3/218/2009-122/2010
Facts / Headnote
Adjudication proceedings disposed of; no penalty imposed; violation not established
Provisions invoked
- s. 15
- s. 15H
Regulations relied on
- SEBI (PFUTP) Regulations, 2003 — 3(a)
- SEBI (PFUTP) Regulations, 2003 — 4(2)(r)
Parties
- Thor Plastsotech Pvt. Ltd.
Holding
The violation of Regulation 3(a) and 4(2)(r) of the SEBI PFUTP Regulations, 2003 was not established against Thor Plastsotech Pvt. Ltd., and no penalty was warranted under Section 15 HA of the SEBI Act, 1992.
Full text
Page 2 of 14 Yearly: SI No Particular April 01, 2003 to March 31, 2004. April 01, 2004 to March 31, 2005. April 01, 2005 to March 31,
Page 3 of 14 at ` 25.95 on March 31, 2006. It was noted from the findings of the Investigation Report that on March 04, 2005 KIL had informed Bombay Stock Exchange Limited (hereinafter referred to as ‘BSE’) that the meeting of the Board of Directors of the Company is scheduled to be held on March 11, 2005, wherein they will consider various ways and means for expansion of the company, various plans for the acquisition and any other related matter for the growth of the company, issue of rights / preferential allotment and or any other instruments of the company and increase the authorized share capital of the company. As a result of these announcements, the price of the scrip started moving upward
Page 4 of 14 scrip. Further, the Investigation Report notes that four promoters in the person acting in concert category took advantage of the artificial price and offloaded their shares in the market. The promoter entities in the person acting in concert category (Thor Plasotech Pvt. Ltd., Kosian Securities Pvt. Ltd., O.P. Agarwal (HUF), Pioneer Capfin Services Pvt. Ltd.) offloaded 3, 31,985 shares (i.e. 11.05% of the equity shares of KIL) at an average price of ` 34.02. The trading by the promoter entities in the person acting in concert category in the previous and subsequent 2 quarters reveal that the dealing by the promoter entities in the person acting in concert category is significantly higher during the period of Investigation vis-à-vis the previous and subsequent quarters. In this regard it is noted from the Investigation Report that though the announcement with regard to the finalization of takeover deal of ISPL was made by KIL on March 15, 2005 but the covering letter of the valuation report of ISPL bears the date of August 13, 2005. It was alleged that the announcements made by KIL on March 15, 2005 regarding acquisition of ISPL was premature.
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:IVD/KIL/AO/DRK/AS/EAD-3/218/2009-122/2010. 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.