sebi:IVD-ID-3/ACL/RS/AO/DRK/AS/EAD-3/235/09-01/2011
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violation of PFUTP Regulations found established ex-parte; penalty of Rs. 1,00,000 imposed under Section 15HA; no adverse finding on Takeover Regulations disclosure against the noticee
Provisions invoked
- s. 15A
- s. 15
- s. 11B
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 7(1)
- Reg. 13
- Reg. 7
Parties
- Shri Rajesh Sakharie, Director, Million Investrade Ltd.
Holding
The noticee, as Director of Million Investrade Ltd. which was part of the RKB Group, violated Regulation 3(a), 3(c), 4(1), 4(2)(a) and 4(2)(e) of SEBI PFUTP Regulations and is liable to a penalty of Rs. 1,00,000 under Section 15HA of the SEBI Act, 1992.
Full text
Page 2 of 14 KBL, and SIL or major sellers in the said scrips and the entities related to them, from buying, selling or dealing in any other manner in the shares of ACL, KBL, and SIL till the investigations are completed and the directions were subsequently confirmed by SEBI vide order dated February 18,
Page 3 of 14 Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as SEBI PFUTP Regulations) and Regulation 7 (1) & 7 (2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (SEBI Takeover Regulations) alleged to have been committed by Shri Rajesh Sakharie Director Million Investrade Ltd. (hereinafter referred to as the noticee).
Page 4 of 14 Co-operative Department, Mumbai (Government of Maharastra) on July 28, 2004. 9. It is alleged that during the said subsequent period KSPL, on behalf of RKB group, had bought 2,20,067 shares and sold 29,25,303 shares in the said scrip and the group was net sellers for around 20% of the capital of ACL. In view of the heavy selling pressure from RKB group the price declined drastically from Rs. 22.50 to Rs. 2.60.
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-ID-3/ACL/RS/AO/DRK/AS/EAD-3/235/09-01/2011. 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.