sebi:IVD-ID3/TVL/AO/DRK/AKS/EAD-3/278/44-11
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Facts / Headnote
Adjudication proceedings disposed of; violation not established
Provisions invoked
- s. 15
- s. 15H
Regulations
- Reg. 4
Parties
- Consolidated Securities Ltd.
Holding
The allegation that Consolidated Securities Ltd. violated Regulation 4(2)(f) of the PFUTP Regulations by trading in Triton Valves Ltd. shares after its Independent Director Lalit Dua induced investor interest was not established, and the adjudication proceedings were disposed of.
Full text
Page 2 of 10 such companies on the back of induced investor interest created by Lalit’s recommendations. 3. The investigation was carried on into the trading in the scrip of Triton Valves Ltd. (hereinafter referred to as ‘TVL’) during the period from April 2005 to September 2005 (hereinafter referred to as ‘Investigation Period’) to ascertain whether Lalit had induced investor interest in the scrip of TVL and Lalit’s associated entity namely Consolidated Securities Ltd. (hereinafter referred to as ‘noticee’) had offloaded shares on the back of the induced investor interest.
Page 3 of 10 Acknowledgement Due” in terms of the provisions of Rule 4 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 requiring it to show cause as to why an inquiry should not be held against it and why penalty, if any, should not be imposed on it under Section 15HA of the SEBI Act. In the said notice, it was alleged that the noticee had traded in the scrip of TVL after its Independent Director, Lalit had induced investor interest in the scrip which has led to the violation of PFUTP Regulations.
Page 4 of 10 • Copies of deposition/replies of Shri Lalit Dua. • Copy of statement recording of Shri Lalit Dua before the investigating authority. • Complete copy of investigation report. • Copy of deposition of Shri Rohit Gupta made before the investigating authority on 29.01.2007.
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Source: SecMarx — sebi:IVD-ID3/TVL/AO/DRK/AKS/EAD-3/278/44-11. 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.