sebi:IVD-ID5/PPD/AO/DRK/SS/EAD3-71/2009
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty of Rs.4,50,000 imposed on the noticee
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
Regulations
- Reg. 3
Parties
- Sandeep Pravin Shah
Holding
The noticee violated Regulations 3, 4(1) and 4(2)(e) of the PFUTP Regulations by indulging in fraudulent and unfair trade practices in the scrip of PPD and was held liable to a penalty of Rs.4,50,000 under Section 15HA of the SEBI Act.
Full text
Page 2 of 15 completion of projects as well as changes in the equity structure and also split in equity. The absence of widespread investor interest in the shares till June 2005, a sudden increase in share price and volume since August 2005, sudden jump in profits, transactions by the auditor related entities coupled with a flurry of corporate announcements including announcements on dividend, the proposal to implement new projects & purchase of plots of land in prime locations of Mumbai and simultaneous off loading of promoters’ own holdings in the market appeared to be a careful strategy and orchestration of a plan by the promoters and auditors of the company to make personal gains at the expense of investors by inducing them to participate in the trading of the shares of the company.
Page 3 of 15 APPOINTMENT OF ADJUDICATING OFFICER 6. I was appointed as the Adjudicating Officer (subsequent to transfer of the previous Adjudicating Officers) vide order dated February 24, 2009, under Section 15I of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the ‘SEBI Act’), read with Rule 3 of Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Adjudication Rules’) to inquire into and adjudge under Section 15HA of the SEBI Act, the violations of Regulations 3, 4(1) and 4(2)(e) of the PFUTP Regulations, alleged to have been committed by the noticee.
Page 4 of 15 9. The table given hereinafter portrays the number of shares of PPD traded by the related entities: Entities connected / related to each other Name Member Buy Qty Sell Qty B.D.Shah Securities Ltd 99,644 42,450 BHH Securities Pvt. Ltd. 49,600 49,600 Pratap Sanghvi Ajmera Associates Pvt. Ltd. 225,278 280,525 B. D. Shah Securities Ltd. 0 10,000 BHH Securities Pvt. Ltd 8,275 20,000 Hitesh Vora M/s. Harikishan Hiralal 614,469 575,688 Ventura Securities Ltd. 59,500 16,500 Manherlal Vora
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-ID5/PPD/AO/DRK/SS/EAD3-71/2009. 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.