sebi:KBL/MM/AO/DRK/AS/EAD-3/115/09-17/2010
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Facts / Headnote
Violation established ex-parte; penalty of Rs. 25,00,000 imposed under Section 15HA
Provisions invoked
- s. 15
- s. 11B
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4
Parties
- Shri Mahesh Mistry
Holding
The noticee violated Regulation 3 and Regulation 4(1) and 4(2)(a), (b) of the SEBI (PFUTP) Regulations, 2003 and was held liable under Section 15HA of the SEBI Act, 1992. A penalty of Rs. 25,00,000 was imposed on Shri Mahesh Mistry.
Full text
Page 2 of 11 created artificial volume and price in the scrip and subsequently off-loaded shares in the market through connected entities. Further, various other complaints against the company and its promoters/ directors were also received.
Page 3 of 11 suspended at the stock exchanges with effect from October 11, 2004 for non-compliance of various clauses of listing agreement. Subsequent to the public issue, company had on February 28, 2002 split the shares from Rs 10/- per share to Re 1/- per share. The share of KBL was admitted on National Securities Depository Ltd. [hereinafter referred to as ‘NSDL’] on March 4, 1999 and on February 4, 2000 on Central Depository Services (India) Ltd. [hereinafter referred to as ‘CDSL’].
Page 4 of 11 8. It is alleged that the demat transaction statement of the noticee indicates/ reflects that shares of KBL were transferred through off-market transfers from various demat account belonging to RKB Group before the same were transferred to the Stock Broker’s pool account to honour the market obligation of the noticee.
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Source: SecMarx — sebi:KBL/MM/AO/DRK/AS/EAD-3/115/09-17/2010. 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.