sebi:ORDER/BM/LD/2021-22/15596-15602
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Facts / Headnote
Penalties imposed under Section 15HA of SEBI Act, 1992 on remand; Noticees 1-5 penalized equal to recalculated ill-gotten gains and Noticees 6-7 penalized Rs.5,00,000 each
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 28A
Regulations
- Reg. 3(a)
Parties
- Shri Chiranjilal Jayaram Vyas (Noticee 1)
- Shri Namdeo H. More (Noticee 2)
- Shri Kishore Bhikaji Giri (Noticee 3)
- Shri Deendayal M. Bohara (Noticee 4)
- Shri Kishorilal Amrutlal Bissa (Noticee 5)
- Shri Jitendra Harivansh Joshi (Noticee 6)
- M/s. Shripal Shares and Securities Ltd. (Noticee 7)
Holding
On remand by SAT order dated September 27, 2021, the Adjudicating Officer recalculated unlawful gains using the Average Cost Method including off-market transfers to front entities and imposed penalties equal to ill-gotten gains on Noticees 1-5 and Rs.5 lakh each on Noticees 6-7 under Section 15HA.
Full text
Adjudication Order in the matter of Sunteck Realty Limited 2 | P a g e Practices relating to Securities Market) Regulations, 2003. The 7 entities who are the Noticees in this Order appealed before the Hon’ble Securities Appellate Tribunal (SAT) against the AO order dated December 30, 2019.
Adjudication Order in the matter of Sunteck Realty Limited 3 | P a g e undersigned vide hearing notice dated November 29, 2021.The hearing was held on December 16, 2021 and was attended by the Authorised Representative (hereinafter referred to as AR). During the hearing, the following information was sought from the Noticees : 1) Instances wherein SEBI has followed the average cost method for calculating unlawful gains 2) As per their calculation, what should be the actual ill-gotten gains earned by each of the Noticees. 3) Demarcation of the shares transferred from the transferors to the transferees and shares sold by the transferees through the exchange.
Adjudication Order in the matter of Sunteck Realty Limited 4 | P a g e In reply to query 2, the Noticees replied that “your goodself is requested to consider the proposed calculation of the profit/loss with respect to each of the Noticees illustrated below :
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