sebi:Order/AP/VS/2020-21/10635-10645
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Provisions invoked
- s. 11(4)
- s. 15H
- s. 15I
- s. 15J
- s. 15
- s. 15F
- s. 28A
Regulations
- Reg. 11
- Reg. 2(1)(e)
- Reg. 10
- Reg. 12
- Reg. 14(1)
- Reg. 1
- Reg. 11(1)
- Reg. 21(1)
- Reg. 11(2)
- Reg. 2(1)(e)(2)
- Reg. 2(1)(e)(1)
Holding
The Adjudicating Officer held that Noticees Nos. 2, 3, 5 and 10 violated Regulation 10 of the SAST Regulations by breaching the 15% shareholding threshold on November 19, 2008 without making a public announcement for an open offer, and that Noticees Nos. 2, 3, 5 and 10 also violated Regulation 11(1) on November 27, 2008, and Noticees Nos. 2, 3, 4, 5 and 10 violated Regulation 11(1) on December 11, 2008.
Full text
_______________________________________________________________________________________ Adjudication Order in the matter of Mindvision Capital Limited Page 2 of 40
_______________________________________________________________________________________ Adjudication Order in the matter of Mindvision Capital Limited Page 3 of 40 ₹24,91,000/- (through two transfers of ₹8,00,000 and ₹16,91,000) from Vishal (Noticee No.11) on April 20, 2010 and the fund of ₹24,90,591/- was paid to the broker on April 20, 2010. Prime (Noticee No. 6) acquired 15,000 shares at an average price of ₹79.25 and total buy value of shares was ₹11,88,750/- through the broker Religare on January 6, 2010. Prime received funds of ₹11,95,100/- from Vishal (Noticee No.11) on January 8, 2010 and the fund of ₹11,95,028/- was paid to the broker on January 09, 2010. Rajratan (Noticee No. 7) acquired 25,000 shares @ avg. price of ₹80 on January 25, 2010 and additional 25,000 shares acquired @ ₹79.50 through the broker Religare. The total cost of 50,000 shares was ₹39,87,500/-. Rajratan received ₹40,15,000/- from Vishal (Noticee No. 11) on January 28, 2010 and paid to the broker ₹20,00,000 and ₹20,15,000 each on January 29, 2010. Maxilla (Noticee No. 4) acquired 1,10,000 shares at an average price of ₹27.65 and total buy value of shares was ₹ 30,41,500/- through the broker Religare on March 08, 2010. Maxilla received funds of ₹15,00,000 from Vishal (Noticee No. 11) and ₹5,00,000 from Dash (Noticee No. 2) on March 10, 2010 and received ₹10,60,000/- from Tutis (Noticee No. 10) on March 11, 2010. Thus, altogether received ₹30,60,000/- was received from these three entities and
_______________________________________________________________________________________ Adjudication Order in the matter of Mindvision Capital Limited Page 4 of 40 instructions / directions of Mr. G S Chandrasekhar and Mr. Dilip Parekh. They generally instructed to Mr. Suthesh Nair (Vice President-Finance of Tutis) and Mr. Suthesh Nair instructed to Mr. Dilip Kherade and other directors of the companies for signing the demat request slip, cheques, etc. c) Prior to his joining along with others as director of the companies, the family members of Mr. Dilip Parekh were the directors of the abovementioned companies. d) Basiz is a subsidiary of Vishal. Further, Tutis. is a promoter company of Vishal. e) All the group entities have traded through Stock Planet Pvt. Ltd (sub-broker of Religare Securities Ltd.) which is owned by Mr. Dilip C. Parekh and his son Mr. Chirag Parekh.
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Source: SecMarx — sebi:Order/AP/VS/2020-21/10635-10645. 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.