sebi:Order/BM/UR/2022-23/16595-16597
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Facts / Headnote
Noticee 1 and Noticee 2 found to have violated PFUTP Regulations and liable to penalty under Section 15HA; proceedings against Noticee 3 abated due to death
Provisions invoked
- s. 15
- s. 19
- s. 11B
- s. 11
- s. 15H
- s. 15J
- s. 15F
- s. 28A
- s. 28
- s. 50
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 13(1)
- Reg. 200
- Reg. 3(a)
Parties
- Gandiv Investment Pvt. Ltd. (Noticee 1)
- Pat Financial Consultants Pvt. Ltd. (Noticee 2)
- Bharat Jayantilal Patel (Noticee 3)
Holding
Noticee 1 (Gandiv Investment Pvt. Ltd.) and Noticee 2 (Pat Financial Consultants Pvt. Ltd.) were found to have manipulated the price of Ponni Sugars scrip by consistently placing buy orders above the Last Traded Price, thereby violating Regulation 3(a)-(d) and Regulation 4(1) and 4(2)(a) and (e) of the PFUTP Regulations. Proceedings against Noticee 3 (Bharat Jayantilal Patel) were abated due to his death on May 29, 2021.
Full text
_________________________________________________________________________________ Adjudication Order in the matter of Ponni Sugars (Erode) Limited Page 2 of 130
_________________________________________________________________________________ Adjudication Order in the matter of Ponni Sugars (Erode) Limited Page 3 of 130
_________________________________________________________________________________ Adjudication Order in the matter of Ponni Sugars (Erode) Limited Page 4 of 130
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