sebi:Order/EAD-1/SBM/JR/2020-21/10062

SEBI · SEBI · 2014-12-22 · Suresh B Menon, Adjudicating Officer

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Facts / Headnote

Adjudication proceedings disposed of without penalty

Provisions invoked

• s. 15
• s. 15H
• s. 15I
• s. 248
• s. 560

Regulations

• Reg. 3(a)

Parties

• Rajnandi Yarns Private Limited

Holding

The adjudication proceedings initiated against Rajnandi Yarns Private Limited for alleged creation of artificial volume in Spectacle Infotek Limited cannot be proceeded with and are disposed of because the Noticee was struck off and dissolved as on July 26, 2017.

Full text

In the matter of Spectacle Infotek Limited Page 2 of 8 investigation, it was observed by SEBI that certain persons/entities, including Rajnandi Yarns Private Limited (hereinafter referred to as ‘Rajnandi’ / ‘Noticee’) had created artificial volume in the scrip of the company during the above referred investigation period. In view of the same, SEBI initiated adjudication proceedings against the persons/entities, including the Noticee under the provisions of section 15 HA of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ’SEBI Act’) for the alleged violation of the provisions of Regulations 3(a), (b), ( c ) , (d), 4 (1), 4(2)(a), (b), ( e) & (g) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities market) Regulations, 2003 (hereafter referred to as ‘PFUTP Regulations’).

In the matter of Spectacle Infotek Limited Page 3 of 8 SHOW CAUSE NOTICE, REPLY AND HEARING 4. The Show Cause Notice ref. EAD-2/RG/31274/2013 dated December 4, 2013 (hereinafter referred to as ‘SCN’) that was issued to the Noticee in the context of the present proceeding inter alia, had alleged the following violation / non- compliance by the Noticee:

In the matter of Spectacle Infotek Limited Page 4 of 8 Joint a/c with sl. no. 12. BR* with sl. no. 6, 9, 10, 13, 14, 18, 19. 6.Bipin Jayant Thaker Same Tel. no. with sl. no. 12. BR* with sl. no. 5, 9, 10, 12, 13, 14, 18, 19. With sl. no. 4, 12. With sl. no. 4, 15, 9, 12, 13, 14. 16.Mala Hemant Sheth Sl. no. 16 is the wife of sl. no. 14 and sl. no. 17 is the nephew.

Source: SecMarx — sebi:Order/EAD-1/SBM/JR/2020-21/10062. 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.