sebi:Order/GR/RK/2021-22/12325
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Facts / Headnote
Adjudication proceedings disposed of; allegations not established, no penalty imposed
Provisions invoked
- s. 15
- s. 12A
- s. 12
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 3(a)
Parties
- Wheelers Developers Pvt. Ltd.
Holding
The allegations against Wheelers Developers Pvt. Ltd. for violating Section 12A of the SEBI Act, 1992 and Regulations 3(a), (b), (c) & (d), 4(1) of the SEBI PFUTP Regulations, 2003 have not been established, and the Noticee is not liable for any monetary penalty under Sections 15HA and 15HB of the SEBI Act, 1992.
Full text
Adjudication Order w.r.t Wheelers Developers Pvt. Ltd. in the matter of IPO of Tijaria Polypipes Ltd. Page 2 | 18 2011. The price of TPL in NSE, fell from the highest price of Rs 67.75 per share to Rs 16.50 per share while in BSE, it fell from the highest price of Rs 67.80 per share to Rs 16.05 per share. It is noted from the Investigation Report that Wheelers Developers Pvt. Ltd. (hereinafter referred to as “Noticee/WDPL/Wheeler”) entered into synchronized trades to give exit to certain QIBs which created artificial volume in the scrip of TPL, leading to false and misleading appearance of trading in the securities market. Based on the
Adjudication Order w.r.t Wheelers Developers Pvt. Ltd. in the matter of IPO of Tijaria Polypipes Ltd. Page 3 | 18 had been left off by the previous AO and an opportunity of personal hearing was granted as detailed hereinafter.
Adjudication Order w.r.t Wheelers Developers Pvt. Ltd. in the matter of IPO of Tijaria Polypipes Ltd. Page 4 | 18 QIBs viz. CREDO and SPARROW were given exit option to sell their holdings in BSE and NSE at a premium to issue price.
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Source: SecMarx — sebi:Order/GR/RK/2021-22/12325. 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.