sebi:Order/KS/AS/2021-22/12309-12315

SEBI · SEBI · 2020-09-29 · K SARAVANAN, ADJUDICATING OFFICER

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Not ascertainable from the provided excerpt; the text ends during the noticees’ submissions and does not include the adjudicating officer’s final decision.

Provisions invoked

• s. 15
• s. 12A
• s. 15H
• s. 15J
• s. 28A

Regulations

• Reg. 3
• Reg. 4(1)
• Reg. 2(c)
• Reg. 4(2)(a)
• Reg. 3(a)
• Reg. 4(2)(g)
• Reg. 3(b)
• Reg. 3(a)(b)(c)
• Reg. 3(c)

Parties

• Rishi Jain
• Pawankumar Bishwanath Jhunjhunwala
• Kaushelendrapratapsingh Rajendrapratapsingh Rajput
• Vijayalaxmi Jethmal Jain
• Yogesh Chimanbhai Patel
• Bhavini Mehul Modi
• Rinaben H Patel
• Hitesh Jagdishchandra Patel
• Ashishkumar Jethmal Jain
• Chandini Nitesh Badlani

Holding

The provided excerpt contains no final finding or decision on whether the noticees violated the cited provisions. It records the allegations and the noticees’ responses, but not the outcome of the adjudication.

Full text

Adjudication order in the matter of Himachal Fibres Ltd Page 2 of 58 (hereinafter referred to as SEBI Act, 1992) and Regulations 3(a)(b)(c)(d), 4(1), 4(2)(a) and 4(2)(e) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 (hereinafter referred to as PFUTP Regulations, 2003). APPOINTMENT OF ADJUDICATING OFFICER

Adjudication order in the matter of Himachal Fibres Ltd Page 3 of 58 Patch Dates Open High Low Close Avg. Volume Pre-IP 21/05/2014 To 20/08/2014 Price (in ₹) - - - - - Volume Patch 1 21/08/2014 to 06/02/2015 Price (in ₹) 15.00 (On 21/08/2014) 84.95 (On 23/01/2015) 12.70 (On 23/09/2014) 83.20 (On 06/02/2015) 4912.79 Volume 1 (On 21/08/2014) 75099 (On 12/11/2014) 1 (On 21/08/14, 12/12/14,) 8595 (On 06/02/2015) Patch 2 09/02/2015 to 21/10/2015 Price (in ₹)* 8.65 (On 09/02/2015) 41.65 (On 21/10/2015) 8.60 (On 09/02/2015) 40.20 (On 21/10/2015) 68778.50 Volume 6001 (On 09/02/2015) 533391 (On 20/10/2015) 150 (On 16/04/2015) 210372 (On 21/10/2015) Post IP 22/10/2015 to 21/01/2016 Price (in ₹) 41.30 (On 22/10/2015) 64.50 (On 04/01/2016) 36.05 (On 26/10/2015) 59.25 (On 21/01/2016) 395796.40 Volume 97988 (On 22/10/2015) 1357112 (On 18/12/2015) 56183 (On 06/01/2016) 364469 (On 21/01/2016) ‘*’ post split-adjusted 2) It was observed that a group of ten entities (hereinafter referred to as ‘suspected entities’), comprising of Noticees, were connected to each other in the below mentioned manner: S No Name Basis of connection 1 Rishi Jain As per off market transaction details, Vijayalaxmi Jethmal Jain transferred/received shares from entities at S No 2 to S No 7. 2 Pawankumar Bishwanath Jhunjhunwala 3 Kaushelendrapratapsingh ,Raje-ndrapratapsingh Rajput 4 Vijayalaxmi Jethmal Jain 5 Yogesh Chimanbhai Patel 6 Bhavini Mehul Modi 7 Rinaben H Patel As per off market transaction details, Rinaben H

Adjudication order in the matter of Himachal Fibres Ltd Page 4 of 58 Details of off market transactions among suspected entities, as per email dated October 25, 2019 by CDSL, email dated August 16, 2018 by NSDL and letter dated August 16, 2018 by NSDL, are enclosed as Annexure D. KYC details of Vijayalaxmi Jethmal Jain and Ashishkumar Jethmal Jain are enclosed as Annexure E. 3) The summary of trading done by the ten suspected entities in the scrip of HFL in IP is as follows: S No Name Gross Buy Gross Sale Net Trade Gross Buy % to total Buy vol. Gross Sell % to total Sell vol.

Source: SecMarx — sebi:Order/KS/AS/2021-22/12309-12315. 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.