sebi:Order/MC/HP/2022-23/16211-16218
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Proceedings abated against Noticee 4 following death on November 23, 2020; final determination and penalty for remaining Noticees not contained in excerpt
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 12A
- s. 15H
- s. 24(1)
- s. 15J
- s. 11C(2)
- s. 23J
- s. 23E
- s. 23
- s. 23H
Regulations
- Reg. 3(a)
- Reg. 31(2)
- Reg. 31(3)
Parties
- Alpeshbhai Rasiklal Shah HUF (Noticee 1)
- Jignaben Alpeshbhai Shah (Noticee 2)
- Vimal Rasiklal Shah (Noticee 3)
- Sushil Kumar Saraf (Noticee 4)
- Blue Pearl Texspin Limited (Noticee 5/Scrip/Company)
- Arun Kumar Sharma (Noticee 6)
- Navinchandra Chunilal Shah (Noticee 7)
- Shrikrishna Baburam Pandey (Noticee 8)
Holding
Adjudication proceedings against Noticee 4 abate upon death on November 23, 2020. Issues on price manipulation by Noticees 1 to 4 and on 100% promoter dematerialization non-compliance by Noticees 5 to 8 were framed for determination, with the promoter-exit/reclassification defence rejected as lacking substance.
Full text
Adjudication Order in the matter of Blue Pearl Texspin Limited Page 2 of 54 BACKGROUND 1. Securities and Exchange Board of India (hereinafter be referred to as, 'SEBI') initiated adjudication proceedings against Alpeshbhai Rasiklal Shah HUF (Noticee 1), Jignaben Alpeshbhai Shah (Noticee 2), Vimal Rasiklal Shah (Noticee 3), Sushil Kumar Saraf (Noticee 4), Blue Pearl Texspin Limited (Noticee 5/Scrip/Company), Arun Kumar Sharma (Noticee 6), Navinchandra Chunilal Shah (Noticee 7) and Shrikrishna Baburam Pandey (Noticee 8) pursuant to investigation in the matter of trading by certain entities in the scrip of Blue Pearl Texspin Limited during the period from January 10, 2017 to July 05, 2017 (IP/investigation period). The Noticees 1 to 8 are collectively referred to as 'Noticees/You'.
Adjudication Order in the matter of Blue Pearl Texspin Limited Page 3 of 54 Regulations, 2015 (hereinafter referred to as, ‘LODR Regulations’) read with Section 24(1) of SCRA.
Adjudication Order in the matter of Blue Pearl Texspin Limited Page 4 of 54 5. The allegations levelled against the Noticees in the SCN are summarized as below:
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Source: SecMarx — sebi:Order/MC/HP/2022-23/16211-16218. 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.