sebi:Order/MC/RM/2022-23/16232

SEBI · SEBI · 2021-03-25 · Maninder Cheema, 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

Adjudication proceedings initiated vide SCN dated May 30, 2006 disposed of with no violation established and no penalty imposed

Provisions invoked

• s. 15
• s. 15H
• s. 15I
• s. 15J

Regulations

• Reg. 4
• Reg. 3
• Reg. 4(1)

Parties

• K Venkatraman

Holding

The adjudication proceedings initiated against Mr. K Venkatraman vide SCN dated May 30, 2006 are disposed of as the alleged violations of Regulation 4(1), 4(2)(a), (b) and (g) of PFUTP Regulations are not established.

Full text

Adjudication Order against K Venkatraman in the matter of Coromandal Fertilizers Ltd. Page 2 of 14 the PFUTP Regulations. This order was appealed before the Hon’ble Securities Appellate Tribunal (SAT) by the Noticee vide Appeal No. 78 of 2021. Hon’ble SAT vide Order dated March 25, 2021 remitted the matter to AO as given hereunder: “4. Since the impugned order was passed ex-parte without serving the show cause notice, the said impugned order cannot be sustained and is quashed. The recovery certificate dated December 11, 2017 issued pursuant to the said

Adjudication Order against K Venkatraman in the matter of Coromandal Fertilizers Ltd. Page 3 of 14 imposed against Noticee under aforesaid Sections for the aforesaid alleged violations.

Adjudication Order against K Venkatraman in the matter of Coromandal Fertilizers Ltd. Page 4 of 14 10. On BSE the scrip was traded on all 45 days during the period of investigation. The quantity traded in the period was about 680607 shares. An analysis of the price movement of the scrip during the subsequent period showed that the price remained above the Rs. 100 level. The closing price of the scrip which was Rs. 150.50 at the end of the investigation period on December 2003 remained at the same levels in January 2004. It then decreased to a low of Rs.108 in March 2004 after which it again showed a continuous rising trend to reach Rs. 156 in December 2004. At the time of completion of investigation the price of the scrip was Rs. 80 after the sub division of shares from Rs. 10 to 3 which is equivalent to Rs. 400 (on the face value of Rs. 10). The details of the trading are as under: BSE

Source: SecMarx — sebi:Order/MC/RM/2022-23/16232. 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.