sebi:Order/MC/VS/2021-22/11559-11565
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Facts / Headnote
Proceedings disposed of; allegations not established; no penalty imposed
Provisions invoked
- s. 15
- s. 12A
- s. 12
- s. 15H
Regulations
- Reg. 3
- Reg. 3(a)
Parties
- Lokeshkumar Chandrashekhar Bhala (Noticee 1)
- Durga Chandrashekhar Bhala (Noticee 2)
- Bharatbhai Gordhanbhai Kakadiya (HUF) (Noticee 3)
- Bhavnaben Bharatbhai Kakadiya (Noticee 4)
- Roopa Anilkumar (Noticee 5)
- Shiv Prasad Bhansali (Noticee 6)
- Shiv Prasad Bhansali (HUF) (Noticee 7)
Holding
The Adjudicating Officer held that the allegations against all seven Noticees of creating a misleading appearance of trading and causing price rise (Patch 1) or price fall (Patch 2) in the scrip of Pincon Lifestyle Ltd. in a manipulative manner were not established, and the adjudication proceedings were disposed of without any penalty.
Full text
Adjudication Order in respect of Lokesh C. Bhala and 6 others in the matter of Pincon Lifestyle Ltd. Page 2 of 25 (hereinafter referred to as “Noticee 1”), Durga Chandrashekhar Bhala (“Noticee 2”), Bharatbhai Gordhanbhai Kakadiya (HUF) (“Noticee 3”), Bhavnaben Bharatbhai Kakadiya (“Noticee 4”), Roopa Anilkumar (“Noticee 5”), Shiv Prasad Bhansali (“Noticee 6”) and Shiv Prasad Bhansali (HUF) (“Noticee 7”) (hereinafter together referred to as “the Noticees”) under Section 15HA of the SEBI Act, 1992 (“hereinafter referred to as the “SEBI Act”) for alleged violation of Section 12A (a), (b), (c) of the SEBI Act read with Regulations 3 (a), (b), (c), (d) and 4 (1) and (2) (a) and (e) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 (“PFUTP Regulations”).
Adjudication Order in respect of Lokesh C. Bhala and 6 others in the matter of Pincon Lifestyle Ltd. Page 3 of 25 as to why an inquiry should not be held and penalty not be imposed against the Noticees in terms of Section 15HA of the SEBI Act for the aforesaid alleged violations.
Adjudication Order in respect of Lokesh C. Bhala and 6 others in the matter of Pincon Lifestyle Ltd. Page 4 of 25 11. Further, 28 buyers in the scrip during the investigation period were observed to be connected to the preferential allottees and the company. It was also observed that a director of Pincon had also traded in the scrip during the investigation period.
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Source: SecMarx — sebi:Order/MC/VS/2021-22/11559-11565. 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.