sebi:Order/MC/VS/2021-22/12361-12371
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Facts / Headnote
Adjudication proceedings initiated vide SCN dated January 23, 2020 disposed of; violations held not established, no penalty imposed
Provisions invoked
- s. 15
- s. 12A
- s. 12
- s. 15H
Regulations
- Reg. 3
- Reg. 3(a)
Parties
- Vivek Himatsingka
- Suresh Chand Modi
- Ajay Kumar Singh
- Divya Singh
- Amitkumar Rajnikant Shah HUF
- Bharat Kumar
- Tara Devi Surana
- Annu Surana
- Devendra Kumar Jhunjhunwala HUF
- Sura Narayan Sahu
- Kavita Patel
Holding
The adjudication proceedings initiated against Vivek Himatsingka and 10 others vide SCN dated January 23, 2020 are disposed of. The allegations that Noticees 1-5 caused price-rise in Patch-1 and Noticees 5-11 caused price-fall in Patch-2 in violation of Section 12A(a),(b),(c) read with Regulations 3(a)-(d) and 4(1), 4(2)(a),(e) of the PFUTP Regulations were held not established.
Full text
Adjudication Order in respect of Vivek Himatsingka and 10 others in the matter of Pincon Lifestyle Ltd. Page 2 of 17 10. Surya Narayan Sahu (PAN - AVNPS6128B) having address at Raghunathpur, PO Narendrapur, Berhampur, Odisha, India, 760007
Adjudication Order in respect of Vivek Himatsingka and 10 others in the matter of Pincon Lifestyle Ltd. Page 3 of 17 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter be referred to as the “Adjudication Rules”), vide order dated May 14, 2019, to inquire into, and adjudge under Section 15HA of the SEBI Act the aforesaid alleged violations of the Noticees.
Adjudication Order in respect of Vivek Himatsingka and 10 others in the matter of Pincon Lifestyle Ltd. Page 4 of 17 9. During the course of investigation, it was observed that Pincon had made an allotment of 3 crore shares to 21 preferential allottees (including its promoter Lucky Commosales Pvt. Ltd., one of the promoters of Pincon). Based on UCC data from BSE, off- market transaction details from NSDL, CDSL and physical share transaction data received from RTA of Pincon, it was observed that 20 allottees out of the aforesaid 21 preferential allottees were observed to be connected to Pincon.
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Source: SecMarx — sebi:Order/MC/VS/2021-22/12361-12371. 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.