sebi:Order/PM/NS/2022-23/17548-17566
Facts / Headnote
Violation of Section 12A(a),(b),(c) of SEBI Act read with Regulation 3(a),(b),(c),(d) and Regulations 4(1), 4(2)(a), 4(2)(e) of PFUTP Regulations established against Noticee 1 & 2; allegation of manipulative price rise by Noticee 3-19 in Patch 2 not established; Noticee 1 & 2 liable for monetary penalty under Section 15HA of SEBI Act
Provisions invoked
- s. 15
- s. 12A
- s. 12
- s. 15H
- s. 15J
Regulations relied on
- SEBI (PFUTP) Regulations, 2003 — 3(a)
- SEBI (PFUTP) Regulations, 2003 — 3(b)
- SEBI (PFUTP) Regulations, 2003 — 3(c)
- SEBI (PFUTP) Regulations, 2003 — 3(d)
- SEBI (PFUTP) Regulations, 2003 — 4(1)
- SEBI (PFUTP) Regulations, 2003 — 4(2)(a)
- SEBI (PFUTP) Regulations, 2003 — 4(2)(e)
Holding
The Adjudicating Officer found that Noticee 1 (Shankheshwar Metals Pvt Ltd) and Noticee 2 (Parvati Minerals Pvt Ltd) violated Section 12A(a),(b),(c) of the SEBI Act read with Regulation 3(a),(b),(c),(d) and Regulations 4(1), 4(2)(a), 4(2)(e) of the PFUTP Regulations, and are liable for monetary penalty under Section 15HA. The allegation of causing manipulative price rise by Noticees 3-19 in Patch 2 was not established.
Full text
Adjudication Order in the matter of Sun & Shine Worldwide Limited Page 2 of 39 BACKGROUND 1. Securities and Exchange Board of India (hereinafter be referred to as, 'SEBI') initiated adjudication proceedings under Section 15HA of the SEBI Act, 1992 (hereinafter referred to as 'SEBI Act'), against 1. Shankheshwar Metals Pvt Ltd (Noticee 1), 2. Parvati Minerals Pvt Ltd. (Noticee 2), 3. Eden Vyapaar Pvt. Ltd. (Noticee 3), 4. Sinjan Overseas Pvt Ltd (Noticee 4), 5. Kavita Saraf (Noticee 5), 6. Ajay Popatlal Shah (Noticee 6), 7. Brij Bhatia HUF (Noticee 7), 8. Neela Bhatia (Noticee 8), 9.Brij Bhatia (Noticee 9), 10. Vinod Jagadishbhai Fadadu (Noticee 10)
Adjudication Order in the matter of Sun & Shine Worldwide Limited Page 3 of 39 Pradhan the undersigned was appointed as the AO in the matter vide Communiqué dated June 21, 2021.
Adjudication Order in the matter of Sun & Shine Worldwide Limited Page 4 of 39 2014 and closed at Rs. 17.50 on September 30, 2014. The price/volume movement in the scrip of SSWL for the period from October 01, 2012 to September 30, 2014 is as under:
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