sebi:Order/PM/PA/2022-23/18737-18765

SEBI · SEBI · 2017-12-27 · Prasanta Mahapatra, Adjudicating Officer

Reviewed by Varun Matlani, Advocate — Securities Lawyer practicing in SAT and SEBI

Facts / Headnote

Adjudication proceedings initiated against Noticees under section 15HA of the SEBI Act; penalties of Rs. 5,00,000 imposed on each Noticee for violations of section 12A(a), (b), (c) of SEBI Act read with PFUTP Regulations

Provisions invoked

• s. 15
• s. 19
• s. 12A
• s. 15H
• s. 15I
• s. 15J

Regulations relied on

• SEBI (PFUTP) Regulations, 2003

Holding

The Adjudicating Officer held that Noticee nos. 1 to 5, 6 to 18, 19 to 23, 24 to 28, and 29 (Thirani Projects Ltd.) violated section 12A(a), (b), (c) of the SEBI Act read with regulations 3(a), (b), (c), (d), 4(1), 4(2)(a), (b), (e) and (g) of PFUTP Regulations by engaging in manipulative and fraudulent trade practices in the scrip of TPL during the investigation period, and imposed a penalty of Rs. 5,00,000 on each Noticee under section 15HA of the SEBI Act.

Full text

Adjudication order in the matter of Thirani Projects Ltd. Page 2 of 92 A. BACKGROUND 1. Thirani Projects Ltd. (hereinafter referred to as “TPL”) is listed on BSE Limited (hereinafter referred to as “BSE”) and Calcutta Stock Exchange India Limited (hereinafter referred to as “CSE”). Securities and Exchange Board of India (hereinafter referred to as “SEBI”) conducted an investigation in the dealings in the scrip of TPL to examine violations, if any, of provisions of Securities and Exchange Board of India, Act, 1992 (hereinafter referred to as “SEBI Act”) and SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”) during the period from December 27, 2017 to April 20, 2018 (hereinafter referred to as “IP”).

Adjudication order in the matter of Thirani Projects Ltd. Page 3 of 92 3. In light of the observations mentioned above, SEBI initiated adjudication proceedings with respect to the Noticees under section 15HA of the SEBI Act as tabulated below: Noticee no. Noticee Violations observed

Adjudication order in the matter of Thirani Projects Ltd. Page 4 of 92 B. APPOINTMENT OF ADJUDICATING OFFICER 4. Pursuant to the investigation, SEBI initiated adjudication proceedings against the Noticees and appointed the undersigned as the adjudicating officer vide

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