sebi:Order/SR/2020-21/11206-11211/148-153

SEBI · SEBI · 2010-12-02 · Sangeeta Rathod, Adjudicating Officer

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Provisions invoked

Regulations

Parties

Holding

The Noticees are alleged to have contravened the PFUTP Regulations, 2003 by creating a false or misleading appearance of trading in the scrip of Brushman (India) Limited. The order details findings of price and volume manipulation linked to FCCB pricing.

Full text

Adjudication Order in respect of various entities in the matter of Brushman India Limited (Page 2 of 63) SEBI-REGULATORY Industries Ltd. during the pricing period of FCCBs and thereafter exited the scrip at a profit as per alleged agreement made with the promoters of Murli by Sanjay Dangi. OD examined similar patterns in trading and price volume of other scrips apart from ie Ackruti City Limited (now known as Hubtown Ltd.), Welspun-Gujarat Stahl Rohren Limited (WCL), Brushman (India) Limited (hereinafter also referred to as Company/BIL/Brushman) and RPG Transmission Limited (RPG). OD noted the Dangi Group was actively trading in the shares of many companies where there was capital raising exercise through FCCB issue, ADR/GDR issue, QIB/QIP placement, preferential allotment or loans or pledge/revocation of pledge of promoter shares. In view of the above findings in various scrips and noticing that such operations were possibly continuing in the market to the detriment of the investing public, SEBI vide ad-interim ex-parte order dated December 2, 2010 issued directions against Shri Sanjay Dangi, his associates and promoter entities of four companies i.e. MIL, Hubtown Ltd., WCL & BIL. In the said order, the following 10 Dangi entities and 14 Ashika entities were restrained from accessing the securities market and further prohibited from buying, selling or dealing in securities in any manner whatsoever, till further directions: S. No. Names 1 Alpana Sanjay Dangi 2 Amit Business L

Adjudication Order in respect of various entities in the matter of Brushman India Limited (Page 3 of 63) SEBI-REGULATORY 5 Fountain Vanijya Private Limited 6 Hanurang Vinimay Private Limited 7 Micro Management Limited 8 PR Vyapaar Limited 9 Pushkar Banijya Limited 10 Rosewood Vanijya Private Limited 11 Sarswati Vincom Limited 12 Splendor Vanijya Private Limited 13 Winall Vinimay Private Limited 14 Withal Commercial Private Limited Apart from above, the following promoter/promoter related entities of aforesaid four companies mentioned therein were directed not to buy, sell or deal in the securities of their own companies and their listed group companies, in any manner whatsoever, till further directions: S.No. Entity Comments

Adjudication Order in respect of various entities in the matter of Brushman India Limited (Page 4 of 63) SEBI-REGULATORY

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Source: SecMarx — sebi:Order/SR/2020-21/11206-11211/148-153. 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.