sebi:Order/SV/VC/2023-24/30058-30065

SEBI · SEBI · 2023-06-08 · Shashi Kumar Valsakumar, Adjudicating Officer

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Facts / Headnote

Violations established; joint and several penalty of INR 48,00,000 imposed on Noticees

Provisions invoked

Regulations

Parties

Holding

Noticee-1 and Noticee-2 along with other Noticees violated Regulation 3 (a), (b), (c), (d), 4 (1), 4 (2) (a) & (e) of PFUTP Regulations read with Section 12A (a), (b) and (c) of the SEBI Act, 1992, and are liable for penalty under Section 15HA, imposed jointly and severally at Rs. 48,00,000.

Full text

Adjudication Order in the matter of United Polyfab Gujarat Limited Page 2 of 64 2. Based on the findings of the investigation in the matter of trading by certain entities in the scrip of UPGL, SEBI initiated adjudication proceedings against UPGL (‘Noticee- 1’), Gagan Nirmalkumar Mittal (‘Noticee- 2’), Shiv Marketing and Trading (‘Noticee- 3’), Vishwakarma Trading House (‘Noticee- 4’), Anilkumar Mangalchand Mittal (‘Noticee- 5’), Amay Spincot Pvt. Ltd. (earlier known as Dhanshree Barter Pvt. Ltd.) (‘Noticee- 6’), Aditi Anil Mittal (‘Noticee- 7’) and Dhaval Anil Kumar Mittal (‘Noticee- 8’) {hereinafter together referred to as ‘Noticees’} for violating the provisions of Section 12A (a), (b) and (c) of the SEBI Act, 1992 read with Regulation 3 (a), (b), (c), (d), 4 (1), 4 (2) (a) & (e) of PFUTP Regulations.

Adjudication Order in the matter of United Polyfab Gujarat Limited Page 3 of 64 5. The detail of the delivery and the mode of delivery of the SCN to the Noticees is given below: Table No. 1 Sr. No. Entity SCN Delivery status: Yes / No Mode of the delivery 1 Noticee- 1 Yes E-mail and SPAD* 2 Noticee- 2 Yes E-mail and SPAD 3 Noticee- 3 Yes E-mail and SPAD 4 Noticee- 4 Yes E-mail and SPAD 5 Noticee- 5 Yes E-mail and SPAD 6 Noticee- 6 Yes E-mail and through broker i.e. Kunvarji Finstock Pvt. Ltd. 7 Noticee- 7 Yes E-mail and SPAD 8 Noticee- 8 Yes E-mail and SPAD * Speed post Acknowledgement Due is referred to as SPAD.

Adjudication Order in the matter of United Polyfab Gujarat Limited Page 4 of 64 8. In the interest of natural justice, opportunities of hearing through video conference on cisco Webex platform, were granted to the Noticees. The detail of Hearing Notices (hereinafter referred to as ‘HN’) served to the Noticees and hearings conducted is as under: Table No. 3 Noticee No. HN Delivery status: Yes / No Hearing conducted / availed: Yes / No Date of HNs Date on which hearing was scheduled / concluded and its status Noticee- 1 Yes Yes November 03, 2023 Hearing concluded on November 28, 2023 Noticee- 2 Yes Yes November 03, 2023 Hearing concluded on November 28, 2023 Noticee- 3 Yes Not availed November 06, 2023 Not availed the hearing scheduled on November 28, 2023 Noticee- 4 Yes Not availed November 06, 2023 Not availed the hearing scheduled on November 28, 2023 Noticee- 5 Yes Not availed November 03, 2023 Not availed the hearing scheduled on November 28, 2023 Noticee- 6 Yes Yes November 06, 2023 Hearing concluded on December 04, 2023 Noticee- 7 Yes Not availed November 03, 2023 Not availed the hearing scheduled on November 28, 2023 Noticee- 8 Yes Yes November 03, 2023 Hearing concluded on December 04, 2023

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Source: SecMarx — sebi:Order/SV/VC/2023-24/30058-30065. 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.