sebi:Order/VV/AK/2022-23/18169-18213
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Provisions invoked
- s. 11B
- s. 15
- s. 19
- s. 12A
- s. 15H
- s. 15I
- s. 15J
- s. 11C
- s. 15F
- s. 24
- s. 29
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
- Reg. 2
- Reg. 2(l)
Holding
Noticees 1-7 (Raj Kumar Sharma, Puspal Chandra, Rajendra Kumar Kothari, Priti Kothari, Saroj Devi Kothari, Dilip Kumar Mandal, Nishant Kothari) were found liable for violating Regulations 3(a), (b), (c), (d), 4(1), 4(2)(a) and 4(2)(e) of the PFUTP Regulations for engaging in a premeditated scheme to artificially raise the Last Traded Price of GIFL scrip. GIFL and its directors at the time of preferential allotment (Pravin Sawant, Jagdish Chander Sharma, S Krishna Rao) were alleged in the SCN to have violated Regulations 3(a)-(d) and 4(1) of PFUTP Regulations.
Full text
Adjudication Order in the matter of Global Infratech & Financial Ltd. Page 2 of 67 Noticee No. Entities Name PAN 25 Lokesh Shankar Gurnani AFBPG4873R 26 Karishma Deepak Agrawal AJPPA3795E 27 Dilipkumar Jain Ranulal AAPPR0742R 28 Nirmala Bai Kochar ABDPK2910R 29 Debraj Debabrata Shome AXMPS7375P 30 Sunita Agrawal ABAPA4737B 31 Rajesh Basudeo Agrawal AABPA3089N 32 Sanjay Basudeo Agarwal AABPA1748E 33 Anita Sanjay Agarwal AADPA5448B 34 Anant Jain AHHPA9338B 35 Ashish Begwani HUF AAFHA2776J 36 Deepakkumar Ganeshkumar Agrawal AGOPA1550H 37 Nitin Babubhai Mehta AADPM2917M 38 Vivek Kumar Anchalia AREPA3396C 39 Deepak Ganeshkumar Agarwal HUF AAFHD8061H 40 Kaushalaya Agarwal ADDPA1209M 41 Poonam Anchalia AOXPA8831Q 42 Anoop Jain AADPJ2136K 43 Anoop Jain (HUF) AAAHA6321A 44 Ritu Jain AAMPJ9586C 45 Ammaji Anumolu ABHPA0658E 46 Anumolu Harshitha ACAPH3599M (The aforesaid entities are hereinafter individually referred to by their respective names / Noticee Serial Number and Noticees 1-11 and 13-46 collectively referred to as “Noticees.”) (I also note that Adjudication Order dated February 25, 2022 bearing reference no.
Adjudication Order in the matter of Global Infratech & Financial Ltd. Page 3 of 67 revoked with effect from November 18, 2011 and trading in the scrip commenced from June 25, 2012 (i.e. subsequent to the preferential allotment). Company has changed its name from Asianlak Capital & Finance Ltd. to Global Infratech & Finance Ltd., in the year 2012.
Adjudication Order in the matter of Global Infratech & Financial Ltd. Page 4 of 67 4. During the financial year 2013-14 and 2014-15, GIFL had earned revenue of Rs. 24.87 crore and Rs. 38.36 crore respectively and Net Profits of Rs.1.61 crore and Rs.0.76 crore respectively. During the investigation period, no major corporate announcements were made by the company other than the declaration of financial results, split announcement, and meeting of the Board of Directors of the Company. There were no factors that could support the price rise. Despite the poor fundamentals, the price of the scrip has increased manifold and to its highest level on November 26, 2013, when the company market capitalization value stood at over Rs. 2,223 crores. The same has been tabulated below: Particulars FY-Year Ended (Rs. in Crore) 2013 2014 2015 Sales 15.05 24.87 38.36 Other Income 0.07 0.01 - Total Income 15.12 24.87 38.36 Profit /Loss after Tax 1.05 1.61 0.76
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:Order/VV/AK/2022-23/18169-18213. 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.