sebi:Order/VV/NK/2020-21/10195
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Facts / Headnote
Show Cause Notice EAD-8/JS/VRP/5511/2018 dated February 21, 2018 disposed of without imposition of penalty; violations not established
Provisions invoked
- s. 11
- s. 15H
- s. 15I
- s. 15J
Regulations
- Reg. 3
- Reg. 3(a)
Parties
- Master Finlease Limited
Holding
The alleged violations of Regulations 3(a), 3(b), 3(c), 3(d), 4(1), 4(2)(a) and 4(2)(e) of SEBI (PFUTP) Regulations, 2003 do not stand established against the Noticee, i.e., Master Finlease Limited, and the Show Cause Notice is disposed of without imposition of penalty.
Full text
Page 2 of 16 2. It was alleged that the Noticee was one of the largest traders in the scrip of Mefcom and had accounted for gross purchase of 11,70,245 shares (approximately 4.88%) and gross sale of 11,32,020 shares (approximately 4.72%). It was also alleged that the Noticee had indulged in self-trades during the investigation period. Further, the Noticee was also alleged to be instrumental in manipulating the price of the scrip through its trading and first trades.
Page 3 of 16 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING 5. A Show Cause Notice (hereinafter referred to as “SCN”) EAD-8/JS/VRP/5511/2018 dated February 21, 2018 was inter-alia issued to the Noticee under Rule 4 of the Adjudication Rules to show cause as to why an inquiry should not be initiated and
Page 4 of 16 Sr. Name of Entity PAN NO. Connection 7 Vishvas Securities Limited AAACV2921N Shared same address as that of Mefcom during the Investigation period (viz., 912 Kailash Building KG Marg Delhi) Off market transfer to Master Finlease Ltd., SIC Stock and Services Pvt. Ltd. and Avisha Credit Capital Ltd. During the IP, Avisha Credit capital Ltd. and Master Finlease Ltd. were holding 45% of share capital in Vishvas Securities Ltd. (Unlisted Co.) - as on 30/9/2006 Atul Joshi one of the present directors of Vishvas Securities Ltd., as on December 16, 2015, is also director in Mefcom Agro Industries Ltd. 8 Vijay Jindal (Master Finlease Limited- MFL)
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