sebi:PB/AO-08/2011
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Facts / Headnote
Alleged violations not established; matter disposed of
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4(2)(a)
Parties
- Priti Chandak
Holding
The alleged violations of regulations 4(2)(a), 4(2)(b) and 4(2)(g) of the PFUTP Regulations by the Noticee do not stand established and the matter is accordingly disposed of.
Full text
Page 2 of 9 APPOINTMENT OF ADJUDICATING OFFICER 4. The undersigned has been appointed as Adjudicating Officer vide order dated November 27, 2009 under section 15 I of the SEBI Act read with rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) to inquire into and adjudge the alleged violations of provisions of the PFUTP Regulations.
Page 3 of 9 the Noticee (hereinafter referred to as “AR”) on January 17, 2011 and submitted inter-alia as under: “I submit that there is no synchronized trading carried out with any malafide intentions. The fact is that we had loan against shares with M/s Religare Finvest Ltd. , the broker had given a call for repayment of loan and at the same time he was willing to dispose the stock to recover his loans. He has given a few days time looking at our relationships it was decided to reduce the loan on regular basis. As we had a long term view on the company and we had already filed an opposition to the malafide schemes of JK Agri Genetics in the High Court of Calcutta. We intend to hold the shares. Thus, we bought the shares sold by M/s Religare Finvest Ltd. in our accounts with other brokers. At the same time, due to sudden demise of my father, Shri. Motilalji Chandak some shares in his account had to be cleared compulsorily as the broker was not ready to carry out any kind of debits in his account. I would submit the detailed submissions in this regard in writing on or before January 25, 2011.
Page 4 of 9 • GEAC allowed JK large scale trial and seed production of genetically modified seeds in its meeting held on June 22, 2007. • JK reported best results in quarter ended June 2007.
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Source: SecMarx — sebi:PB/AO-08/2011. 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.