sebi:PB/AO-72-80/2011
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Facts / Headnote
Violations of regulation 3(4) and regulation 7(1) held established; violation of regulation 8(1) held not established; proceedings abated against two deceased noticees; joint and several monetary penalty of Rs.5,00,000 imposed on remaining seven noticees.
Provisions invoked
- s. 15A
- s. 15
- s. 81
- s. 15J
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 6
- Reg. 3
- Reg. 10
- Reg. 8
- Reg. 3(4)
- Reg. 7(2)
- Reg. 3(1)
- Reg. 8(1)
- Reg. 3(1)(c)
Parties
- Mr. Jogeshwar Rijumal Karachiwala
- Mr. Prabhudas Rijumal Karachiwala
- Mr. Avinash Purushottam Karachiwala
- Mr. Tarun Purushottam Karachiwala
- Mr. Monish Jogeshwar Karachiwala
- Mr. Vikram Parameshwar Karachiwala
- Mr. Nikhil Prabhudas Karachiwala
- Mr. Purushottam Rijumal Karachiwala
- Mr. Parameshwar Rijumal Karachiwala
Holding
The Noticees violated regulations 3(4) and 7(1) of SAST Regulations but did not violate regulation 8(1); proceedings against the two deceased Noticees abated and the seven surviving Noticees were jointly and severally penalized Rs.5,00,000.
Full text
Page 2 of 29 3/4, Nisarg Apartment, Besant Road, Vile Parle (W) Mumbai – 400 056. The shares of DMCL are listed on Bombay Stock Exchange (hereinafter referred to as ‘BSE’) and Pune Stock Exchange (hereinafter referred to as ‘PSE’). Mr. Jogeshwar Rijumal Karachiwala, Mr. Prabhudas Rijumal Karachiwala, Mr. Avinash Purushottam Karachiwala, Mr. Tarun Purushottam Karachiwala, Mr. Monish Jogeshwar Karachiwala, Mr. Vikram Parameshwar Karachiwala, Mr. Nikhil Prabhudas Karachiwala, Mr. Purushottam Rijumal Karachiwala and Mr. Parameshwar Rijumal Karachiwala (hereinafter collectively referred to as ‘Noticees’ / ‘Karachiwala Family’), are family members and related to each other through a common address and are persons acting in concert (PACs). The Noticees were the promoters of DMCL for a brief period i.e. from May 30, 2000 to January 10, 2001 and had acquired the shares of DMCL on preferential basis on September 29, 2000.
Page 3 of 29 Sr. No. Name of Shareholders Number of shares Allotted 1. Mr. Purushottam Rijumal Karachiwala 1,00,000 2. Mr. Jogeshwar Rijumal Karachiwala 1,00,000 3. Mr. Parameshwar Rijumal Karachiwala 1,00,000 4. Mr. Prabhudas Rijumal Karachiwala 1,00,000 5. Mr. Avinash Purushottam Karachiwala 46,160 6. Mr. Tarun Purushottam Karachiwala 46,160 7. Mr. Monish Jogeshwar Karachiwala 46,160 8. Mr. Vikram Parameshwar Karachiwala 46,160 9. Mr. Nikhil Prabhudas Karachiwala 46,160
Page 4 of 29 failed to do. Thus, it was alleged that Noticees had violated the provisions of regulation 7(1) and regulation 8(1) of SAST Regulations.
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Source: SecMarx — sebi:PB/AO-72-80/2011. 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.