sebi:PG/AO-23/2010
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Charges against the Noticee proved; violation of regulations 4(2)(a) and (g) of PFUTP Regulations established; penalty to be determined under section 15HA
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4(a)
- Reg. 4(2)
- Reg. 4(2)(a)
- Reg. 4(2)(g)
Holding
The Adjudicating Officer held that the Noticee, as a director of Wilful Finance and Investment Co Pvt. Ltd, was liable for the company's manipulative synchronized trading in GHCL shares and that the charges of violating regulations 4(2)(a) and (g) of the PFUTP Regulations stood established.
Full text
Page 2 of 29 2. The role of the brokers and their clients who had traded in the scrip was scrutinized. It was alleged that Carissa Investment Pvt. Limited (hereinafter referred to as “Carissa”), Darpan Garden Exports Private Ltd (hereinafter referred to as “Darpan”), Jalco Financial Service Pvt. Ltd (hereinafter referred to as “ Jalco/ JFPL”), Pathik Merchandise Pvt. Ltd (hereinafter referred to as “Pathik”) and Wilful Finance and Investment Co Pvt. Ltd (hereinafter referred to as “Wilful”), which belong to the same group viz. Jalco Group (hereinafter referred to as ‘Jalco Group’), had indulged in synchronization of deals/reversal trading/fictitious trading in the shares of GHCL in such a manner that led to creation of artificial volume and impacted the price of the scrip.
Page 3 of 29 transfer of Mr V S Sundaresan, the undersigned has been appointed as Adjudicating Officer vide order dated November 12,
Page 4 of 29 Wilful submitted that it is a private limited company incorporated under the provisions of the Companies Act, 1956 having its registered office at G - 28, Ground Floor, Kalkaji, New Delhi 110
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Source: SecMarx — sebi:PG/AO-23/2010. 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.