sebi:PKK/AO/21/2011
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty of Rs. 1,00,000 imposed on the Noticee
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4
Parties
- Govind Gendalal Somani (H.U.F.)
Holding
The Noticee violated Regulations 4(1) and 4(2)(a) & (e) of the PFUTP Regulations and is liable for monetary penalty under Section 15HA of the Act, and a penalty of Rs. 1,00,000 is imposed.
Full text
Page 2 of 11 large number of shares in excess of its paid up capital. The shares were transferred to a group of connected entities through off-market deals who in turn sold the shares in the market by fraudulent and manipulative manner. Thus a large number of innocent investors were defrauded by purchasing the said shares which were issued fraudulently.
Page 3 of 11 deputation to IRDA, Shri Sandeep Deore was appointed as AO in the instant matter vide order dated November 23, 2007. SEBI vide order dated August 17, 2010 appointed the undersigned as the AO consequent to the transfer of Shri Deore to the Enforcement Department.
Page 4 of 11 9. Accordingly, the undersigned granted an opportunity of personal hearing to the Noticee by issuing a letter dated August 26, 2010 advising the Noticee to appear before him on September 08, 2010 for the personal hearing. The notice of hearing was served on the Noticee by affixture on September 01, 2010. The Noticee made inter alia the following
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:PKK/AO/21/2011. 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.