sebi:PKK/AO/246/2010
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Facts / Headnote
Allegations not established; matter disposed of without penalty
Provisions invoked
- s. 15
- s. 15H
Regulations
- Reg. 3
- Reg. 4
- Reg. 4(1)
Parties
- Shri Umesh Harmanbhai Patel
Holding
The allegations against Shri Umesh Harmanbhai Patel of violating Regulations 4(1), 4(2)(a) and 4(2)(e) of the PFUTP Regulations as specified in the SCN dated June 18, 2008 do not stand established and the matter is accordingly disposed of.
Full text
Page 2 of 7 of SCCL for off-loading shares in the market. It was observed that SCCL had issued a large number of shares in excess of its paid up capital. It was further observed that Shri Bimlesh Kumar Mishra had issued and dematerialized large number of shares which were not listed on the stock exchanges. 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. Shri Umesh Harmanbhai Patel (hereinafter referred to as the Noticee) is one of the entities who had allegedly traded in the scrip in a fraudulent manner.
Page 3 of 7 Show Cause Notice, Reply and Personal Hearing 5. The AO issued a notice dated June 18, 2008 (hereinafter referred to as the ‘SCN’) under Rule 4 of the Adjudication Rules to the Noticee to show cause as to why an inquiry should not be held against him and penalty be not imposed under Section 15 HA of the Act for his alleged violation of the provisions of Regulations 4 (1), 4 (2) (a) and 4 (2) (e) of the PFUTP Regulations.
Page 4 of 7 market. He had no relation with the directors or promoters of SCCL. He denied all charges levelled against him in the SCN.
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Source: SecMarx — sebi:PKK/AO/246/2010. 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.