sebi:QJA/AA/IVD/ID12/28546/2023-24
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Facts / Headnote
Penalty imposed on Noticee no. 2 (Mr. Jayesh Rawal) of Rs. 25,00,000 under Section 15HA of the SEBI Act; unlawful gains computed for disgorgement; order effective immediately
Provisions invoked
- s. 11B
- s. 19
- s. 11(1)
- s. 12
- s. 11
- s. 15H
- s. 15J
- s. 15F
- s. 28A
- s. 42
- s. 11B(2)
- s. 102
Regulations
- Reg. 3
- Reg. 4
- Reg. 4(1)
- Reg. 4(2)
- Reg. 3(a)
- Reg. 29
- Reg. 201
- Reg. 3(1)
- Reg. 30
- Reg. 28(1)
- Reg. 11B
Holding
The Noticees were found to have jointly or severally violated Section 12A(a), (b), (c) of the SEBI Act and Regulations 3(a)-(d), 4(1), 4(2)(a) of the PFUTP Regulations by manipulating the price and volume of GECPL scrip and facilitating connected net sellers to exit at inflated prices. A penalty of Rs. 25,00,000 was imposed on Mr. Jayesh Rawal under Section 15HA of the SEBI Act.
Full text
Order in the matter of Generic Engineering Construction and Projects Limited Page 2 of 108 21 Kuber Udyog Limited (CIN: L51909GJ1982PLC100824) AACCK2389P (The above entities are individually referred to by their corresponding names/ numbers and collectively referred to as “Noticees”)
Order in the matter of Generic Engineering Construction and Projects Limited Page 3 of 108 3. The SCN has observed and inter alia alleged as under: (a) The company, Welplace Portfolio and Financial Consultancy Services Ltd. (hereinafter referred to as “Welplace”) was listed on the Bombay Stock Exchange (hereinafter referred to as “BSE”). Welplace was acquired in January 2017 through a voluntary open offer made by Generic Engineering and Construction Private Limited and Mr. Manish Ravilal Patel (hereinafter referred to as “Acquirers”) along with others being Persons Acting in Concert. Pursuant to the acquisition, the name of the company was changed from Welplace Portfolio and Financial Consultancy Services Ltd to Generic Engineering Construction and Projects Limited. (b) The shareholding prior to/ after the acquisition of the company and the details of the Board of Directors, as per the company’s Annual Report 2016 -17 are provided in Table no. 1 and 2 below: TABLE 1: SHAREHOLDING OF PROMOTERS S. No. Shareholder Name Shareholding before Takeover Shareholding after Takeover % Change No. of Shares % of total Shares of the Company No. of Shares % of total Shares of the Company 1 Hiren Shantilal Kothari 2,91,600 5.72% --- --- (5.72%) 2 Krupa Manish Patel --- --- 60,000 0.37% 0.37% 3 Nayana Ravilal Patel --- --- 1,60,000 0.98% 0.98% 4 Ranjan Dinesh Patel --- --- 1,60,000 0.98% 0.98% 5 Trupti Mitul Patel --- --- 1,60,000 0.98% 0.98% 6 Hemlata Manish Patel --- --- 1,60,000 0.98% 0.98
Order in the matter of Generic Engineering Construction and Projects Limited Page 4 of 108 Mr Jaymin Piyush Modi Non-Executive, Independent Director February 12, 2016 February 12, 2021 Ms Sheetal Bhavin Nagda Non-Executive, Independent Director June 01, 2016 - Ms Zeal Bilakhia Non-Executive, Independent Director March 31, 2015 June 01, 2016 Board of Directors after Takeover Name of Directors Category of Directorship Designation Appointment Date Cessation Date
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Source: SecMarx — sebi:QJA/AA/IVD/ID12/28546/2023-24. 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.