sebi:QJA/AA/IVD-1/ID5/31035/2024-25
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Facts / Headnote
Violations established against Noticees 1 to 17; jointly and severally liable to disgorge unlawful gains of Rs. 2,24,17,400 with 12% simple interest from February 05, 2020, along with monetary penalties; Noticees restrained from disposing of assets
Provisions invoked
- s. 11B
- s. 11
- s. 15A
- s. 19
- s. 11(1)
- s. 12A
- s. 15H
- s. 27
- s. 15J
- s. 15
- s. 11C
- s. 11C(3)
- s. 27(1)
- s. 11C(5)
- s. 11(5)
- s. 67(2)
Regulations
- Reg. 4
- Reg. 11
- Reg. 3
- Reg. 2(1)(c)
- Reg. 2
- Reg. 3(a)
- Reg. 4(2)(a)
- Reg. 7(2)(a)
- Reg. 7(2)(b)
- Reg. 4(2)(e)
- Reg. 17
- Reg. 117
Holding
The Adjudicating Officer found that Pradeep Narendra Bhatt, Vijay Pujara (through mule accounts), and connected entities orchestrated a fraudulent scheme to manipulate the price and volume of CSCL shares during the investigation period, causing the price to rise by 664.34%, thereby violating Section 12A(a), (b), (c) of the SEBI Act and regulations 3 and 4 of the PFUTP Regulations. Noticees 1 to 17 were held jointly and severally liable to disgorge Rs. 2,24,17,400 with 12% interest, and all 18 Noticees were found liable for the alleged violations.
Full text
Order in the matter of Continental Seeds and Chemicals Limited _____________________________________________________________________________________
Order in the matter of Continental Seeds and Chemicals Limited _____________________________________________________________________________________
Order in the matter of Continental Seeds and Chemicals Limited _____________________________________________________________________________________
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Source: SecMarx — sebi:QJA/AA/IVD-1/ID5/31035/2024-25. 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.