sebi:QJA/GR/IVD/ID16/29180/2023-24
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Facts / Headnote
Order issued with directions including disgorgement of profits with 12% interest to IPEF, restraint on dealing in securities, and other directions under Sections 11B(1) and 11(4) read with 11(1) of the SEBI Act, 1992
Provisions invoked
- s. 11B
- s. 19
- s. 12A
- s. 12
- s. 11
- s. 15H
- s. 15J
- s. 15F
- s. 11(5)
- s. 4(3)
- s. 27(2)
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
- Reg. 4(2)(d)
- Reg. 34
Parties
- Arrowline Distributors Private Limited
- Aryavrat Suppliers Private Limited
- Metrocity Suppliers Private Limited
- Sourav Builders Private Limited
- Sourav Management Private Limited
- Sourav Nursing Home Private Limited
- Gokul Solutions Limited
- Sanjay Kumar Agarwal
- Sunita Agarwal
Holding
The Noticees were found to have violated securities laws by engaging in price manipulation of the GSL scrip through matched/synchronized trades with connected entities during the investigation period. Directions were issued including disgorgement of ₹2.28 crore in profits with 12% interest and restraint on dealing in securities.
Full text
Final Order in the matter of Gokul Solutions Limited Page 2 of 51 2. SEBI carried out a detailed investigation for the period between December 09, 2014 to February 23, 2018 ("Investigation Period"/ “IP”) so as to ascertain the possible violation of any of the provisions of the securities laws by entities trading in the said scrip. The findings of the investigation revealed the following:
Final Order in the matter of Gokul Solutions Limited Page 3 of 51 to 10 entities on May 06, 2014 and June 07, 2014 @₹ 10 i.e. in total 33 entities were allotted shares on a preferential basis. (These allotments have been detailed in Annexure 2 to the show cause notice (“Notice”) dated September 20, 2021). Subsequently, some more shares were acquired directly/indirectly through off market transactions by certain entities including the entities who were allotted shares on a preferential basis.
Final Order in the matter of Gokul Solutions Limited Page 4 of 51 S. No. Connected entities PAN Basis of connection (Period considered for connection is Investigation period and FY in which preferential allotments were made by GSL)
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Source: SecMarx — sebi:QJA/GR/IVD/ID16/29180/2023-24. 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.