sebi:QJA/VS/IVD/ID4/26885/2023-24

SEBI · SEBI · 2015-10-30 · V. S. Sundaresan, Executive Director

Reviewed by Varun Matlani, Advocate — Securities Lawyer practicing in SAT and SEBI

Facts / Headnote

Noticees 1 and 2 held to have violated Regulations 4(b), (c) and (d) of PFUTP Regulations, 1995, Noticees 4, 6 and 7 held to have violated Regulation 4(e), and Noticees 13 and 14 held to have violated Regulations 4(b) and (d), read with Regulation 13 of PFUTP Regulations, 2003, with restraint/prohibition directions imposed; question of abatement on death of Noticee 5 separately considered; matter proceeded ex-parte against non-replying Noticees 4, 6 and 7.

Provisions invoked

Regulations relied on

Holding

Noticees 1 and 2 executed synchronized/reversal structured deals creating artificial volume, and Noticees 1, 4, 6 and 7 transferred 25,00,000 shares off-market to Noticee 9 who traded to create artificial volume and false liquidity in Sai Television Ltd., violating PFUTP Regulations, 1995 read with Regulation 13 of PFUTP Regulations, 2003, warranting restraint/prohibition directions.

Full text

Order in the matter of Sai Television Ltd. Page 2 of 45 Table 2 Sr. No. Index Page No. 1. Background of the case 2-4 2. Details of relationship among the Noticees as found during the investigation period 4 3. Non-submission of details of PAN by the Noticees and efforts taken to obtain them 4-7

Order in the matter of Sai Television Ltd. Page 3 of 45 1.3. Pursuant to the investigation, a common show cause notice dated October 30, 2015 (“SCN”) was issued to Ms. Ritu Devi (Noticee 1), M/s CRS Stocks and Securities, (Proprietor Ms. Ritu Devi) (“Noticee 2”), Mr.Raj Kumar (“Noticee 3”) , Mr. Tirupathi Kumar (“Noticee 4”), Mr. Ravi Prakash (“Noticee 5”), Ms. Champa Devi (“Noticee 6”), Ms. Shivani Devi (“Noticee 7”), Mr. P. V.Nageshwar Rao (“Noticee 8”), Mr. Sajjan Kumar Nanwal (“Noticee 9”), Mr. R. V.Gurupadam (“Noticee 10”), M/s Siddhi Investments (“Noticee 11”), M/s Kanji Shares Consultancy Services (“Noticee 12”), Mr. Rameshbhai Patel (“Noticee 13”), Mr. Sudhirbhai Shah (“Noticee 14”), Kuber Finstock Ltd. (“Noticee 15”) and Airtel Maintenance and Marketing Consultant Private Limited. (“Noticee 16”) alleging violation of provisions of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995 (hereinafter referred to as “PFUTP Regulations, 1995”) read with Regulation 13 of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market), Regulations, 2003 (hereinafter referred to as “PFUTP Regulations, 2003”).

Order in the matter of Sai Television Ltd. Page 4 of 45 was no trading in the scrip of STL on CSE and MSE during the investigation period. The trading took place only on NSE during the investigation period.

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.

Analyse this matter in Ontology · Plans

Source: SecMarx — sebi:QJA/VS/IVD/ID4/26885/2023-24. 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.