sebi:SD/AO/149/2009
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Facts / Headnote
Penalty imposed on Noticee for PFUTP and SEBI Act violations
Provisions invoked
- s. 11
- s. 15
- s. 15H
- s. 15J
- s. 12
- s. 11C(2)
Regulations
- Reg. 3
- Reg. 3(a)
Parties
- Mr. Amrik Singh
Holding
Noticee Mr. Amrik Singh violated Regulations 3, 4(1) and 4(2)(a) of PFUTP Regulations and Sections 11C(2) and 11C(3) of SEBI Act, and is liable for penalty under Sections 15HA and 15A(a). A total penalty of Rs.4,00,000 (Rs.2,00,000 for PFUTP violation and Rs.2,00,000 for non-compliance of summons dated December 31, 2007) was imposed.
Full text
Page 2 of 14 2. It was observed that Mr. Amrik Singh (hereinafter referred to as “Noticee”) along with promoters and / or Directors of KEWL and / or entities related to KEWL viz. Gurbachan Juneja, Mukesh Juneja, Krishna Wanti, Monica Juneja, Charanjit Singh, Gouri Mahajan were involved in off market transactions with the entities who had given contact telephone number same as that of KEWL in the KYC forms submitted to their Depository Participant (DP). The details of off market transactions entered by and between various entities were provided to Noticee as an Annexure 1 to Show Cause Notice (SCN). It is alleged that Noticee who was the promoter of KEWL transferred 23,500 shares of KEWL to Mr. Sunil Kumar through off market on December 27, 2004 who in turn offloaded the same in the market after premature and misleading corporate announcement and the December 2004 quarter results. It is alleged that Noticee had offloaded the said shares in the market at higher prices through the said entity. It is also alleged that Noticee had not complied with the summonses issued by SEBI Investigation Department.
Page 3 of 14 inquire into and adjudge under Sections 15 HA and 15A(a) of the SEBI Act, the alleged violation of the provisions of Regulations 3, 4(1), 4(2)(a) of PFUTP Regulation and section 11C(2) and 11(C)(3) of SEBI Act.
Page 4 of 14 is proceeded with taking into account the facts and material available on record. CONSIDERATION OF ISSUES:-
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Source: SecMarx — sebi:SD/AO/149/2009. 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.