sebi:SD/AO/17/2008
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Facts / Headnote
Violation not established; matter disposed of without penalty
Provisions invoked
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 200
- Reg. 3(c)
Parties
- M/s. Daruka Sons Pvt Ltd.
Holding
The Adjudicating Officer held that the alleged violation of Regulation 3(c) of the PFUTP Regulations, 2003 by M/s. Daruka Sons Pvt Ltd. does not stand established and the matter is accordingly disposed of.
Full text
Page 2 of 17 4. During the investigation period, the volume in the scrip increased sharply. It increased from 35,11,786 on November 1, 2004 to touch a high of 1,07,20,562 on November 24, 2004, an increase of 205%.
Page 3 of 17 share capital by offering equity shares of Rs.2/- each at a premium up to Rs.3/- per equity share to its existing shareholders and proposal for increase in authorized share capital from Rs.200 million to Rs.280 million (100 to 140 million equity shares of Rs.2/- each aggregating to Rs.280 million).
Page 4 of 17 c) It is observed from the Investigation Report that M/s Starpoint Management Pvt Ltd had bought 15,00,000 shares in off-market from the M/s. Shivom Sales Ltd on 28th January 2004 for a total consideration of Rs. 27 lakhs. The payment for these shares was made in staggered manner till December, 2004. Besides they have made a payment of Rs. 7 lakhs in the shape of sale of 14,000 equity shares of Nihal Fiscal Service Pvt. Ltd. From this it may be concluded that Starpoint was having relationship with Shivom Sales Ltd. It may be further noted that these shares were off-loaded during the period of investigation. Mrs. Neelam Agarwal is the common director of M/s. Shivom Sales Ltd and M/s Swaraj Enterprise Pvt Ltd. Neelam Agrawal is the introducer to the client M/s Aurora Fastners Pvt Ltd. Santosh Agarwalla (Promoter of M/s Swaraj Enterprise Pvt Ltd) is husband of Neelam Agarwal. d) M/s. Aurora Fastners Pvt Ltd and the company Shiva Cement Ltd have the common telephone number i.e. 0661 2400168. e) The M/s. Daruka Steels Pvt Ltd and the Noticee have common address i.e. TT-5, Civil Township, Rourkela- 769
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Source: SecMarx — sebi:SD/AO/17/2008. 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.