sebi:SD/AO/86/2009
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Facts / Headnote
Allegations not established; matter disposed of
Provisions invoked
- s. 15
- s. 15H
Regulations
- Reg. 4(1)
Parties
- Mr. Prajapati Ganeshbhai Punamchand
Holding
The allegations of manipulation of the scrip of KCL against the Noticee were held not established and the adjudication matter was accordingly disposed of.
Full text
Page 2 of 6 2. SEBI has initiated adjudication proceedings under the SEBI Act against Mr. Prajapati Ganeshbhai Punamchand (hereinafter referred to as the ‘Noticee’) on account of allegedly violating the provisions of Regulations 4(1), 4(2)(a), 4(2)(b), 4(2)(e) & 4(2)(g) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 (hereinafter referred to as ‘PFUTP Regulations’).
Page 3 of 6 market thereby creating artificial volume rise. It is also alleged that Noticee shares common address as “Sanskriti Tradelink, 59 Hirabhai Market, D. B. Road, Kankaria, Ahmedabad – 22” with Arwind Makwana, Naidu Mohanbhai Narayanbhai and Lalchand Mewara who are also alleged to be involved in manipulating the scrip of KCL.
Page 4 of 6 NOTICE, REPLY & HEARING 8. A Show Cause Notice (hereinafter referred to as ‘SCN’) bearing no. EAD-2 /SD/PM/129236/2008 dated June 19, 2008 was issued to the Noticee in terms of the provisions of Rule 4 of SEBI (Procedure for Holding Enquiry & Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as “the Rules’), requiring the Noticee to show cause as to why an enquiry should not be held for the violations alleged to have been committed by the Noticee. It is noted that no reply has been received from the Noticee.
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Source: SecMarx — sebi:SD/AO/86/2009. 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.