sebi:SP/AO-8/2010
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Facts / Headnote
Violation established; monetary penalty of Rs. 2,00,000 imposed jointly and severally under Section 15HA
Provisions invoked
- s. 15H
- s. 15I
- s. 15J
- s. 15
- s. 15I(2)
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
- Reg. 3(b)
Parties
- Rudra Securities and Capital Limited
- Abhay Shah
- Meena Asha Shah
- Kailash Chand B. Adhyaru
Holding
The Noticees, along with other entities of the Sarang Chemicals Group, acted in concert to offload shares of SCL during false/misleading corporate announcements, thereby violating Regulations 3(a), (b), (c), (d) and 4(1) of PFUTP and attracting monetary penalty under Section 15HA of the SEBI Act, 1992. A monetary penalty of Rs. 2,00,000 jointly and severally was imposed on the Noticees.
Full text
Page 2 of 10 observed that during the investigation period, SCL made five corporate announcements which were false / misleading as a result of which a price rise was observed during the patch period from August 01, 2005 to September 13, 2005 wherein the price increased from Rs.5.31 to Rs.17.49.
Page 3 of 10 APPOINTMENT OF ADJUDICATING OFFICER 8. I was appointed as Adjudicating Officer vide order dated July 27, 2009 under section 15I of the SEBI Act read with rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Rules’) to inquire into and adjudge under section 15HA of the SEBI Act, 1992.
Page 4 of 10 4(3) read with Rule 7 of the Rules. The report with regard to service of the Hearing Notice signed by two witnesses is on record. Abhay Shah did not appear for the personal hearing and no further communication was received by me.
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Source: SecMarx — sebi:SP/AO-8/2010. 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.