sebi:VSS/AO-184/2009
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty of Rs.50,000 imposed on the Noticee
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4(2)(a)
- Reg. 4(2)(g)
Parties
- Alok Kumar Srivastava
Holding
The Noticee, as director of JFPL and Darpan, violated Regulation 4(2)(a) and (g) of PFUTP Regulations by aiding and abetting Jalco Group's manipulation in GHCL scrip and is liable under Section 15HA of SEBI Act; a penalty of Rs.50,000 was imposed.
Full text
Page 2 of 18 Ltd (hereinafter referred to as “JFPL”), Pathik Merchandise Pvt. Ltd (hereinafter referred to as “Pathik”) and Wilful Finance And Investment Co Pvt. Ltd (hereinafter referred to as “Wilful”), which belong to the same group viz. Jalco Group (hereinafter referred to as ‘Jalco Group’), had indulged in synchronization of deals/reversal trading/fictitious trading in the shares of GHCL in such a manner that led to creation of artificial volume and impacted the price of the scrip.
Page 3 of 18 Noticee and penalty be not imposed under section 15HA of SEBI Act for the alleged violation specified in the said SCN.
Page 4 of 18 A4. He was an employee-Director in Jalco Plasto Chem Industries Pvt. Ltd. CONSIDERATION OF ISSUES AND FINDINGS
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Source: SecMarx — sebi:VSS/AO-184/2009. 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.