sebi:VSS/AO-27/2008
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Facts / Headnote
Penalty of Rs.75,000 imposed on the Noticee
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 4(2)
- Reg. 2
- Reg. 47
Parties
- M/s Karikish Vyaper Pvt. Ltd.
Holding
KVPL violated regulations 4(2)(a) and 4(2)(e) of PFUTP by indulging in synchronized and structured trades in the scrip of GBFL and was held liable for monetary penalty under section 15HA of the SEBI Act.
Full text
Page 2 of 14 1. GBFL M/s Goenka Business and Finance Limited 2. ASBPL M/s Ashish Stock Broking Pvt. Ltd. 3. SK M/s Sunil Kedia
Page 3 of 14 APPOINTMENT OF ADJUDICATING OFFICER 5. Mr. Piyoosh Gupta was appointed as Adjudicating Officer vide order dated December 12, 2006 under section 15 I of SEBI Act read with rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) to inquire into and adjudge the alleged violations of regulations 4(2) (a) and 4(2) (e) of PFUTP committed by KVPL.
Page 4 of 14 Co., Chartered Accountants, Advocates & Legal consultants, the authorized representative of the Noticee, appeared on behalf of the Noticee (hereinafter referred to as “AR”). During the hearing, the AR reiterated the submissions made vide letter dated January 15, 2008. The AR submitted that KVPL had bought and sold shares of GBFL through SK. KVPL has not colluded neither with the broker nor with the company. When queried as to whether Mr. Deepak Gupta and Mr. Prabhat Goyal, Directors of KVPL are also Directors on the Board of M/s Ideal Motor and Finance Pvt. Ltd. (hereinafter referred to as “IMFL”), M/s PRJ Finance Pvt. Ltd., (hereinafter referred to as “PFPL”) and M/s Estee Carriers Pvt.Ltd. (hereinafter referred to as “ECPL”), who have also traded in the scrip of GBFL, the AR confirmed the same. As regards the common address amongst KVPL,IMFPL and PFPL i.e.14, Ganesh Chandra Avenue, Kent House, 4th Floor, Kolkata-13, the AR confirmed the same and submitted that the companies have separate premises for their operations.
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Source: SecMarx — sebi:VSS/AO-27/2008. 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.