sebi:VSS/AO-32/2008
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Facts / Headnote
Alleged violation of PFUTP regulations not established; matter disposed of
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 4(2)
Parties
- M/s Goenka Business and Finance Limited
Holding
The alleged violation of regulations 4(2)(a) and 4(2)(e) of PFUTP by M/s Goenka Business and Finance Limited was not established, and the matter was disposed of without imposition of any penalty.
Full text
Page 2 of 7 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 7 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 GBFL.
Page 4 of 7 company. He has resigned from directorship of our company w.e.f. March 31, 2007. c. We would like to mention that many companies through outside brokers are dealing with our shares in the open market. It is quite natural that the shares of a company will be purchased and sold by many other companies, individuals through brokers. We absolutely do not have any relation with the companies who have dealt with our shares, nor there any concerted effort on our part or on the part of the brokers and other companies who have transacted with our scrips to create any artificial volumes in the scrips. The share price of our company has decreased due to an interaction of the outside forces in the market in which we do not have any role to play.
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Source: SecMarx — sebi:VSS/AO-32/2008. 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.