sebi:WTM/AB/IVD/ID2/7987/2020-21
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Noticees no. 1 to 10 held to have contravened Section 12A of SEBI Act and PFUTP Regulations; directions issued under Sections 11, 11(4) and 11B including restraint from accessing/dealing in securities, with Noticee no. 1 restrained for 12 years.
Provisions invoked
- s. 11
- s. 19
- s. 12A
- s. 11C
- s. 24
Regulations
- Reg. 11
- Reg. 3
- Reg. 3(a)
- Reg. 4(2)(g)
Parties
- Amol Anand Kokane
- Falguni Jayesh Shah
- Hardik M. Mithani
- DKG Securities Pvt. Ltd.
- Inventure Growth & Securities Ltd.
- SPJ Stock Broker Pvt. Ltd.
- APL Infrastructure Pvt. Ltd.
- Priyanka Darshan Desai
- Milanbhai Mithani
Holding
Noticees no. 1 to 10 contravened Section 12A of SEBI Act, 1992 and Regulations 3(a), 3(b), 3(c), 3(d), 4(1), 4(2)(a), 4(2)(b) and 4(2)(e) of PFUTP Regulations, with Noticee no. 1 also violating Regulation 4(2)(g), and directions under Sections 11, 11(4) and 11B were issued.
Full text
Final Order in the matter of Pyramid Saimira Theatre Limited Page 2 of 110 of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as “SAST Regulations”) for an additional 20% stake at a price not less than Rs. 250/- within 14 days, for allegedly violating creeping acquisition norms. With the reports in the media appearing about the impending offer at Rs. 250/-, the price of the shares of the company increased on December 22, 2008, when the stock markets opened for the day. On December 22, 2008, PSTL first informed the BSE Limited (hereinafter referred to as “BSE”) and National Stock Exchange of India Limited (hereinafter referred to as “NSE”) in the morning that the company had not received any communication from SEBI regarding the media reports on Open Offer. BSE disseminated the denial by the company at 10:28:04 a.m. on December 22, 2008 on its website and NSE did so at 10:30:00 a.m. on same day.
Final Order in the matter of Pyramid Saimira Theatre Limited Page 3 of 110 after the price rise in the shares on December 22, 2008 consequent to the publication of news about the forged SEBI letter. It was also found that some persons/ entities had sold PSTL shares on December 22, 2008 and bought back the shares at lower prices on the same day taking advantage of both the price rise which occurred due to the publication of the forged SEBI letter as well as the price fall which occurred due to a clarification on media reports on open offer provided by P.S. Saminathan to the stock exchanges that the company had not received any communication from SEBI directing P. S. Saminathan to make open offer.
Final Order in the matter of Pyramid Saimira Theatre Limited Page 4 of 110 entities, including to the 10 Noticees herein vide Show Cause Notice dated April 30, 2015 (hereinafter referred to as “SCN”). The SCN inter alia alleged that:
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/AB/IVD/ID2/7987/2020-21. 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.