sebi:WTM/GA/126/IVD/1/07
Facts / Headnote
Vidyut Investments Ltd. directed not to buy, sell or deal in securities for a period of two years, excepting shares pledged with it in its capacity as a Non Banking Finance Company (other than shares pledged by Shri Ketan Parekh and his entities) till the date of the order; order effective immediately.
Provisions invoked
- s. 11
- s. 19
Regulations relied on
- SEBI (PFUTP) Regulations, 1995 — 4(a)
- SEBI (PFUTP) Regulations, 2003 — 10
Parties
- Vidyut Investments Limited
Holding
Vidyut Investments Ltd. (VIL) was found to have aided and abetted the Ketan Parekh (KP) group in market manipulation by funding KP entities, parking shares, trading in manipulated scrips, and creating artificial volumes, in violation of Regulation 4(a) to (e) of the FUTP Regulations. VIL was restrained from buying, selling or dealing in securities for two years, with an exception for shares pledged to it as an NBFC (excluding those pledged by KP entities).
Full text
Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ ORDER [Under Sections 11 And 11 B of Securities and Exchange Board of India Act, 1992 and Regulation 10 of Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003] AGAINST VIDYUT INVESTMENTS LIMITED IN THE MATTER OF DEALINGS IN THE SHARES OF AFTEK INFOSYS LIMITED, GLOBAL TRUST BANK LTD. AND RANBAXY LABORATORIES LIMITED. WTM/GA/126/IVD/1/07 Date of Hearing: February 14, 2006. Appearances For Noticee : Shri G S Jolly, Vidyut Investments Ltd. Shri C Mukhopadhyaya and Shri Pranav Sharma, Advocates, Amarchand & Mangaldas For SEBI : Smt. Barnali Mukherjee, Dy. General Manager, Shri V. Raghavendra Prasad, Dy. Legal Advisor Shri Ali Sagar Mithwani Asst. General Manager 1.0 BACKGROUND\ 1.1 Investigations conducted by Securities and Exchange Board of India (hereinafter referred to as SEBI) in the wake of excessive volatility during the period from April 01, 2000 to 31, 2001 revealed that entities connected/associated with Shri Ketan Parekh (hereinafter referred to as the KP entities) had indulged in certain manipulative activities su synchronized trades, circular trading and creation of
AGAINST VIDYUT INVESTMENTS LIMITED IN THE MATTER OF DEALINGS IN THE SHARES OF AFTEK INFOSYS LIMITED, GLOBAL TRUST BANK LTD. AND RANBAXY LABORATORIES LIMITED. WTM/GA/126/IVD/1/07 Date of Hearing: February 14, 2006. Appearances For Noticee : Shri G S Jolly, Vidyut Investments Ltd. Shri C Mukhopadhyaya and Shri Pranav Sharma, Advocates, Amarchand & Mangaldas For SEBI : Smt. Barnali Mukherjee, Dy. General Manager, Shri V. Raghavendra Prasad, Dy. Legal Advisor Shri Ali Sagar Mithwani Asst. General Manager 1.0
2. Engages with one or more other person or persons in any conspiracy for doing that thing, if an illegal omission takes place in pursuance of that conspiracy, a of that thing
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Source: SecMarx — sebi:WTM/GA/126/IVD/1/07. 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.