sebi:WTM/GA/16/ISD/9/05
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Facts / Headnote
Ad interim ex-parte directions issued restraining promoters, directors, related entities and specified brokers from dealing in KTL securities; KTL restrained from altering capital structure; formal investigation initiated
Provisions invoked
- s. 11B
- s. 19
Parties
- O G Soni
- Sunil Kumar Menon
- Ramesh Kumar Putta
- Fateh Singh Solanki
- Narayan N Iyer
- Indu Omprakash Soni
- Konkan Capfin Ltd
- Olympic Agro Industries
- Esskey Rubber Industries Pvt Ltd
- Bhupendra M Bheda
- Unique Stock Brokers Ltd.
- DSE Securities Ltd.
Holding
SEBI found a prima facie case of violation of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 2003 by the promoters and related entities of Konkan Tyres Ltd, and issued ad interim ex-parte directions restraining them and specified brokers from dealing in KTL securities pending investigation.
Full text
Page 2 of 17 Rs.8.50 touching the highest value of Rs.8.50 on January 10, 1997 and the lowest value of Re.1/- on February 26, 1999. The average daily traded volume during the period January 1997 to February 2005 works out to about 2000 shares. The highest value of shares traded on any trading day was Rs.3.41 lakhs on November 16, 2004. From the above, it is seen the rise in price and trading interest in the share of KTL during the period beginning March 1, 2005 is unprecedented.
Page 3 of 17 From the above it is seen that the promoters held only 16.33% of the equity capital of the company. Corporate Bodies held 39.87% of the equity and public held 42.85%.
Page 4 of 17 Financial Performance of the Company A brief summary of the quarterly financials of the company is given below: Table 3 – Financial Performance
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Source: SecMarx — sebi:WTM/GA/16/ISD/9/05. 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.