sebi:WTM/GA/17/ISD/9/05
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Facts / Headnote
Ad interim ex-parte directions issued prohibiting promoters, directors, connected clients and specified brokers from dealing in the securities of the company and prohibiting the company from accessing capital markets, pending investigation and final order
Provisions invoked
- s. 11B
- s. 19
- s. 81
Regulations
- Reg. 7
- Reg. 6(4)
Holding
Pending detailed investigation and final order, the promoters, directors, connected clients and named brokers were restrained from dealing in Prime Property Development Corporation Ltd. shares and the company was prohibited from accessing capital markets, with the auditors' role referred to ICAI.
Full text
- 2 - issued announcements of several expected changes in company equity structure and business operations. It is pertinent to note that the share price which had reached levels of Rs. 53 in the first week of July 2005 subsequently sharply burgeoned to levels of Rs 300 in the background of several announcements detailing proposed business plans and completion of projects as well as changes in the equity structure. It was further observed that promoters & directors had undertaken transactions in the shares of the company during the period June to September 2005. In view of the price movement, circuit filters have also been imposed by the stock exchanges on the trading in the scrip. With effect from March 1, 2005, the circuit filter was reduced from 20% to 10% and thereafter, as recently as July 8, 2005, the circuit filter was reduced from 10% to 5%.
- 3 - March 2005 June 2005 Category No. of Shares (%) No. of Shares (%) Promoters Holding Indian Promoters - Padamshi L. Soni - Prabhavati P. Soni - Manish P. Soni - Vishal P. Soni - Dimple M. Soni
- 4 - Rs. lakhs Sr. No. Particulars June 2005 QUA June 2004 QUA Mar 2005 QUA Mar 2004 QUA March 2005 (Ann. Audited) March 2004 (Ann. Audited)
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Source: SecMarx — sebi:WTM/GA/17/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.