sebi:WTM/GA/72/ID-7/__/06
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Facts / Headnote
Ex-parte interim order dated September 29, 2005 continued in force against all noticees except M/s. DSE Finance Services Ltd., against whom no directions were issued in view of BSE clarification; investigation to continue.
Provisions invoked
- s. 19
Holding
The ex-parte interim order dated September 29, 2005 restraining the promoters, directors, related entities and brokers from dealing in the securities of M/s. Konkan Tyres Ltd. shall remain in force until further orders to be passed on conclusion of the investigation. No directions are issued against M/s. DSE Finance Services Ltd. in view of BSE's clarification that it was erroneously included in the list of brokers.
Full text
Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ Order in the matter of M/s. Konkan Tyres Ltd Jun 09, 2006 | Orders : Orders of Chairman/Members SECURITIES AND EXCHANGE BOARD OF INDIA
trading days. The average daily traded quantity had increased from 7922 shares during the pre-announcement period to 64, 432 shares dur period of announcement. The coincidence between the steep rise in price and trading volumes and the flurry of favourable cor announcements led to the inevitable conclusion that both the price and volume were artificial, driven by such announcements. 2.1.1 To verify the factual position, certain basic information like background of the company, activities of the Company, turnover of the Company, of Letter of Credit with bank, if any, the way the export commitments were sought to be met including details of procurement of m components were elicited from the Company vide an e-mail dated September 24, 2005 for which no reply was received till September 29, 20 which date SEBI had passed an interim order. 2.2 Trading in the share by major clients between March 1, 2005 and September 21, 2005 2.2.1 During the period March 1, 2005 and September 21, 2005 it was observed that there had been substantial trading, both buying and shares of the company by the promoters and its associate entities, resulting in a net sale of 2, 79, 504 shares during the period whe the share was artificially jacked up. Besides, the trading done by major clients in the share during the relevant period indicated that by them was 9, 78, 964 shares. The trading by the promoters was mainly done through three major broking firms namely, Bhupend M/s. DSE Securities Ltd. and M/s. Uni
promoter entities have dealt were directed not to buy, sell or deal in securities of the Company on behalf of the above-mentioned p directors, directly or indirectly, till further directions in this regard. 3.0 PERSONAL HEARING 3.1 In view of the fact that the above mentioned interim order came to be passed without an opportunity of hearing given to entities against who
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Source: SecMarx — sebi:WTM/GA/72/ID-7/__/06. 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.