sebi:WTM/GM/EFD/108/2018
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Interim directions dated April 23, 2009 revoked for Rajesh Jayantilal Shah, Nirmal Rohitbhai Shah, Binaben Shaileshkumar Shah, Ritaben Rohitkumar Shah and Manishaben Rajeshkumar Shah; remaining Noticees excluding deceased Noticees 2 and 6 directed to jointly and severally disgorge Rs.22,69,461 with 12% interest from December 22, 2008; proceedings against Shailesh J. Shah and Jayantilal R. Shah abated on death.
Provisions invoked
- s. 11
- s. 19
- s. 12A
Regulations
- Reg. 11
- Reg. 3
- Reg. 3(a)
Parties
- RAJESH JAYANTILAL SHAH
- SHAILESH JAYANTILAL SHAH
- NIRMAL ROHITBHAI SHAH
- DEVANG R SHAH
- RITABEN ROHITKUMAR SHAH
- JAYANTILAL RATILAL SHAH
- BINABEN SHAILESHKUMAR SHAH
- NAMITABEN SACHINKUMAR SHAH
- SACHIN JAYANTILAL SHAH
- MANISHABEN RAJESHKUMAR SHAH
- JINNY NIRMAL SHAH
Holding
The Shah Group entities were held to be connected to Nirmal Kotecha and part of the fraudulent scheme involving the forged SEBI letter by accumulating PSTL shares during December 17-19, 2008 and off-loading on December 22, 2008, while LTP manipulation charges were dropped and disgorgement of Rs.22,69,461 jointly and severally with interest was directed.
Full text
______________________________________________________________________ Order in the matter of PSTL Page 2 of 22 under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as the "Takeover Regulations"), at a price which is not less than Rs.250/- per share.
______________________________________________________________________ Order in the matter of PSTL Page 3 of 22 to buy, sell or deal in the securities market including IPOs, in any manner, either directly or indirectly, till further directions.
______________________________________________________________________ Order in the matter of PSTL Page 4 of 22 (ii) The Noticees have allegedly created artificial interest in the scrip of PSTL by placing large orders during the month of December 2008 and had taken advantage of the price rise in PSTL shares on December 22, 2008 which occurred consequent to the publication of the forged SEBI letter; (iii) During the period from December 15, 2008 to December 19, 2008, SCN alleged that Nirmal Kotecha sold 4,85,276 shares of PSTL on BSE and NSE out of which he had sold more than 4,20,000 shares to persons / entities related / associated with him including the Noticees; (iv) The Noticees had collectively contributed to influence the price of the scrip during the period immediately prior to the circulation of the SEBI forged letter. (v) The Noticees had accumulated PSTL shares between December 16 to 19, 2008 and off-loaded most of their holdings on December 22, 2008 and were amongst the net sellers in PSTL scrip; (vi) The Noticees had made undue profit from the publication of the purportedly alleged forged SEBI letter and the consequent trading interest which got generated enabling them to off-load PSTL shares.
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/GM/EFD/108/2018. 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.