sebi:WTM/GM/ISD/16/JUNE/2017
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Facts / Headnote
Interim directions confirmed against 26 of the 27 Noticees with certain relaxations (delivery-based trades in NSE Nifty 500/S&P BSE 500 scrips, mutual fund investments, debt/ETF investments, corporate actions, tendering in open/delisting offers, and limited use of escrow proceeds); directions revoked against Krishnakumar Omprakash Murarka.
Provisions invoked
- s. 19
- s. 7(1)
Holding
The interim directions dated May 08, 2015 were confirmed against 26 Noticees (preferential allottees, promoter related entities, and exit providers) with additional relaxations, while directions were revoked against Krishnakumar Omprakash Murarka as no prima facie case was made out against him.
Full text
Order in the matter of Pine Animation Limited Page 2 of 21 15 Mobixa Distributors Private Limited AAICM4750C Not appeared 16 Muchmore Vincom Private Limited AAICM6982C Not appeared 17 Rangan Vincom Private Limited AAGCR1715E Not appeared 18 Reachsmart Developers Private Limited AAGCR8144M Not appeared 19 Rochak Vinimay Private Limted AAGCR8142P Not appeared 20 Rochi Dealcom Private Limited AAGCR7017M Not appeared 21 Sidhiman Vyapaar Private Limited AATCS3687H Not appeared 22 Vishnudham Marketing Private Limited AAECV4988P Not appeared 23 Function Financial Consultants Private Limited AABCF5486H Not appeared 24 Shivkhori Construction Private Limited AAPCS7850L Not appeared 25 Topwell Properties Private Limited AADCT8403C Not appeared 26 Helpful Investment Advisory Private Limited AACCH4303G Not appeared 27 Mc Pride Distillery Private Ltd AACCM6582E Mr. Ketan Rupani, Chartered Accountant The aforesaid entities are hereinafter referred to by their respective names or by their respective category as described in the interim order dated May 08, 2015 or collectively as ‘the Noticees’.
Order in the matter of Pine Animation Limited Page 3 of 21 entities were provided exit at an artificially inflated price by the entities related/connected amongst themselves and with Pine (hereinafter referred to as "Exit Providers"), by misusing stock exchange system, for making unlawful gains and to convert ill-gotten gains into genuine one to avail LTCG. The preliminary findings in the matter, as mentioned in the order are as under:
Order in the matter of Pine Animation Limited Page 4 of 21 contributed to positive LTP through first trades with negligible order quantity (such entities are referred to as “LTP contributors”).
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Source: SecMarx — sebi:WTM/GM/ISD/16/JUNE/2017. 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.