sebi:WTM/KMA/82/IVD/06/2009
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Facts / Headnote
Directions revoked in respect of 11 noticees; proceedings abated as infructuous in respect of deceased noticee
Provisions invoked
- s. 11
- s. 19
Regulations
- Reg. 11
Parties
- Mrs. Hasu M. Shah
- Mr. Mit Shah
- Mr. Akshat Shah
- Mr. Kirti C. Shah
- Mr. Jaswant C. Shah
- Mr. C.V.V. Prasad
- Mr. N.S. Ranganath
- Mr. Pavankumar Sanwarmal
- N. G. Builders & Developers
- Mr. Narendrapal Gupta
- Mrs. Manju Gupta
- Mr. Vijay Bhagwandas Shah
Holding
The directions issued vide orders dated November 29, 2005 and July 25, 2006 are revoked insofar as 11 named persons/entities are concerned, and the proceedings against Mr. Vijay Bhagwandas Shah abate as infructuous owing to his demise.
Full text
Page 2 of 5 directions. The entities/persons mentioned in the said interim order were given an opportunity for filing their objections. Subsequently, Mr. Pavankumar Sanwarmal and Mr. N S Ranganath (non-executive independent directors of the company) filed their objections. Mrs. Hasu M. Shah, Mr. Mit Shah, Mr. Akshat Shah, Mr. Kirti Shah, Mr. Jaswant C. Shah, Mr. C.V.V Prasad, N. G. Builders & Developers, Mr. Narendrapal Gupta, Mrs. Manju Gupta and Mr. Vijay Bhagwandas Shah neither submitted their replies nor requested for personal hearing in the matter. Thereafter, SEBI vide order dated July 25, 2006 confirmed the directions against all the persons/entities mentioned in the ad
Page 3 of 5 b) He was not connected with the day-to-day working of the company. c) He had not played any role as far as the findings in the interim order were concerned. d) He was holding 1,25,000 shares of the face value of Rs.2/- each of the company. e) He had not sold or dealt in the shares of the company.
Page 4 of 5 investigation period. Further, there is no material to support their role in respect of the manipulation. Similarly, I note that the documents collected during investigation were not sufficient to establish the part of Mr. Mit Shah and Mr. Akshat Shah in the manipulation.
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Source: SecMarx — sebi:WTM/KMA/82/IVD/06/2009. 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.