sebi:WTM/KMA/IVD/127/08/2009
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Facts / Headnote
Restrained Mr. Minoo Pestonji from accessing the securities market and prohibited from buying, selling and otherwise dealing in securities, either directly or indirectly, for a period of six months
Provisions invoked
- s. 11B
- s. 19
Regulations
- Reg. 11
- Reg. 4
Parties
- Mr. Minoo Pestonji
Holding
Mr. Minoo Pestonji contravened Regulation 4(a), (b), (c) and (d) of the PFUTP Regulations, 1995 and was restrained from accessing and dealing in the securities market for six months.
Full text
Page 2 of 9 April 03, 2000, the shares of the company were not traded till August 01, 2000. c. During the investigation period, the shares of the company were not traded in any of the stock exchanges except in BSE. It was observed that a single trade for 10,000 shares of the company at the rate of Rs.1.85/- was executed only on August 02, 2000. Thereafter, trading was observed from August 16, 2000 onwards. The share price of the shares of the company touched its period high of Rs.6.10/- on August 29, 2000 and closed at Rs.5.50/- on August 31, 2000. The traded volumes increased from 10,000 shares (on August 02, 2000) to 1,96,000 shares (on August 21, 2000) and the average daily volume traded during the specified period was 87,638 shares.
Page 3 of 9 to why suitable directions including directions restraining him from buying, selling or dealing in securities for a specified period should not be issued. The said notice required the noticee to reply to the same within twenty one days from the date of receipt of the notice. Though the said notice was delivered, no reply was received from the noticee. Thereafter, a letter dated December 2, 2008 was also sent by SEBI to the noticee reminding him about his failure to reply and requiring him to reply to the show cause notice. Even after the delivery of the said reminder, the noticee did not submit his reply to the show cause notice. Subsequently, a notice dated June 26, 2009 was sent to the noticee informing him that a personal hearing in respect of the present case was scheduled on July 16, 2009 for hearing the noticee. The hearing was then postponed to July 17, 2009 when there was no appearance by the noticee nor was any representation made on behalf of him.
Page 4 of 9 On August 16, 2000, 1,29,600 shares of the company were traded in 107 trades. During the investigation period, the share price touched Rs.6.10/-, which was the highest during the said period. The volumes also increased from 10,000 shares (traded on August 02, 2000) to 1966000 shares (traded on August 21, 2000).
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Source: SecMarx — sebi:WTM/KMA/IVD/127/08/2009. 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.