sebi:WTM/KMA/IVD/160/10/2009
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Facts / Headnote
Found noticees guilty of contravening PFUTP Regulations and SEBI Act provisions; restrained Konkan Tyres Limited, Mr. Omprakash G. Soni, Mrs. Indu Omprakash Soni, Mr. Fateh Sinh Solanki, Esskey Rubber Industries Private Limited, Olympic Agro Industries Limited and Konkan Capfin Limited from accessing the securities market for a period of six months; interim directions against Mr. Sunil Kumar Menon, Mr. Ramesh Kumar Putta, Mr. Narayan N. Iyer, M/s. Bhupendra N. Bheda and Unique Stock Bro Limited vacated.
Provisions invoked
- s. 11
- s. 15A
- s. 19
- s. 12
- s. 11C
- s. 11C(2)
Regulations
- Reg. 3
Parties
- Konkan Tyres Limited
- Mr. Omprakash G. Soni
- Mrs. Indu Omprakash Soni
- Mr. Fateh Sinh Solanki
- Esskey Rubber Industries Private Limited
- Olympic Agro Industries Limited
- Konkan Capfin Limited
Holding
The company and its promoter directors were held to have manipulated share prices through misleading forward-looking corporate announcements and off-market transfers among related entities, contravening Regulations 3(a)-(d), 4(1) and 4(2)(e),(f),(k) of the PFUTP Regulations and Section 11C(2) & (3) of the SEBI Act. The noticees were restrained from accessing the securities market for six months.
Full text
Page 2 of 28 Services Limited [members of the Bombay Stock Exchange Limited (hereinafter referred to as BSE)], through whom the promoter entities had traded, were also directed not to buy, sell or deal in the securities of the company on behalf of the promoters and directors, directly or indirectly, till further directions. Subsequently, SEBI, vide an Order dated June 9, 2006 had confirmed the
Page 3 of 28 reduced his holding to 200 shares as of quarter ending March 2007. It appeared that he had sold/transferred shares in violation of the interim orders of SEBI dated September 29, 2005 and June 9, 2006.
Page 4 of 28 h. Mr. Omprakash G. Soni, Mrs. Indu Omprakash Soni and Mr. Fateh Sinh Solanki were alleged to have facilitated the manipulation of the share price of the company by making misleading forward looking corporate announcements to create investor interest in the shares of the company. Further, they were also alleged to have furnished incomplete and wrong information to SEBI during the investigation. Mr. Omprakash G. Soni was found to have held shares under promoter category as well as non-promoter category. Prima facie, he was also found to have sold shares during the period when the SEBI restraint order was in force. He was also seen as responsible for the acts of Konkan Capfin Limited and Olympic Agro Industries Limited, entities who made several off-market transactions/transfers of shares to other related entities and sold shares in the market. Mrs. Indu Omprakash Soni was alleged to have facilitated the manipulation of price of the scrip, made misleading corporate announcements, created misleading financial result. She was also involved in off-market sale/transfer of shares and sale of shares in the market.
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Source: SecMarx — sebi:WTM/KMA/IVD/160/10/2009. 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.