sebi:WTM/KMA/IVD/165/11/2009
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Facts / Headnote
Directions passed by SEBI vide order dated June 5, 2009 confirmed against Mr. Konde, Mr. Waje and Mr. Jadhav till completion of investigation
Provisions invoked
- s. 19
Parties
- Mr. Mukesh G. Konde
- Mr. Ashok Narayan Waje
- Mr. Nitesh Ashok Jadhav
Holding
The Whole Time Member confirmed the directions issued under the ad-interim ex-parte order dated June 5, 2009 against Mr. Mukesh G. Konde, Mr. Ashok Narayan Waje and Mr. Nitesh Ashok Jadhav, declining to interfere with them until the investigation is completed.
Full text
Page 2 of 3 substantial number of shares of the company on February 11, 2009 failed to fulfill their respective pay-in obligations. Their total obligation accounted for Rs. 9,14,49,113/-. Needless to say, such defaults are serious threat to the functioning of the securities market and as a market regulator, it is the duty of SEBI to interfere and take appropriate measures/actions including directions against the persons who were found involved in such transactions.
Page 3 of 3 issued vide the ad-interim ex-parte order dated June 5, 2009 in the matter of RTS Power Corporation Limited against Mr. Mukesh G. Konde Mr. Ashok Narayan Waje and Mr. Nitesh Ashok Jadhav.
2. As already explained in the ex-parte order, substantial volume of shares of the company was traded in the month of February 2009, particularly on February 11. The said increase was not supported by any fundamentals of the company. The fact that Mr. Konde, Mr. Waje and Mr. Jadhav had traded in the shares of the company on February 11, 2009 is undisputed before me. It was observed that there was unusual substantial trading in the shares of the company on February 11, 2009. Mr. Konde, Mr. Waje and Mr. Jadhav who were found to be the major buyers on the said date had defaulted in their payment obligations. The investigation in the matter is not yet concluded and the same is still in progress. The investigation alone can bring out the role of the parties including Mr. Konde, Mr. Waje and Mr. Jadhav in the alleged manipulation. The available material on record justifies the continuation of the directions passed against Mr. Konde, Mr. Waje and Mr. Jadhav under the ad interim ex- parte order dated June 5, 2009, till the completion of the investigation. Therefore, till the completion of such investigation, I do not consider it fit to interfere with the
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Source: SecMarx — sebi:WTM/KMA/IVD/165/11/2009. 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.