sebi:WTM/KMA/IVD/213/01/2010
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Facts / Headnote
Ex-parte interim order dated April 23, 2009 in the matter of Pyramid Saimira Theatre Limited confirmed and continued against the nine noticees till further orders / till completion of investigation
Provisions invoked
- s. 19
Parties
- Mr. Rakesh Sharma
- Mr. Rajesh Unnikrishnan
- Mr. Deepak Thakkar
- Mr. Amol Kokane
- Mr. Darshan Desai
- Mr. Rajesh V. Jani
- Mr. Raju G. Shah
- Mr. Nitin Garodia
- Mr. Nimesh H. Chitalia
Holding
The ex-parte interim directions dated April 23, 2009 against Mr. Rakesh Sharma, Mr. Rajesh Unnikrishnan, Mr. Deepak Thakkar, Mr. Amol Kokane, Mr. Darshan Desai, Mr. Rajesh V. Jani, Mr. Raju G. Shah, Mr. Nitin Garodia and Mr. Nimesh H. Chitalia are confirmed and continued till further orders pending completion of investigation.
Full text
Page 2 of 21 iv. Mr. Deepak Thakkar, Mr. Nitin Goradia and Mr. Darshan Desai were represented by Mr. Rohan Rajadhyaksha and Ms. Sandhya T, Advocates on July 2,2009. v. Mr. Nimesh H Chitalia and Rajesh V. Jani were represented by Mr. Bhosale and Ms. Poonam Gadkari, Advocates on July 2, 2009. vi. Mr. Raju G. Shah was represented by Mr. Ravikumar Varanasi, Advocate on August 28, 2009.
Page 3 of 21 related/associated entities/persons etc.; purchase of PSTL shares by related entities/persons just before the forgery of SEBI letters and the subsequent sale of substantial number of shares, immediately when the markets opened on December 22, 2008. It was prima facie found that Mr. Amol Kokane, Mr. Rakesh Sharma, Mr. Rajesh Unnikrishnan, Mr. Deepak Thakkar, Mr. Darshan Desai, Mr. Rajesh V. Jani, Mr. Raju G. Shah, Mr. Nitin Garodia and Mr. Nimesh H. Chitalia have all played a key role in facilitating Mr. Nirmal Kotecha in carrying out suspicious banking transactions, carrying out and disguising his manipulative intent and gaining advantage from the forgery. Their alleged role in the entire event was explained in detail in the Order.
Page 4 of 21 had claimed that the forged SEBI letter was e-mailed by him to only three of his friends in the media, it was found that he had also forwarded the forged SEBI letter by e-mail to one Dheer Kothari (one of his ex-colleagues in Adfcators PR Private Limited), based in Kolkata. The electronic mail had been sent at 1:43 p.m. on December 20, 2008, when the tower location for all three of them viz. Mr. Nirmal Kotecha, Mr. Rakesh Sharma and Mr. Rajesh Unnikrishnan was Matunga (East)/ King Circle. Mr. Nirmal Kotecha’s residence is also at Matunga (East)/ King Circle. Further, it was observed that Mr. Dheer Kothari, in turn had forwarded the information to three other newspapers-Business Standard, Telegraph and Hindu Business Line, for which he was allegedly paid Rs.10,000/-. The said money was transferred from the account of Mr. Rakesh Sharma to the bank account of Mr. Dheer Kothari. With respect to the fund transfers, he submitted that the transfer of Rs.10,000/- was towards the financial assistance requested by Mr. Dheer Kothari. The said submission also does not convince me as the preliminary findings of the case have revealed that the said Mr. Dheer Kothari had also forwarded the information to the media. Further, the payment was made around that time. In such circumstances, the only prima facie inference could be that the said money was the consideration to Mr. Dheer Kothari for forwarding the ‘information’ to his contacts in the media. Thus, I am not inclined to acc
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Source: SecMarx — sebi:WTM/KMA/IVD/213/01/2010. 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.