sebi:WTM/KMA/IVD/216/02/2010
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Interim restraint vacated against M/s. Shah Trading Company (Proprietrix, Ms. Hetal R. Shah) and interim restraint imposed on M/s. Shah Trading Company (Proprietor, Mr. Naresh K. Shah)
Parties
- M/s. Shah Trading Company (Proprietrix, Ms. Hetal R. Shah)
- M/s. Shah Trading Company (Proprietor, Mr. Naresh K. Shah)
Holding
The ex-parte ad-interim directions dated April 23, 2009 against M/s. Shah Trading Company (Proprietrix, Ms. Hetal R. Shah) are revoked, and M/s. Shah Trading Company (Proprietor, Mr. Naresh K. Shah) is restrained from buying, selling or dealing in the securities market till further directions.
Full text
Page 2 of 3 Company on the said date. In view of the specific submissions made by Ms. Hetal R. Shah, SEBI sought clarification from Axis Bank. The said Bank, vide letter dated December 23, 2009 stated that the credit of Rs. 50,00,000/- to M/s. Chandan Gems on August 6, 2008 was by way of transfer from the account of one M/s. Shah Trading Company (Proprietor, Mr. Naresh K. Shah) having account number 465010200001342 maintained with Axis Bank, Lamington Road branch. The said Bank also enclosed copies of the account opening forms and “Know Your Client” documents in respect of the aforesaid account. As already stated in the Order, various entities/persons appeared to have carried out suspicious banking transactions and have channeled those funds, either directly or indirectly in the securities market. One such entity was M/s Chandan Gems to which M/s Shah Trading Company (Proprietor, Mr. Naresh K. Shah) had credited Rs. 50,00,000/-, as stated above. It is noted that there was no fund transfer from the account of M/s. Shah Trading Company (Proprietrix, Ms. Hetal R. Shah) and M/s Chandan Gems. In view of the above, it is just and reasonable that the directions passed vide ex-parte ad-interim
Page 3 of 3 is hereby directed not to buy, sell or deal in the securities market including in Initial Public Offerings, in any manner, either directly or indirectly, till further directions. b. The concerned stock exchanges are advised to allow M/s. Shah Trading Company (Proprietor, Mr. Naresh K. Shah) to square off its existing open positions in the Futures and Options Segment, if any, immediately. The said entity would not be allowed to take fresh positions or increase its open positions or execute trades. Further, the concerned stock exchanges should also ensure that no fresh positions are created for the said entity. c. M/s. Shah Trading Company (Proprietor, Mr. Naresh K. Shah) may file its objections, if any, to the Order within a period of twenty one days from the date of its receipt. d. The directions passed by Securities and Exchange Board of India, vide Order dated April 23, 2009 against M/s. Shah Trading Company (Proprietrix, Ms. Hetal R. Shah), mentioned at serial No. 188 at page 31 of the said Order, having account no: 023010200019752 with Axis Bank, Virar branch, are hereby revoked.
order dated April 23, 2009 against M/s. Shah Trading Company (Proprietrix, Ms. Hetal R. Shah), be vacated. Further, it becomes necessary to restrain M/s. Shah Trading Company (Proprietor, Mr. Naresh K. Shah) having account number 465010200001342 maintained with Axis Bank, Lamington Road branch from dealing in the securities market.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/KMA/IVD/216/02/2010. 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.