sebi:WTM/KMA/IVD/246/03/2010
Facts / Headnote
Directions issued against Chimming Trading Company Limited vide the ad-interim ex-parte Order dated June 4, 2009 are confirmed and continued.
Provisions invoked
- s. 19
Parties
- Chimming Trading Company Limited
Holding
The interim directions issued against Chimming Trading Company Limited (CTCL) vide the ad-interim ex-parte Order dated June 4, 2009 are confirmed and continued pending completion of investigation into alleged manipulative trading by connected entities in five scrips.
Full text
Page 2 of 5 CTCL appeared through its counsel, Mr. Vinay Chauhan and Ms. Zankhana Solanki. The learned counsel reiterated the submissions made by the entity in its reply. After concluding his arguments, the learned counsel sought two weeks time for filing written submissions. However, no written submissions were received from CTCL, though more than two weeks had elapsed from the date of the hearing. Therefore, I consider it fit to proceed with the matter on the basis of the
Page 3 of 5 had executed off-market transactions with third parties in the aforesaid five scrips taken up by SEBI for investigation. It needs to be recalled that one of the criterion adopted for identifying the connected clients was the presence of off-market transactions had by the entities with MSL or the Maniar Group (comprising Mr. Harsh Shirish Maniar, Mr. Jay Shirish Maniar, HSM Financial Services Private Limited, Chandra Financial Services Private Limited, Jay Investrade Private Limited, Kundan Leasing and Finance Private Limited and Shanti Financial Services Private Limited).
Page 4 of 5 not returned by Mr. Narendra Kumar Jain, Mr. Shyam Sundar Shaha and Shanti Financial Services Private Limited, CTCL requested the common stock broker to arrange shares from KLFPL and that after receiving the shares from KLFPL, the same were transferred to RTPL. CTCL also submitted that it had not been the counterparty to any of the 26 entities in any of the market trades and that its role was restricted to a single instance of transaction by way of off-market in the shares of Cals Refineries Limited. It further denied having received funds from any ‘KP’ entity.
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Source: SecMarx — sebi:WTM/KMA/IVD/246/03/2010. 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.