sebi:WTM/KMA/IVD/404/07/2011
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Facts / Headnote
Interim directions modified: market access ban on Dr. Mahendra C. Shah revoked; prohibition on holding managerial/directorship position in listed companies continued; SEBI directed to issue show cause notice within one month and conclude proceedings expeditiously.
Provisions invoked
- s. 11
- s. 11(4)
- s. 19
- s. 12A
Regulations
- Reg. 11
- Reg. 3
- Reg. 11(1)(c)
Parties
- Dr. Mahendra C. Shah
- Mrs. Hasu M. Shah
- Ceetee Trading
- Mr. Sanjay B. Shah
Holding
The interim order dated June 24, 2010 was modified: the restraint on Dr. Mahendra C. Shah from accessing the securities market was revoked, while the direction prohibiting him from holding any managerial position (including directorship) or key position in any listed company or SEBI-registered intermediary was continued till further directions.
Full text
Page 2 of 8 Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as the PFUTP Regulations). Pursuant to the receipt of replies from the parties, SEBI afforded opportunities of personal hearing to them. On March 17, 2009, the parties were represented by Mr. Prakash K. Shah, advocate who made submissions. Dr. Mahendra C. Shah was also present during the hearing. Thereafter, SEBI, vide Order dated June 15, 2009, restrained the Company, Dr. Mahendra C. Shah, Ceetee Trading and Mr. Sanjay B. Shah from accessing the securities market and further prohibited them from buying, selling or dealing in the securities market, directly or indirectly, for a period of six months, for the reasons stated therein.
Page 3 of 8 in the said matter. He also submitted that he was not known to Mr. Prakash K. Shah and had not signed any authority letter and confirmed that the signatures in the authority letters submitted to SEBI were not his. Mr. Sanjay B. Shah was also provided with an opportunity of hearing. On the said date, Mr. Sanjay B. Shah appeared before SEBI and inter alia requested forty five days time for filing his
Page 4 of 8 Trading to various entities/persons which were ultimately used for manipulating the shares of the Company during the relevant period. iii. Dr. Mahendra C. Shah had forged the signatures of Mr. Sanjay B. Shah in the authority letters dated March 5, 2009, March 14, 2009 and March 16, 2009 which were forwarded to SEBI.
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Source: SecMarx — sebi:WTM/KMA/IVD/404/07/2011. 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.