sebi:WTM/KMA/IVD/415/07/2011
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Interim ex-parte directions confirmed against twelve Ashika Group entities (CCSPL, CTPL, DTPL, FMPL, FVPL, MML, PRVL, PBL, RVPL, SVL, SVPL, WCPL); directions revoked against HVPL and WVPL; directions against ASBL revoked only to the extent of prohibition on taking fresh clients, while the restraint on proprietary trading continues; investigation to be concluded expeditiously.
Provisions invoked
- s. 19
Holding
The interim ex-parte directions issued on December 2, 2010 against twelve of the fourteen Ashika Group entities and ASBL (partially) are confirmed, while directions against HVPL and WVPL are revoked and ASBL's prohibition on taking fresh clients is revoked (proprietary trading restraint continues).
Full text
Page 2 of 31 fourteen entities who were found to have traded through ASBL, namely, Calcom Consultancy Services Private Limited, Cynosure Tie-Up Private Limited, Delight Tie- Up Private Limited, Forever Merchants Private Limited, Fountain Vanijya Private Limited, Hanurang Vinimay Private Limited, Micro Management Limited, PR Vyapaar Limited, Pushkar Banijya Limited, Rosewood Banijya Private Limited, Sarswati Vincom Limited, Splendor Vanijya Private Limited, Winall Vinimay Private Limited & Withal Commercial Private Limited, were restrained from accessing the securities market and further prohibited from buying, selling or dealing in securities in any manner whatsoever, till further directions. The Order had grouped ASBL and the aforesaid fourteen entities as the Ashika Group. Therefore, this Order shall also collectively refer to them as the Ashika Group and individually by their respective names. The Order had mentioned that the persons/entities against whom the Order was passed may file their objections, if any, within twenty one days from the date of the order and, if they so desire, avail themselves of an opportunity of personal hearing before SEBI.
Page 3 of 31 2011. Mr. Balveer Chaudhary and Mr. Pravin Parmar represented PRVL, FVPL & MML; Mr. Vinay Chauhan, Advocate represented SVL, PBL & FMPL; Mr. Joby Mathew, Advocate represented DTPL, SVPL, CTPL& RVPL and Mr. Deepak Dhane represented CCSPL on the said date of hearing and made submissions before me. Mr. Sharad Jhunjhunwala, Chief Executive Officer of SVL was also present in the hearing. Winall Vinimay Private Limited (WVPL) and Withal Commercial Private Limited (WCPL) also appeared in a hearing held on February 11, 2011, when Mr. D K Lodha, Cost and Management Accountant, made submissions for WVPL and Mr. Deepak Agarwal, Advocate & Mr. Sabyasachi Chaudhary, Advocate appeared on behalf of WCPL and made submissions.
Page 4 of 31 well as spurt in the trading volumes. The Order had discussed as to how the share price of the identified scrips were inflated through the trading by the Dangi group entities and the others (whose role had also been explained therein). The manner of establishment of new higher price and variation in the last traded price through the trades of the Dangi group entities during the relevant period has also been explained in detail in the Order.
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/415/07/2011. 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.