sebi:WTM/KMA/NRO/IVD/249/03/2010
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Show cause notice disposed with direction to be careful and cautious and to strictly comply with securities laws; no restraint from accessing or dealing in securities market imposed.
Provisions invoked
- s. 11B
Regulations
- Reg. 11
- Reg. 4(a)
Parties
- Om Vijay Nivesh Private Limited
- Mr. Amit Jain
Holding
Om Vijay Nivesh Private Limited and its director Mr. Amit Jain were held to have contravened Regulations 4(a), 4(b) and 4(c) of the PFUTP Regulations, 1995, but the show cause notice was disposed of with a direction to be careful and cautious and to strictly comply with securities laws.
Full text
Page 2 of 4 simultaneously, through two different stock brokers. It was alleged that OVNPL had traded in the shares of the Company with the intention of increasing the share price and that it took the lead in the manipulation at the behest of the Company. OVNPL was found to be a net seller on various days during the relevant period while the price was moving up steadily. In view of the above, it was alleged that Mr. Amit Jain (director of OVNPL) had prima facie violated Regulations 4(a), 4(b) and 4(c) of Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995 (hereinafter referred to as the PFUTP Regulations). Thereafter, a show cause notice dated November 23, 2004 was issued to OVNPL and its director Mr. Amit Jain, directing them to show cause as to why they should not be restrained from accessing the securities market and prohibited from dealing in the securities market for an appropriate period. Subsequently, OVNPL vide letter dated December 10, 2004 had filed the reply. Thereafter, an opportunity of hearing was provided to OVNPL on December 12, 2008, However, as there was no representation from OVNPL or its directors another opportunity of hearing was provided to OVNPL on June 24, 2009, but none appeared on behalf of OVNPL.
Page 3 of 4 Date No. of Shares Rate Settlement No. Counterparty 29.6.2001 150 22.83 14 Neelkanth Organics 04.07.2001 50 25.31 15 Suraj Securities 13.7.2001 100 36.00 16 Manoj Kumar 17.7.2001* 150 36.44 17 Batra Investments 19.7.2001* 49 42.44 17 Suraj Securities 20.7.2001* 1 45.56 17 Manoj Kumar 20.7.2001* 98 45.96 17 Manoj Kumar 18.7.2001* 100 39.56 17 Suraj Securities 18.7.2001 51 74.40 17 Auction 19.7.2001 51 42.18 17
Page 4 of 4 of the facts and circumstances, I dispose of the present show cause notice issued against OVNPL and its director Mr. Amit Jain, as ordered herein below.
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Source: SecMarx — sebi:WTM/KMA/NRO/IVD/249/03/2010. 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.