sebi:WTM/KMA/NRO/IVD/407/07/2011
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Facts / Headnote
Restrained the Company and its directors from accessing the securities market and from buying, selling or otherwise dealing in securities for a period of one month.
Provisions invoked
- s. 19
- s. 77
- s. 77(2)
- s. 77(1)
Regulations
- Reg. 11
- Reg. 199
- Reg. 5
Parties
- Shivalik Loha Mills Limited
- Mr. Sunil Maria
- Mr. Paroshatam Lal Maria
- Mr. Naresh Kumar Maria
- Mr. Kamal Kishore Maria
- Mr. Satish Kumar Maria
- Mr. Sham Sunder Maria
Holding
Shivalik Loha Mills Limited and its six directors were found liable for price rigging and siphoning of issue proceeds, liquidation of nominee holdings at rigged prices, and mis-statements/non-disclosures in the prospectus and letter of offer, and were restrained from accessing the securities market for one month.
Full text
Page 2 of 25 therein. Further, the proceeding against Mr. S.C. Khaneja, Mrs. Rajni Khaneja and her firm M/s Rajni & Co. has been disposed off, vide consent order dated April 26, 2010 in terms of SEBI Circular dated April 20, 2007. Therefore, this Order would dispose of the proceedings against the Company and its directors, Mr. Sunil Maria, Mr. Paroshatam Lal Maria, Mr. Naresh Kumar Maria, Mr. Kamal Kishore Maria, Mr. Satish Kumar Maria and Mr. Sham Sunder Maria (the said persons are collectively referred to as the directors and respectively by their respective names).
Page 3 of 25 the case on the basis of the material available on record including the correspondence of the Company/its directors.
Page 4 of 25 August, 1994 21.00 13.00 48,700 September, 1994 16.25 12.50 99,500 October, 1994 27.75 11.75 5,88,800 November, 1994 59.00 25.50 10,09,900 December, 1994 (upto December 23, 1994 54.00 29.50 9,44,700 It was noticed that the share price had increased from a low of `11.75/- (on October 6, 1994) to a high of `59/- (on November 29, 1994) and there was a corresponding spurt in the traded volumes during the investigation period. A similar price and volume movement was observed at the Delhi Stock Exchange Limited (hereinafter referred to as the DSE) and BSE. Further, it was observed that the said price-volume increase happened before the filing of offer documents of the Company with SEBI during January, 1995. As per letter of offer dated December 06, 1995 the other companies promoted by the company were Shivalik woolen Mills Private Limited, Shivalik Steel Mills Limited, Shivalikwala Construction Company Limited and Northlink Motors Limited and Shivalikwala Steel Mills Limited were group companies of the company Shivalik Loha Mills Limited .
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Source: SecMarx — sebi:WTM/KMA/NRO/IVD/407/07/2011. 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.