sebi:WTM/MB/IVD/ID10/10449/2020-21
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Facts / Headnote
Noticee restrained from accessing the securities market and buying, selling or dealing in securities for a period of two years from the date of the Order, with period already served from April 13, 2020 to the SAT order date counted towards the restraint period.
Provisions invoked
- s. 11(4)
- s. 19
- s. 179
- s. 168
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 4(1)
Parties
- Mr. Harivallabh Mundra
Holding
The Noticee, Mr. Harivallabh Mundra, was held to be in violation of Regulations 3(b), 3(c), 3(d) and 4(1), 4(2)(a) and 4(2)(e) of the PFUTP Regulations for being party to a pre-meditated scheme to manipulate the price of VLFL scrip, and was restrained from accessing the securities market for two years.
Full text
Order in the matter of Voltaire Leasing & Finance Limited Page 1 of 20 WTM/MB/IVD/ID10/10449/2020-21 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA
Order in the matter of Voltaire Leasing & Finance Limited Page 2 of 20 3. The Noticee was called to show cause as to why suitable directions under Sections 11(1), 11(4) and 11B of the SEBI Act should not be issued against him for the violations alleged in the SCN. The documents enclosed as annexure to the SCN were (a) relevant extract of the reference received from the IT Department, Chandigarh, (b) corporate announcements of the Company during the investigation period, (c) the documents on the basis of which connection was established between entities, (d) reply received from BSE, (e) complete trade log and (f) order log for VLFL scrip for the period and sell order log analysis.
Order in the matter of Voltaire Leasing & Finance Limited Page 3 of 20 7.1. SEBI granted inspection of certain documents and records on November 12, 2018; however, inspection of investigation report and other relevant documents was refused. The same amounts to violation of Principles of Natural Justice.
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Source: SecMarx — sebi:WTM/MB/IVD/ID10/10449/2020-21. 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.