sebi:WTM/MB/IVD/ID11/13672/2021-22
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Facts / Headnote
Noticees 1-4, 6-24, 26, 30 and 31 held liable for PFUTP violations with market restraint, monetary penalties and disgorgement against Noticees 10, 22, 23, 24, 26, 30 with 12% interest; Noticees 1, 3 and 32 held liable for PIT/SAST disclosure violations; SCN against Noticees 25, 27, 28, 29 disposed without direction and SCN against Noticees 5 and 32 disposed without direction/penalty as struck-off companies.
Provisions invoked
- s. 11
- s. 15A
- s. 19
- s. 12A
- s. 12
- s. 15H
- s. 15J
- s. 15
- s. 15F
- s. 28A
Regulations
- Reg. 4
- Reg. 3
- Reg. 13
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 199
- Reg. 13(1)
- Reg. 15
- Reg. 200
- Reg. 3(a)
- Reg. 13(4)
- Reg. 13(5)
- Reg. 29(3)
- Reg. 12
- Reg. 4(2)(a)
- Reg. 201
- Reg. 29(1)
- Reg. 30(1)
- Reg. 13(2)
- Reg. 30(3)
Holding
The 26 entities viz. Noticees 1-4, 6-24, 26 and 30 acted in concert as the ECL Group with amalgamation allottees to manipulate price/volume and enable sales at inflated prices in violation of PFUTP norms, while Noticees 1, 3 and 32 violated PIT/SAST disclosure norms, attracting restraint, disgorgement and monetary penalty.
Full text
Order in the matter of Excel Castronics Limited Page 1 of 89 WTM/MB/IVD/ID11/13672/2021-22 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA CORAM: MADHABI PURI BUCH, WHOLE TIME MEMBER
Order in the matter of Excel Castronics Limited Page 2 of 89 7 S J Infratech Private Limited AAMCS7606P 8 Sureshbhai Kantilal Thakkar AGXPT2486N 9 Manubha Prabhatsang Vaghela AGIPV6046K 10 Jagdishkumar Amrutlal Akhani AETPA5632H 11 Passim Share Trade Private Limited AAHCP4840M 12 Dexter Share And Tradecom Private Limited AAECD8837D 13 Blink Share and Comtrade Private Limited AAFCB7492P 14 Eyesight Share Trading Private Limited AADCE5604J 15 Ramanbhai Jethabhai Jadav AUYPJ7348E 16 Yashwant Ramanbhai Jadav AUWPJ9680K 17 Rajnikant Ramanbhai Jadav AJOPJ1760D 18 Prabhaben Gordhandas Savjani BMXPS6578M 19 Meeta Tusharbhai Tanna APVPT3740G 20 Sunil Jayantilal Bhatt ABZPB0818M 21 Jadeja Virbhadrasinh AWIPJ5038K 22 Arun Jawalaprasad Tulsian AAOPT3113D 23 Ashi Arun Kumar Tulsian AGGPT0257J 24 Ashi Texfab Pvt. Ltd. AAGCA2953D 25 Kantilal W Parekh
Order in the matter of Excel Castronics Limited Page 3 of 89 BACKGROUND 1. Excel Castronics Ltd. (Formerly Ahmedabad Gases Ltd.), was incorporated on August 25, 1992 under the Companies Act, 1956 with its registered address situated at Imperial Heights, B-301/302, 3rd Floor, Opp. Big Bazar, 150 Feet Ring Road, Rajkot, Gujarat – 360005. Excel Castronics Limited and Indus Coils & Plates Limited (ICPL) were merged with Ahmedabad Gases Limited, pursuant to the scheme of amalgamation (herein after referred to as the “scheme of amalgamation”), which was approved by the Hon’ble High Court of Gujarat vide its order dated February 15, 2013. Subsequently, the management of the company was taken over by the promoters of Excel Castronics Limited and name of the company was changed from Ahmedabad Gases Limited to Excel Castronics Limited with effect from August 12, 2013.
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Source: SecMarx — sebi:WTM/MB/IVD/ID11/13672/2021-22. 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.