sebi:WTM/MB/IVD/ID6/12613/2021-22
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Facts / Headnote
Allegation of violation of Regulation 3(a),(b),(c),(d) and 4(1) of PFUTP Regulations against Noticees No. 13 to 41 not established; allegations against Noticee No. 1 to 7, 8, 9 to 12 and 42 to 46 found established as part of a fraudulent scheme
Provisions invoked
- s. 11B
- s. 11
- s. 11(4)
- s. 19
- s. 29
- s. 24(1)
- s. 11B(2)
Regulations
- Reg. 4
- Reg. 3
- Reg. 13
- Reg. 9
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 12
- Reg. 5
- Reg. 3(a)
- Reg. 13(6)
- Reg. 2
- Reg. 25(5)
- Reg. 2(l)
- Reg. 44
- Reg. 124
Holding
The WTM held that Noticees No. 13 to 41 (alleged promoters and promoter related entities) were not established to be promoters or promoter related entities of GIFL and were not connected to the price manipulation scheme, so the allegations against them did not stand established. The WTM found that Noticee No. 1 to 7 manipulated the price of GIFL scrip through premeditated small-quantity sell orders raising LTP, and that GIFL (Noticee No. 8), its directors (Noticees 9 to 12), and connected preferential allottees (Noticees 42 to 46) were part of a fraudulent scheme to manipulate the price to benefit connected entities.
Full text
Order in the matter of M/s Global Infratech and Finance Limited Page 1 of 84 WTM/MB/IVD/ID6/ 12613 /2021-22 SECURITIES AND EXCHANGE BOARD OF INDIA
Order in the matter of M/s Global Infratech and Finance Limited Page 2 of 84 Noticee No. Entities Name PAN 29 Debraj Debabrata Shome AXMPS7375P 30 Sunita Agrawal ABAPA4737B 31 Rajesh Basudeo Agrawal AABPA3089N 32 Sanjay Basudeo Agarwal AABPA1748E 33 Anita Sanjay Agarwal AADPA5448B 34 Anant Jain AHHPA9338B 35 Ashish Begwani HUF AAFHA2776J 36 Deepakkumar Ganeshkumar Agrawal AGOPA1550H 37 Nitin Babubhai Mehta AADPM2917M 38 Vivek Kumar Anchalia AREPA3396C 39 Deepak Ganeshkumar Agarwal HUF AAFHD8061H 40 Kaushalaya Agarwal ADDPA1209M 41 Poonam Anchalia AOXPA8831Q 42 Anoop Jain AADPJ2136K 43 Anoop Jain (HUF) AAAHA6321A 44 Ritu Jain AAMPJ9586C 45 Ammaji Anumolu ABHPA0658E 46 Anumolu Harshitha ACAPH3599M
Order in the matter of M/s Global Infratech and Finance Limited Page 3 of 84 (Formerly known as Asianlak Capital and Finance Ltd.) to ascertain possible violation of the provisions of SEBI Act, 1992 and SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”).
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Source: SecMarx — sebi:WTM/MB/IVD/ID6/12613/2021-22. 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.