sebi:WTM/MB/SEBI/EFD-DRA3/71/2018
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Noticees 1 to 13 held liable for PFUTP violations and directed to disgorge Rs. 1,60,76,904 with 12% simple interest within 45 days, with restraint on disposal of assets and on market access on default.
Provisions invoked
- s. 11B
- s. 11(4)
- s. 19
- s. 28A
- s. 11(5)
Regulations
- Reg. 3
- Reg. 3(a)
Holding
Noticees 1-13, being connected entities, created artificial volume and manipulated the price of Sarang Chemicals Limited and off-loaded shares for unlawful gains of Rs.1,60,76,904 in violation of PFUTP Regulations, and are liable to disgorge the gains with interest under Section 11B of the SEBI Act.
Full text
Page 2 of 38 Order in the matter of Sarang Chemicals Limited Anushruti Towers, Near Thaltej Jain Derasar Thaltej Cross Roads, S.G. Road, Ahmedabad- 380054.
Page 3 of 38 Order in the matter of Sarang Chemicals Limited Shailesh Mulraj Ved, were allegedly instrumental in price manipulation and off- loaded the shares at increased price and thereby violated regulations 3(a), (b), (c), (d) and 4(1), 4(2) (a) and (e) of PFUTP Regulations; 2.3 Noticees 11 to 13 viz., (11) Ms. Bhavana Manish Asher, (12) Mr. Hemanshu P. Mehta, and (13) Mr. Jagdish Gordhandas Ved Limited had off loaded the shares at increased price and thereby had allegedly made unlawful gains along with other Noticees (1-10) and violated regulations 3(a), (b), (c), (d) and 4(1), 4(2) (a) of PFUTP Regulations.
Page 4 of 38 Order in the matter of Sarang Chemicals Limited said Noticees. The Noticees, through their authorized representative, were granted time till June 29, 2017 to file their written submissions in the matter. 7.1 Mr. Raghunath Pillai, appeared on behalf of Mr. Jagdish Gordhandas Ved as the authorized representative. However, no oral submissions were made and the Noticee requested for time to file a written submission in the matter. The Noticee, through its authorized representative, was granted time till June 29, 2017 to file his written
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/MB/SEBI/EFD-DRA3/71/2018. 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.