sebi:WTM/MPB/EFD-DRA-III/117/2020
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Facts / Headnote
All Noticees held to have violated Regulations 3(a),(b),(c),(d), 4(1), 4(2)(a) and 4(2)(e) of the PFUTP Regulations; debarred from accessing the securities market for periods ranging from 6 months to 2 years from the date of order; copy forwarded to Income Tax Department, Chandigarh.
Provisions invoked
- s. 19
- s. 179
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 3(a)
Holding
All 23 Noticees — comprising three off-market transferors, sixteen connected sellers, and the Company (VLFL) along with its directors in charge — were held to have manipulated the price of the VLFL scrip during August 12, 2014 to July 31, 2015 through a premeditated scheme, in violation of Regulations 3(a)-(d) and 4(1), 4(2)(a), 4(2)(e) of the PFUTP Regulations. The Company and its three directors were debarred for 2 years, the off-market transferors and sellers for periods including 6 months.
Full text
Order in the matter of Voltaire Leasing & Finance Limited Page 2 of 53 Sr. No. Name of the Entity PAN 16 Mangesh Madhukar Dhotre AJPPD8297E 17 Goodness Trading Private Limited AACCG8008R 18 Sebika Commodities Private Limited AARCS9144H 19 Hanshika Dealers Private Limited AADCH3599R 20 Overarching Dealers Private Limited AABCO6949E 21 Looklike Trade Pvt. Ltd. AACCL2013K 22 Badriprasad Chiripal ADUPC9547M 23 Richi Consultants Pvt. Ltd. AADCR9667C
Order in the matter of Voltaire Leasing & Finance Limited Page 3 of 53 DIN/PAN Name Designation Appoin tment Date Cessatio n Date 01357786/ AAAPP9584A Dilip Patodia Independent Director* 29-Oct- 2013 03-Jun- 2016 00239377/ AMEPM2160M Nirmal Kr. Manna Independent Director 29-Oct- 2012 Still continuing 05165741/ CDVPS3594R Ravi Saraswat Independent Director 03-Jul- 2014 Still continuing 07245292/ AIAPC41772B Uma Chatterjee Independent Director 28-Mar- 2015 Still continuing 00235198/ BEZPS8956R Amlesh Sadhu Chairman &Managing Director 03-Sept- 2012 13-Apr- 2015 00434785/ AAAPM8378D Harivallabh Mundra Executive Director 21-Jun- 1990 29-Sept- 2014 00434820 Shreevallabh Mundra Independent director 17-Feb- 1994 29-Sept- 2014 *Chairman & Managing Director from 13/4/2015 till 3/3/2016. Dilip Patodia was also Chief Financial Officer till 16/10/2014.
Order in the matter of Voltaire Leasing & Finance Limited Page 4 of 53 41,18,000 shares and the high price during IP was observed as Rs. 32.10 /-. Accordingly, the market capitalization of the VLFL scrip on the high price day was Rs. 13.21 crores. The profit of Rs 20.1 lakh and 4.2 lakhs registered by the company during the F.Y 2014-15 and 2015-16 does not justify the price rise in its scrip's price during the IP. During the investigation period, most of the corporate announcements pertained to shareholding pattern, closure of trading window, change in compliance officer, financial results, open offer, limited review report, board meeting, book closure for AGM, change of CFO, etc. Thus, it is observed that there were no major announcements or developments which could support the price rise in the scrip during the investigation period.
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Source: SecMarx — sebi:WTM/MPB/EFD-DRA-III/117/2020. 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.