sebi:WTM/MPB/EFD1-DRA4/33/2019
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Facts / Headnote
All five Noticees restrained from accessing the securities market for eight years; prohibited from buying, selling or otherwise dealing in securities directly or indirectly; existing securities holdings frozen; Shri Ramawtar Gupta and Shri Promod Kumar Gupta additionally prohibited from being associated with any listed company or SEBI registered intermediary for eight years.
Provisions invoked
- s. 11
- s. 19
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
Parties
- Aplaya Creations Limited
- Shri Ramawtar Gupta (Managing Director)
- Shri Promod Kumar Gupta (Director and CFO)
- Maheswari Financial Services Private Limited (MFSPL)
- Vemuri Finvest Private Limited (VFPL)
Holding
MFSPL and VFPL were held to have manipulated the price of ACL scrip by repeatedly selling minuscule quantities (1-5 shares) above the LTP during April 17, 2014 to October 13, 2014, violating PFUTP Regulations. The company ACL and its non-independent, non-executive Directors (Shri Ramawtar Gupta and Shri Promod Kumar Gupta) were held to have been part of a scheme to manipulate the price to benefit preferential allottees, violating Regulations 3(a)-(d) and 4(1), 4(2)(a), (e) of PFUTP Regulations.
Full text
Order in the matter of Aplaya Creations Ltd Page 2 of 30 incorporated in 1983. The scrip was listed at BSE w.e.f January 14, 1985. As per the disclosures available on BSE website, on March 20, 2013, Westfield Apparels Pvt. Ltd. became a Promoter on acquisition of 1,76,450 shares (65.35% of share capital) from Shri Sanjay Salunkhe (ex-promoter of the company) vide share purchase agreement dated December 29, 2012.
Order in the matter of Aplaya Creations Ltd Page 3 of 30 73,80,000 shares at ` 15/- to 1 Promoter (Westfield Apparels Private Limited – 12,00,000 shares) and 46 entities other than Promoters (61,80,000 shares) thereby increasing the shareholding of the company to 1,43,80,000 shares. The shares allotted to Promoter group were under lock-in up to October 14, 2016. The shares allotted to entities other than promoter group entities were under lock-in till October 14, 2014.
Order in the matter of Aplaya Creations Ltd Page 4 of 30 Buildhome Private Limited, Samrat Trading Co., Vistaar Infra Property Private Limited and Pinkrise Commercial Private Limited 2 AAVFA6 230F Aries Commercials
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Source: SecMarx — sebi:WTM/MPB/EFD1-DRA4/33/2019. 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.