sebi:WTM/MPB/EFD1-DRA4/8/2019
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Facts / Headnote
Mr. Parag Ramesh Kalwankar restrained from accessing the securities market and prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, for a period of four years from the date of the order; existing securities holding including units of mutual funds to remain frozen during restraint.
Provisions invoked
- s. 11
- s. 19
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
Parties
- Parag Ramesh Kalwankar
Holding
The Noticee manipulated the price of Hasti Finance Ltd scrip and created a misleading appearance of trading during April 11, 2013 to March 31, 2014 through single-share buys above LTP, violating Regulations 3(a),(b),(c),(d) and 4(1), 4(2)(a) and (e) of PFUTP Regulations, and was restrained from the securities market for four years.
Full text
Order in the matter of Hasti Finance Ltd. Page 2 of 14 3. During the investigation period, corporate announcements were related to AGMs, declaration of financial results, consolidation of share capital, issuance of GDRs, preferential allotment, and other disclosures. No major impact of the corporate announcements on the scrip price was observed. Further, it is observed from the Investigation Report (hereinafter referred to as “IR”) that the company showed a rise in profit during the year ended March 2011 from ` 0.06 crore to ` 0.68 crore and thereafter showed a continuous fall between years ended March 2012 to March
Order in the matter of Hasti Finance Ltd. Page 3 of 14 Investigation – Patch 6 **09/04/2014 to 31/08/2015 (price fall) Price 76.8 12.05 10.8 (29/07/2015) 76.8 (09/04/2014) 25.10 Volume 3 2 1 (05/05/2014) 24580 (13/08/2014) 746 Post Investigation 01/09/2015 to 30/11/2015 Price 12.05 15.49 10.93 (09/10/2015) 15.49 (30/11/2015) 13 Volume 20 18 1 (19/11/2015) 38838 (30/11/2015 2229 * no trading between April 6, 2013 to April 10, 2013 ** no trading between the period April 1, 2014 to April 8, 2014 SHOW CAUSE NOTICE
Order in the matter of Hasti Finance Ltd. Page 4 of 14 5 JEETENDRA NANJI MARU 3.65 10 1 3.65 10 1 0 0 0 0 0 4.46 6 MORBIA SHARAD CHIMANLAL 3.60 1 1 3.60 1 1 0 0 0 0 0 4.40 7 HASMUKHLAL SEVANTILAL DOSHI 3.50 1 1 3.50 1 1 0 0 0 0 0 4.27 8 UJWALA PRAMOD SHEJWADKAR 3.45 10 2 3.45 7 1 0 0 0 3 1 4.21 9 REKHABEN HASMUKHLAL DOSHI 3.30 1 1 3.30 1 1 0 0 0 0 0 4.03 10 RESHMA RAMACHANDRA RAO 2.85 7500 6 2.85 500 1 0 0 0 7000 5 3.48
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Source: SecMarx — sebi:WTM/MPB/EFD1-DRA4/8/2019. 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.