sebi:WTM/MPB/ISD/12/MAY/2018
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Facts / Headnote
Prayers for setting aside interim ex-parte order dated June 01, 2016 and confirmatory order dated August 24, 2016 rejected; limited interim reliefs granted with immediate effect subject to supervision of exchanges and depositories
Provisions invoked
- s. 19
- s. 12A
Regulations
- Reg. 2(1)(c)
- Reg. 3(a)
Parties
- Shri Baldevbhai Patel
- Smt. Ramilaben Baldevbhai Patel
- Shri Kiritbhai Shah
- Shri Rinkesh Kumar Panchal
- Shri Naranbhai Panchal
- Smt. Jayshreeben Shah
- Smt. Chandrikaben Panchal
Holding
SEBI declined to vacate the interim restraints against the 7 noticees but extended to them the same limited interim reliefs earlier granted to other entities, permitting specified delivery-based, mutual fund, debt, ETF and corporate-action transactions under supervision.
Full text
Order in the matter of Dhyana Finstock Ltd. Page 2 of 10 above, against whom the interim order was passed were advised to file their objections, if any, within twenty one days from the date of the order and, if they so desire, to avail themselves of an opportunity of personal hearing before SEBI.
Order in the matter of Dhyana Finstock Ltd. Page 3 of 10 on July 27, 2014 representing 82.35% of total shares bought by the investors under the influence of SMSs. Thereby, ultimately shares acquired through preferential allotment and/or purchased to give exit to preferential allottees were sold to innocent investors by inducing them to buy shares by sending fraudulent/fake SMS.
Order in the matter of Dhyana Finstock Ltd. Page 4 of 10 Practices relating to Securities Market) Regulations, 2003 (“PFUTP Regulations”) SEBI passed the aforesaid interim order against 76 entities including the 7 noticees who were considered part of Dhyana group. The allegations against Noticees as mentioned in the interim order were that, the acts and omissions of Noticees are ‘fraudulent’ as defined under Regulation 2(1)(c) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (‘PFUTP Regulations’) and are in contravention of the provisions of Regulations 3(a), (b), (c) and (d) and 4(1), 4(2)(a), (b), (e) (g) and (r) thereof and section 12A(a), (b) and (c) of the Securities and Exchange Board of India Act, 1992.
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Source: SecMarx — sebi:WTM/MPB/ISD/12/MAY/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.