sebi:WTM/MSS/IVD/ID-2/34/10
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 and 2 restrained for 5 years, noticees 3 to 9 restrained for 2 years, and noticees 10 to 18 restrained for 6 months from buying, selling or dealing in the securities market in any manner whatsoever or accessing the securities market, directly or indirectly, with immediate effect.
Provisions invoked
- s. 19
Regulations
- Reg. 11
- Reg. 4
- Reg. 11(1)
Holding
Noticees 1 and 2 violated regulations 4(1), 4(2)(e) and 4(2)(r) and noticees 3 to 18 violated regulations 4(1), 4(2)(a) and 4(2)(e) of the SEBI (PFUTP) Regulations, 2003, and were accordingly restrained from the securities market for periods of 5 years, 2 years and 6 months respectively.
Full text
Page 2 of 7 several misleading corporate announcements with a view to create artificial volumes and price in its shares and thereby facilitated promoter connected entities to off load their holdings in the company. Noticee 2 was the managing director of SYPCL at the material time. Noticees 1 and 2 furnished false information before the investigating authority. Noticees 3 to 9 are the promoter connected entities who transferred shares in off-market to noticees 10 to 18 who, in turn, transferred shares in off-market to five persons. These five persons created volumes in the market through crossed / matched deals. The noticees 10 to 18 provided the inter face between the promoter connected entities (noticees 3 to 9) and the five persons. It was, therefore, alleged that the noticees 1 and 2 violated regulations 4 (1), 4(2)(e) and 4(2)(r) and noticees 3 to 18 violated regulations 4 (1), 4 (2)(a) and 4(2)(e) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003.
Page 3 of 7 4. I have carefully examined the SCN, the replies, the oral submissions made during the hearing by some of the noticees and other material available on record.
Page 4 of 7 (No. of shares) From Promoter connected entities To First Transferees Dharamraj Valla Kirit S Pandya Bharati J. Shah Jitendra Shah Kajol Impex Ltd Umit V. Patel Gaurang Patel Total Haresh D Vora 200000
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Source: SecMarx — sebi:WTM/MSS/IVD/ID-2/34/10. 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.