sebi:WTM/MSS/IVD/ID-8/39/10
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Facts / Headnote
Mr. Jatin Manubhai Shah restrained from buying, selling, dealing or accessing securities market for three years and Mr. Manubhai Bikhalal Shah for one year; show cause notice against Varshaben disposed off without any direction
Provisions invoked
- s. 11
Regulations
- Reg. 11
- Reg. 4(1)
Parties
- Mr. Jatin Manubhai Shah
- Mr. Manubhai Bikhalal Shah
- Mrs. Varsha Shah / Varshaben Jatinkumar Shah
Holding
Jatin Manubhai Shah and Manubhai Bikhalal Shah colluded to create artificial volumes and manipulate price of OMML shares in violation of PFUTP Regulations and were restrained from the securities market for three years and one year respectively, while proceedings against Varshaben were dropped.
Full text
Page 2 of 9 shares had been transferred. Admittedly, this was not done. We wonder why the Board could not have insisted upon the appellants (noticees) to furnish the said information. …”
Page 3 of 9 periods are not available. 7. As you are unable to produce the copy of bank statement you are requested to provide details of the bank accounts operated by Mrs. Varsha Shah during the year 2000-01 so that the payments details can be verified from the respective banks. Ans. As I told earlier I have no record now.
Page 4 of 9 Question 21 I have tried to check the records in order to determine the name and address of the financiers to whom I re-paid the money and as per discussions with relatives they have restricted me from disclosing their name on account of personal reasons and accordingly I am unable to furnish the details in this regards. Question 22 As far as I recollect the shares at that time were traded in physical forms and therefore the question of these shares being credited into my account does not arise. Secondly as the transaction pertains to period outside the investigation period, I have been advised that I am not required to submit the details under present investigation. Question 27 We have been advised that since the financial transaction between Mr. Ramesh Jain and Mr. Manubhai Shah were mainly pertaining to property transaction and does not involve share transactions during the investigation period the same need not be provided to SEBI.”
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Source: SecMarx — sebi:WTM/MSS/IVD/ID-8/39/10. 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.