sebi:WTM/PS/01/IVD/ID-3/APR/2010
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Facts / Headnote
Show cause notice dated August 17, 2007 disposed of without any directions
Provisions invoked
- s. 11B
- s. 11(4)
Regulations
- Reg. 4
- Reg. 13
Parties
- Mascon Global Ltd.
Holding
The show cause notice issued to Mascon Global Ltd. alleging aiding and abetting of Ketan Parekh related entities in manipulation of the Mascon scrip was disposed of without any directions, as the charge against Mascon failed.
Full text
Page 2 of 6 Investments Ltd., Wakefield Holdings Ltd. and Brentfield Holdings Ltd. During the period under consideration only these Ketan Parekh related entities and the said OCB’s were active in the scrip. The movement of shares was analyzed and from this it was revealed that huge quantities of shares of Mascon were off-loaded by way of off market transfers from the account of MITL and CSI Technologies Ltd. This huge volumes in the shares were later- on used by the entities to indulge in rampant manipulation of price and volume in Mascon.
Page 3 of 6 • Share holding of Martek Holdings in Mascon – 0.39% of paid capital, • Share holding of Nandu Thondavai in Mascon – 0.47% of paid capital, • Share holding of Mr. K. Chandra – 6.3% of the paid up capital.
Page 4 of 6 9,60,000 shares of Mascon. Pursuant to the open offer, the holdings of MITL came approximately to 58.83% of the equity capital of Mascon along with Nandu Thondavadi who was holding around 25% stake in Mascon.
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Source: SecMarx — sebi:WTM/PS/01/IVD/ID-3/APR/2010. 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.