sebi:WTM/PS/02/IVD/ID-09/APRIL/2012
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Facts / Headnote
Noticee prohibited from buying, selling or dealing in securities or accessing the securities market for one year
Regulations
- Reg. 11
- Reg. 3
- Reg. 12(1)
- Reg. 4(1)
Parties
- M/s. Promact Plastic Ltd.
Holding
M/s. Promact Plastic Ltd. was held to have violated Regulations 3(b), (c) and (d), 4(1), 4(2)(a), (k) and (r) of PFUTP Regulations and Regulation 12(1) and 12(3) of PIT Regulations read with Clause 3 of the Model Code of Conduct, and was prohibited from buying, selling or dealing in securities or accessing the securities market for one year from the date of the order.
Full text
Page 2 of 7 (hereinafter referred to as, ‘PFUTP Regulations’). The SCN alleged that the aforementioned acts of the noticee were in violation of the provisions of Regulations 3 (b), (c) and (d), Regulation 4(1), 4(2) (a), (k) and (r) of PFUTP Regulations and Regulation 12(1) and 12(3) of the SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as, ‘PIT Regulations’) read with Clause 3 of the Model Code Of Conduct as specified in Schedule I of the PIT Regulations.
Page 3 of 7 of PPL in violation of the provisions of Regulations 3 (b), (c) and (d), Regulation 4(1), 4(2) (a), (k) and (r) of PFUTP Regulations?
Page 4 of 7 significantly higher than the corresponding figures in the audited annual results of the company for that financial year. The sum of net sales and total income figures for the first three quarters of the year 2005-06 were Rs. 262.88 million and Rs. 263.93 million respectively, as against the audited annual figures for the corresponding items at Rs. 124.2 million and Rs. 125.3 million. In other words, the audited figures of net sales / total income for financial year 2005-06 were around 53% lesser than the sum of unaudited results for first three quarters. Similarly, the reported profit during the first three quarters were Rs. 11.84 million while the audited annual reports reported a loss of Rs. 31.43 million for the year 2005-06. However, PPL did not provide any explanation for this huge variation in net sales, total income and net profit figures between the annual results and the quarterly results for the year 2005-2006.
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Source: SecMarx — sebi:WTM/PS/02/IVD/ID-09/APRIL/2012. 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.