sebi:WTM/PS/06/IVD/ID-4/APRIL/2012
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Facts / Headnote
Revocation of interim directions issued vide ad interim ex-parte order dated June 04, 2009 and confirmatory order dated December 31, 2009 against Alosha Vanijya P. Limited with immediate effect and disposal of SCN dated July 25, 2011 without any further direction.
Provisions invoked
- s. 19
Regulations
- Reg. 11
- Reg. 3(a)
Parties
- Alosha Vanijya P. Ltd.
Holding
The trades of Alosha Vanijya P. Ltd. in Temptation and SPSL created artificial volume in violation of Regulations 3(a) and 4(2)(a) and (g) of the PFUTP Regulations, but the debarment already undergone since June 4, 2009 (more than 2 years and 9 months) was held proportionate. The interim directions dated June 04, 2009 and confirmatory order dated December 31, 2009 were revoked with immediate effect and the SCN was disposed without any further direction.
Full text
Page 2 of 5 borrower was seen to have bought back the shares from the market and returned the same to the lender through off-market transfer.
Page 3 of 5 prohibiting it from buying, selling or otherwise dealing in securities for an appropriate period of time, should not be issued against it.
Page 4 of 5 and Shanti Financial Services P. Ltd. (‘Shanti’) have common directors namely Harsh Shirish Maniar and Jay Shirish Maniar and have common address at ‘Achal Bhuvan, 3rd Floor, 21 Modi Street, Fort, Mumbai’. Hence, these entities are related to each other and have been collectively referred to as ‘Maniar Group’. Further, it was also observed that the noticee had financial dealings with Maniar Group, Maruti Securities Ltd. (“Maruti”), Acme Craft P. Ltd. (“Acme”) and Sudhir Jain. I note that the noticee has submitted that it was not related/ connected to these entities. However, in its reply dated September 12, 2011 the noticee has itself given details of its financial dealings with the HSM, Jay, Acme, Maruti and Sudhir Jain. In the light of the same, it can be concluded that the noticee knew the aforementioned entities.
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Source: SecMarx — sebi:WTM/PS/06/IVD/ID-4/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.