sebi:WTM/PS/12/IVD/ID-1/May/2010
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Restrained the nine noticees from buying, selling or dealing in securities or accessing the securities market, directly or indirectly, for a period of one year from the date of the order.
Provisions invoked
- s. 11B
- s. 11
- s. 12(1)
Regulations
- Reg. 11
- Reg. 6
- Reg. 3(d)
Parties
- Mr. Nitin C. Vora
- Ms. Jyoti Vora
- Mr. Bharat Kanakia
- Ms. Sonal B. Kanakia
- Ms. Meena A. Kanakia
- Mr. Yogesh Parekh
- Ms. Trupti Parekh
- Ms. Chetana R. Valia
- Ms. Shilpa C. Timbadia
Holding
The nine noticees, who applied for shares in the public issue of Consortex under an MoU with VML (an associate company of Consortex) to hand back the shares and receive their money with a guaranteed return, were found to have acted in unison and aided and abetted the making of an otherwise failed issue a success, in violation of Regulation 6(a) of the PFUTP Regulations, 1995 read with Regulation 3(d) of the PFUTP Regulations, 2003. They were restrained from accessing the securities market for one year.
Full text
Page 2 of 11 2. Investigations revealed that about 97.5% of the subscription amount in the public issue of Consortex i.e. Rs.7,24,70,000 was met through Stock Invests (hereinafter referred to as ‘Sis’) out of the total subscription of Rs.7,43,34,000. It was found that a group of nine applicants namely Mr. Nitin
Page 3 of 11 and Unfair Trade Practices relating to Securities Market) Regulation, 2003. Accordingly, the noticees were asked to show cause as to why suitable
Page 4 of 11 6. On the date fixed for personal hearing Mr. Umesh Lakhani, Advocate appeared on behalf of Mr. Nitin Vora and Ms. Jyoti Vora. He made oral
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Source: SecMarx — sebi:WTM/PS/12/IVD/ID-1/May/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.