sebi:WTM/PS/126/IVD/JAN/2016
Facts / Headnote
Interim order impounding alleged unlawful gains of Rs. 1,60,15,443 jointly and severally from the seven noticees; freezing of bank and demat accounts; direction to provide inventory of assets; without prejudice to further action.
Provisions invoked
- s. 11(4)
- s. 19
- s. 12A
Regulations relied on
- SEBI (PIT) Regulations, 1992 — 3
- SEBI (PIT) Regulations, 1992 — 4
Parties
- Mr. Rohit Premkumar Gupta
- Mr. Sanjay Kumar Tayal
- Mr. Navin Kumar Tayal
- Ms. Jyotika Tayal
- M/s Advik Textiles and Realpro Pvt. Ltd.
- Mr. Kulwinder Kumar Nayyar
- Mr. Azam Mohmmed Ashan Shaikh
Holding
SEBI held that Rohit Premkumar Gupta traded in the scrip of BoR while in possession of Unpublished Price Sensitive Information (UPSI) relating to the BoR-ICICI merger, and that the seven noticees connived in furtherance of a common intention to indulge in insider trading, contravening section 12A(a)-(e) of the SEBI Act, 1992 and regulations 3 and 4 of the PIT Regulations. As an interim measure, SEBI ordered impounding of alleged unlawful gains of Rs. 1,60,15,443 (gain of Rs. 95,78,614 plus interest of Rs. 64,36,829) jointly and severally from the seven noticees.
Full text
Page 2 of 13 shares of ICICI will be allotted for every 118 shares of BoR i.e. a shareholder holding 4.72 shares of BoR would be entitled to receive one share of ICICI.
Page 3 of 13 (7) Cumballa Hill Property Developers Pvt. Ltd., (8) Sumandar Property Developers Pvt. Ltd., (9) Ahmendnagar Investments Pvt. Ltd. and (10) Giriganga Investments Pvt. Ltd.
Page 4 of 13 shares between 25-27 May, 2010. It was also noticed that Rohit had never traded in the scrip of BoR since April 01, 2005 until 16 May, 2010.
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Source: SecMarx — sebi:WTM/PS/126/IVD/JAN/2016. 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.