sebi:WTM/PS/16/IVD/ID-05/JULY/11
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Facts / Headnote
Proceedings disposed of; allegations of violation not established; benefit of doubt granted to the noticee.
Provisions invoked
- s. 11B
- s. 11(4)
Regulations
- Reg. 4(b)
- Reg. 13(2)
Parties
- Shri Vinod Baid
Holding
The allegations of violation of Regulations 4(b), 4(d) and 4(e) of the PFUTP Regulations, 1995 read with Regulation 13(2) of the PFUTP Regulations, 2003 against Shri Vinod Baid do not stand established, and the proceedings are disposed of.
Full text
Page 2 of 5 & M/s Tropical Securities and Investments Pvt. Ltd (hereinafter referred to as “Tropical”). Investigations further revealed Shri Vinod Baid, Chairman, Prudential and his group holding company Premier Fiscal Services Limited transferred 15,00,000 shares of Prudential to certain entities including one Pallav Sheth and Clip Securities and Finance Private Limited (hereinafter referred to as “Clip”) which was managed by Pallav Sheth. These entities in turn transferred the shares to one Ms. Aditi Dalal and Tropical, following which the shares were used for the purpose of price/market manipulation.
Page 3 of 5 ii. The shares were pledged in the month of July, 1999 whereas the trades occurred in March- July, 2001. Thus the shares were pledged almost 2 years prior to the period when the alleged manipulation took place. iii. The noticee had neither bought nor sold any shares from the market during the investigation period and has not benefited from the change in the price of the scrip.
Page 4 of 5 Dalal is related to Tropical. Ms. Aditi A. Dalal purchased 7,17,400 of Prudential shares off- market from Tropical as per details given below: Date of Purchase as per bill Quantity Rate (Rs.) Remarks 09.04.2001 6,17,400 15.30 Tropical vide bill no. GP49/249001 dated 14.04.2001 26.06.2001 1,00,000 45.22 Tropical vide bill no. GC74/374001 dated 30.06.2001
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Source: SecMarx — sebi:WTM/PS/16/IVD/ID-05/JULY/11. 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.