sebi:WTM/PS/21/IVD/ID-02/JULY/2010
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Facts / Headnote
Noticees restrained from buying, selling or dealing in securities or accessing the securities market for one year; violations of Regulation 4(2)(b), (e), (n) of FUTP Regulations 2003 not established, but violations of Regulations 4(1) and 4(2)(a) and (g) of FUTP Regulations 2003 established for creation of artificial volumes.
Provisions invoked
- s. 11
Regulations
- Reg. 11
- Reg. 4
- Reg. 4(1)
- Reg. 4(2)(b)
Parties
- Shagufta Investments Pvt. Ltd.
- Darshan Desai
- Sumit Desai
- Devi Desai
- Manoj H Mehta
Holding
The noticees were found to have indulged in circular trading creating artificial volumes in the scrip of Malvica Engineering Ltd., in violation of Regulation 4(1) and 4(2)(a) and (g) of the FUTP Regulations 2003, and were restrained from accessing the securities market for one year. However, the alleged violations of Regulation 4(2)(b), (e) and (n) (price manipulation) were not established as the noticees sold shares at prices less than Rs.5 per share.
Full text
Page 2 of 8 Regulations’), since repealed hence corresponding SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as ‘FUTP Regulations’). During the period of investigations the scrip of MEL was listed on Bombay Stock Exchange (hereinafter referred to as ‘BSE’), Ahmedabad Stock Exchange (hereinafter referred to as ‘ASE’) and Vadodara Stock Exchange (hereinafter referred to as ‘VSE’).
Page 3 of 8 undelivered notice was published in Hindustan Times, a national daily, on August 13, 2009. Shri Pankaj Desai appeared before me on behalf of Shagufta Investments Pvt. Ltd. The other noticees did not appear for the personal hearing.
Page 4 of 8 8.7.03 13090 13090 8.7.03 2051 2051 9.7.03 6300 6300 9.7.03 4210 4210 9.7.03 3000 3000 9.7.03 2690 2690 10.7.03
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Source: SecMarx — sebi:WTM/PS/21/IVD/ID-02/JULY/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.