sebi:WTM/PS/25/IVD/ID-6/DEC/09
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Facts / Headnote
Restrained from buying, selling or dealing in securities market or accessing the securities market, directly or indirectly, for a period of three years from the date of the order
Provisions invoked
- s. 11
Regulations
- Reg. 3
- Reg. 6
- Reg. 5
Parties
- Mr. Rajesh Kumar Vittalbhai Patel
Holding
The noticee, Mr. Rajesh Kumar Vittalbhai Patel, was found to have dealt in the securities market during the period of debarment imposed by SEBI's order dated February 19, 2002 in the matter of Adeshwar Cotton Industries Ltd., and was restrained from accessing the securities market for three years.
Full text
Page 2 of 7 3. Investigations conducted by SEBI revealed that no shares were allotted to entities as advertised by Genus. Investigations further revealed increase in trading volume in the shares of Genus prior to issue of advertisement and subsequent to the issuance of the advertisement. During this time, it was noticed that the price of the scrip was falling. It was also revealed that entities/ individuals related to Genus including Mr. Rajesh Kumar Vittalbhai Patel (hereinafter referred to as ‘noticee’), etc. had transferred shares of the company in off-market to various persons, as detailed below. The directors of Genus were found responsible for issuing misleading advertisements. These advertisements were published without any enabling provisions for buy back in Articles of Associations of Genus.
Page 3 of 7 of Regulation 5 (1) (a) and (b) and Regulation 6 (a) of the PFUTP Regulations. Further, Mr. Pritesh B Shah and the other entities were held to have violated the provisions of Regulations 3, 4 (a), (b), (c) and (d) and 6(a) of PFUTP Regulations. Further, the said order restrained the company and various other entities/ person viz. Mr. Pritesh B Shah, Zenet Software Limited, Mr. Urvish Ramesh Vora, Mr. Rakesh Ramniklal Sheth, Mr. Tushar Jhaveri, Mr. Hitesh R. Bhatt, Mr. Kalpesh R. Sheth, Mr. Rinku J. Shah, Galaxy Home Appliances, Mr. Mahendra K. Sutaria and Mr. Piyush Jhaveri from accessing the securities market and also prohibited them from buying, selling or otherwise dealing or associating with the securities market in any manner whatsoever for a period of two years.
Page 4 of 7 9. I have considered the SCN, reply of the noticee and material available on record. The submissions of the noticee in brief are:
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Source: SecMarx — sebi:WTM/PS/25/IVD/ID-6/DEC/09. 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.