sebi:WTM/PS/27/IVD/ID-03/SEPT/2011
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Facts / Headnote
Show cause notice dated August 10, 2004 against seven Dugar-related noticees disposed of without imposing any directions; Ashok Kumar Poddar found guilty and warned to be cautious in future dealings
Provisions invoked
- s. 19
Regulations
- Reg. 11
- Reg. 4
- Reg. 4(a)
- Reg. 4(b)
- Reg. 13(2)
Parties
- Surendra Kumar Dugar
- Kamal Kumar Dugar
- Tulsi Kumar Dugar
- Budhmall Dugar & Budhmall Dugar (HUF)
- BMD Financial Services Private Limited
- BMD Estates Private Limited
- Mahaveer Plaza Private Limited
- Ashok Kumar Poddar
Holding
The SCN dated August 10, 2004 against Surendra Kumar Dugar, Kamal Kumar Dugar, Tulsi Kumar Dugar, Budhmall Dugar & HUF, BMD Financial, BMD Estates and Mahaveer Plaza is disposed of without directions, while Ashok Kumar Poddar is held guilty of violating Regulation 4(b) of PFUTP Regulations read with Regulation 13(2) of PFUTP Regulations, 2003 and warned to be cautious.
Full text
Page 2 of 11 2. The investigation prima facie revealed that the persons connected with the company, its directors, major shareholders and their affiliates had tried to manipulate the price of the scrip of Cyberspace. Further, on analysis of the
Page 3 of 11 Cyberspace were in violation of Regulations 4 (a),(b),(c) and (d) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995 (hereinafter referred to as ‘PFUTP Regulations’). Accordingly, the SCN called upon Surendra Kumar Dugar, Kamal Kumar Dugar, Tulsi Kumar Dugar, Budhmall Dugar & Budhmall Dugar (HUF), BMD Financial, BMD Estates and Mahaveer to show cause as to why appropriate action under Sections 11 and 11B of the SEBI Act, including restraining them from dealing in securities in any manner for a particular period should not be initiated against them. Surendra Kumar Dugar, Kamal Kumar Dugar, Tulsi Kumar Dugar, Budhmall Dugar & Budhmall Dugar (HUF), BMD Financial, BMD Estates and Mahaveer replied to the said SCN vide their separate letters and requested for a personal hearing.
Page 4 of 11 submissions were made by them and they sought 10 days time to file the written submissions, which was duly granted.
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Source: SecMarx — sebi:WTM/PS/27/IVD/ID-03/SEPT/2011. 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.