sebi:WTM/PS/41/IVD/AUG/2015
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Impounded alleged unlawful gains of Rs.4,18,02,420 jointly and severally from 16 persons/entities, restrained debits and alienation of assets, and directed deposit in escrow account with lien in favour of SEBI and filing of asset inventory.
Provisions invoked
- s. 11(4)
- s. 19
- s. 12A
Holding
SEBI, as an interim measure under section 11(4)(d), impounded Rs.4,18,02,420 jointly and severally from 16 connected persons/entities for alleged manipulation and unlawful gains in Polytex India Limited during April 13, 2012 to December 17, 2012. Banks and Depositories were directed to freeze debits and the noticees were restrained from alienating assets until deposit in escrow.
Full text
Page 2 of 12 selling or dealing in securities in any manner whatsoever, till further directions. The interim order alleged that the above persons/entities prima facie violated the provisions of section 12A of the Securities and Exchange Board of India Act, 1992 (“the SEBI Act”) and regulations, 3, 4(1) & (2) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (“the PFUTP Regulations”) while dealing in the shares of the above said companies. After affording opportunity to file replies and personal hearing, SEBI, vide Order dated January 07, 2014, confirmed the interim directions against the aforementioned 11 persons/entities. The above said Orders were issued when the investigations in the matters were in progress.
Page 3 of 12 Gross summary of Buy / Sell of suspected entities SN Client Name Gross Buy % of Gross Buy to Mkt. Volume Gross Sell % of Gross Sell to Mkt. Volume Net Qty. % of Net Qty. to Mkt. Volume 1 DILIPKUMAR JAIN 2895780 16.47 2897891 16.48 -2111 (0.01) 2 RAWAL JINAL 2093677 11.91 2079421 11.83 14256 0.08 3 JIGAR GHOGHARI 1809523 10.29 1955124 11.12 -145601 (0.83) 4 KIRAN SHETH 1489452 8.47 1378459 7.84 110993 0.63 5 BHUPESH RATHOD 1258640 7.16 1172846 6.67 85794 0.49 6 KISHAN SHIGVAN 1106199 6.29 1091124 6.21 15075 0.09 7 KIRAN BHANAES 1032053 5.87 1079497 6.14 -47444 (0.27) 8 JANAK DAVE 591428 3.36 560947 3.19 30481 0.17 9 JATIN SHAH 296196 1.68 405608 2.31 -109412 (0.62)
Page 4 of 12 Dilip Jain KiranBhanaes 250,035 258,226 250035 1.42 134 Dilip Jain KishanShigvan 130,215 104,111 104111 0.59 110 BhupeshRathod Jatin Shah 65,589 143,107 65589 0.37 57 BhupeshRathod Janak Dave 29,970 7,850 7850 0.04 18 BhupeshRathod KiranSheth 42,250 87,841 42250 0.24 21 BhupeshRathod KiranBhanaes 79,204 100,760 79204 0.45 50 BhupeshRathod JinalRawal 213,754 254,405 213754 1.22 114 BhupeshRathod KishanShigvan 91,893 74,719 74,719 0.42 54 Jatin Shah KiranSheth 25,800 2000 2000 0.01 1 Jatin Shah KiranBhanaes 1,721 44,561 1721 0.01 1 Jatin Shah JinalRawal 47,256 43,229 43,229 0.25 21 Janak Dave KiranSheth 58,218 31,169 31,169 0.18 29 Janak Dave KiranBhanaes 85,893 40,629 40,629 0.23 20 Janak Dave JinalRawal 69,046 132,382 69046 0.39 44 Janak Dave KishanShigvan 45,516 38,368 38,368 0.22 38 KiranSheth KiranBhanaes 32,563 18,551 18,551 0.11 14 KiranSheth JinalRawal 254,675 274,465 254675 1.45 97 KiranSheth KishanShigvan 84,652 130,785 84652 0.48 97 KiranBhanaes JinalRawal 156,400 167,040 156400 0.89 101 KiranBhanaes KishanShigvan 76,798 99,797 76798 0.44 84 JinalRawal KishanShigvan 197,264 173,879 173,879 0.99 83 Total
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/PS/41/IVD/AUG/2015. 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.