sebi:WTM/PS/44/IVD/ID-3/OCT/2010
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Facts / Headnote
Directions issued vide ex-parte ad interim Order dated February 20, 2010 confirmed and continued till further directions, pending completion of investigation.
Provisions invoked
- s. 19
Holding
The Whole Time Member confirmed and continued the directions issued against the 16 parties vide the ex-parte ad interim Order dated February 20, 2010, restraining them from buying, selling or dealing in the securities market till further directions. The order was not modified or revoked as the investigation is in progress.
Full text
Page 2 of 8 Ramesh Hankare, Hasmukh Valchand Jain (HUF), Naresh V. Rajawat (HUF), Mr. Pawanben Valchand Jain, Ms. Reeta Naresh Rajawat, Mr. Kunal Dilip Kothari, Ms. Shweta Bharat Kothari, Ms. Neela Khicha, Ms. Shobha Dilip Kothari, Kamlesh P. Jain (HUF), Mr. Hitesh Mahendra Jain not to buy, sell or deal in the securities market, till further directions as these were prima facie found to have acted as a group and played key role in creating artificial volumes in various scrips namely All Cargo Global Logistics Ltd., Asian Star Co. Ltd., KSL & Industries Ltd., Mavens Biotech Ltd., Panoramic Universal Ltd., Ravi Electronics Ltd., Sat Industries Ltd. and Ushdev International Ltd. during the periods of March 01, 2009 to June 30, 2009 (Period I) and July 01, 2009 to September 20, 2009 (Period 2). The persons against whom the
Page 3 of 8 Naresh Rajwat (HUF), Ms. Reeta N. Rajawat, Ms. Neela Kicha, Ms. Pawanben Valchand Jain, Hasmukh V. Jain (HUF) vide their letter dated March 29, 2010, took common arguments. These are: - always maintained transparency, integrity, honesty and accountability in all operations. - all transactions were undertaken in normal course of business in accordance with the Rules/ Regulations framed by SEBI/ stock exchanges. -
Page 4 of 8 - Both did few delivery based transaction with KNC Shares and Securities Pvt. Ltd. - Alpesh R. Shah had not traded after May 2009 i.e. during period 2 and Anil Rajmal Shah had not traded after June, 2009. - trades were done with genuine intention.
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Source: SecMarx — sebi:WTM/PS/44/IVD/ID-3/OCT/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.