sebi:WTM/PS/61/IVD/ID-06/JAN/2012
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Facts / Headnote
Restrained Chandresh Mehta from buying, selling or dealing in securities and from associating in securities market in any manner whatsoever for a period of one year.
Regulations
- Reg. 11
- Reg. 4(a)
Parties
- Chandresh Mehta
Holding
Chandresh Mehta, as a director of Pradeepak, was held liable for violating Regulations 4(a), (b), (c) and (d) of the SEBI (PFUTP) Regulations, 1995, and was restrained from buying, selling or dealing in securities and from associating with the securities market for a period of one year.
Full text
Page 2 of 5 securities market and prohibited him from associating with the securities market to buy, sell or deal in securities in any manner whatsoever for a period of 5 years for the violation of Regulations 4(a), (b), (c) and (d) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995. The noticee appealed against the said SEBI order (appeal no. 74/2008 respectively) before the Hon’ble Securities Appellate Tribunal (hereinafter referred to as ‘SAT’). However, the Hon’ble SAT, vide its order dated December 17, 2008, noted that the SCN was not delivered to the noticee and hence remitted the case back to SEBI for a fresh decision in accordance with law after serving the copy of the SCN on the appellant. In compliance with the SAT Order the SCN dated May 26, 2004 was sent to Chandresh Mehta vide letter dated May 18, 2009 asking the noticee to show cause as to why suitable directions under Sections 11(4) and 11B of SEBI Act, 1992, including restraining him from accessing the capital market and prohibiting him from buying, selling or dealing in securities in any manner should not be issued against him.
Page 3 of 5 1994. Thereafter, in 1998, the company again changed its name to M/s Cyberspace Infosys Ltd. and is presently known as M/s. Cyberspace Ltd. The company came out with a public issue in December 1994 and its total equity of Rs 5.74 crore was divided into 57.40 lac equity shares of Rs 10 each. The equity shares of Cyberspace were listed on the Delhi Stock Exchange (hereinafter referred to as ‘DSE’), the Uttar Pradesh Stock Exchange (hereinafter referred to as ‘UPSE’), the Bombay Stock Exchange (hereinafter referred to as ‘BSE’) and the National Stock Exchange (hereinafter referred to as ‘NSE’). The scrip of Cyberspace was traded in compulsory rolling settlement. As per the distribution schedule dated May 31, 2000, the promoters and group companies were holding 42.73% and the public holding was 42.88%. In 1993-94, Shri A.K Johari and Shri Arvind Johari had taken over Cyberspace as promoters.
Page 4 of 5 revealed off-market transfers to and from CCL and entities associated with CCL and its promoters including Nucleus Soft-Tel Ltd., Kamrao Plastique Ltd., Octopus Soft-Tel Pvt. Ltd., Rosewood Tradelinks Pvt. Ltd., Delta Investments, Arihant Investments, and Shivam Multi Services Pvt. Ltd. These entities were linked to Cyberspace and/or CCL as under:
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Source: SecMarx — sebi:WTM/PS/61/IVD/ID-06/JAN/2012. 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.