sebi:WTM/PS/IVD-ID8/31/MAY/2012
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Facts / Headnote
Confirmed
Provisions invoked
- s. 19
Parties
- M/s. Shreya Multitrade Pvt. Ltd.
- Shri Rajan Babu Bhambale
- Shri Kejas Ashok Parmar
Holding
The Whole Time Member confirmed the ad-interim ex-parte directions issued vide order dated December 28, 2011 in the IPO matter of Taksheel Solutions Ltd. against M/s. Shreya Multitrade Pvt. Ltd. and its directors and found no merit in vacating or modifying the order at this stage.
Full text
Page 2 of 6 submissions. Thereafter, Shreya had filed additional submissions vide its letter dated March 16, 2012. The submissions of Shreya are summed up as under: • Shreya traded in the shares of Taksheel using its own funds.
Page 3 of 6 5. Before proceeding further, it would be necessary to note the background of the matter. Taksheel Solutions Ltd (hereinafter referred to as Taksheel) came out with its IPO for issue of 55,00,000 equity shares of face value of 10 each. The issue price of the IPO was at a price of 150 each, aggregating to 82.50 crore. On the day of listing i.e. October 19, 2011, it was observed huge volatility in price and transaction volume and accordingly SEBI initiated investigation in the matter. The prima facie findings of the investigation include that Taksheel and its directors had made various misstatements in the offer documents, hidden vital pieces of information and have also made material inaccurate and untrue statements, siphoned off part of IPO proceeds in a circuitous route to certain entities and operators in order to enable them to absorb losses incurred by them in the process and lack of adequate and independent due diligence on the part of PNB Investment Services Ltd.
Page 4 of 6 Further, out of these funds, RVM transferred to the extent of 3 crore to Snehsil Marketing ltd on October 25, 2011. Of the 3 crore received by Snehsil Marketing Ltd., 2 crore was transferred to Shreya on October 27, 2011, which in turn paid to its Broker i.e. Sunteck WealthMax Capital Pvt Ltd. (earlier known as Satguru Capital & Finance pvt Ltd.) on October 28, 2011. The aforesaid details are presented pictorially as below:
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Source: SecMarx — sebi:WTM/PS/IVD-ID8/31/MAY/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.