sebi:WTM/RKA/140/ISD/2014
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Restrained Moryo Industries Ltd, its promoters, directors, preferential allottees and Moryo Group entities from buying, selling or dealing in the securities market, directly or indirectly, pending inquiry/investigation and final order; objections to be filed within 21 days with option of personal hearing.
Provisions invoked
- s. 11B
- s. 11
- s. 19
- s. 11(1)
- s. 12A
- s. 81
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 3(a)
Holding
The Whole Time Member prima facie found that Moryo Group entities and preferential allottees indulged in manipulative trading to artificially inflate the price and volume of Moryo's scrip to enable allottees to claim long-term capital gains, and restrained them from dealing in securities pending final order.
Full text
Order in the matter of Moryo Industries Ltd Page 2 of 43 total number of paid up shares increased by 12,700,000 shares in FY 2012-13. The shares allotted on preferential basis to aforesaid allottees were locked -in for a period of year till November 08, 2013 in terms of Securities And Exchange Board Of India (Issue of Capital And Disclosure Requirements) Regulations, 2009. Thus, these shares held by the said 42 allottees pursuant to preferential allotment and split were not tradable till November 08, 2013.
Order in the matter of Moryo Industries Ltd Page 3 of 43 Buying behaviour as observed from Last Traded Price (LTP) data.
Order in the matter of Moryo Industries Ltd Page 4 of 43 Corporation Limited AACCL0133G Limestone Properties Private Limited 8000 8000 5.48 2.74 AAACV7299K Victory Sales Pvt.. Ltd. 5000 5000 3.43 1.71 AACCS7980C Sampada Chemicals Limited 4000 4000 2.74 1.37 ATYPB5376M Sagar Girish Bhatt 2500 2500 1.71 0.86
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/RKA/140/ISD/2014. 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.