sebi:WTM/RKA/EFD-DRA-I/9-11/2016
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Facts / Headnote
Found violations of PFUTP Regulations and debarred 14 noticees from accessing securities market for 1-3 years with immediate effect - 3 years for Valecha Engineering Limited, Mr. Jagdish K. Valecha, Loop, Valecha Investment Private Limited, Occasion, Worth Buying and Admire; 2 years for F2Fun and Fitness, Core and Brightword; 1 year for Windmill, Ms. Nirjhari Desai, Ms. Reena Valecha and Ms. Padma Valecha.
Provisions invoked
- s. 19
- s. 12A
- s. 11C(5)
Regulations
- Reg. 4
- Reg. 11
- Reg. 3
- Reg. 2(1)(c)
- Reg. 3(a)
Holding
SEBI held that VEL, its managing director and connected/related entities fraudulently financed VEL's own preferential allotments of convertible warrants/equity shares and executed synchronized cross/negotiated deals creating artificial volumes and price discovery, in violation of the PFUTP Regulations, and debarred the 14 noticees from the securities market for periods of 1 to 3 years.
Full text
` Order in the matter of Valecha Engineering Limited Page 2 of 62 Mr. Jinal Bhatt, Company Secretary 8. Loop Engineering Consultants Pvt. Ltd. (Loop) None
` Order in the matter of Valecha Engineering Limited Page 3 of 62 common sub-broker Mr. Rajesh Pradhan, who was an employee of VEL. The basis of connection/ relation amongst all such entities is mentioned in the following table: Table 2: The basis of connection/relation amongst the above companies/entities
` Order in the matter of Valecha Engineering Limited Page 4 of 62 7 Worth Buying Allottee of convertible warrants; traded in the scrip Mr. Ajay Deole; Mr. Anil Lulla; and Mr. Uday S Sane - Same address as D.M. Harish & Co. (a partnership firm of Mr. Anil Harish, Chairman of VEL).
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Source: SecMarx — sebi:WTM/RKA/EFD-DRA-I/9-11/2016. 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.