sebi:WTM/RKA/ISD/02/2013
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Facts / Headnote
Directions issued against the noticees vide ad-interim ex-parte order dated August 03, 2012 confirmed; order to remain in force till further directions.
Provisions invoked
- s. 11
- s. 19
Parties
- Ajit Kumar Jain
- Kuvam Plast Private Limited
- Manish Agarwal
Holding
The Whole Time Member confirmed the ad-interim ex-parte directions issued on August 03, 2012 against Ajit Kumar Jain, Kuvam Plast Private Limited and Manish Agarwal, finding no merit in their objections and no ground to vacate or modify the interim directions.
Full text
Page 2 of 8 In view of the same, I proceed to deal with the matters with respect to these noticees on the basis of material available on record and their written replies.
Page 3 of 8 The said phone number was wrongly incorporated in his KYC by NBSPL and on being aware of it; he got it corrected by NBSPL. He has further submitted he is not related to Divya Drishti Traders Pvt. Ltd/ Divya Drishti Merchants Pvt Ltd/ Wheelers Developers Pvt Ltd., the banned entities, with whom he is alleged to be connected through M/s Mukesh Trade & Finance Pvt. Ltd ('M/s Mukesh'), a NBFC. He has claimed that he is director in M/s Mukesh but the alleged phone no 022-22306695 does not belong to him or M/s Mukesh. This phone number was wrongly recorded by M/s Manoj Shaw & Co. (Company Secretary of M/s Mukesh) while preparing the Annual Return of M/s Mukesh for the Annual General Meeting held on September 30, 2011. In support of this claim he has filed a copy of the letter dated August 18, 2012 from M/s Manoj Shaw & Co. wherein it is stated that it had erroneously recorded the phone number 022-22306695 in M/s Mukesh's Annual Return. He has further submitted that he is not connected to M/s North Eastern Publishing and Advertising Company Ltd. ('M/s North Eastern') in any manner, whatsoever. He has contended that he is director in several companies having their registered office at '5, Gorkhy Terrace, Kolkotta - 700 007', which is also the office address of M/s North Eastern as alleged , and he is not a shareholder in any of these companies and is related to them in his professional capacity only.
Page 4 of 8 placed any sell order with the broker M/s Nirmal Bang Securities Pvt. Ltd. (‘NBSPL’) on July 26, 2012 and the trades alleged to be done by him i.e. 4,11,208 shares (1,11,208 shares in the identified price fall patch) of Parsvnath, 1,00,000 shares (in the identified price fall patch) of Tulip and 20,67,887 shares (3,51,152 shares in the identified price fall patch) of Pipavav were not executed on his instruction and the same were unauthorised trades. He had also availed margin funding facility from M/s Nirmal Bang Financial Services Pvt. Ltd. (‘NBFSPL’) and apprehends that the broker, NBSPL, itself had executed those trades on account of margin shortfall in his account. He had also not received any letter from NBFSPL about any call for margin shortfall in his account. In support of his submissions, Mr. Manish has relied upon the copies of the e- mails dated July 31, 2012 and August 08, 2012 written by him to the NBSPL raising objections regarding the said trades and denying the responsibility for the alleged trades mentioned in ad-
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Source: SecMarx — sebi:WTM/RKA/ISD/02/2013. 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.