sebi:WTM/RKA/ISD/18/2013

SEBI · SEBI · 2011-06-28 · Rajeev Kumar Agarwal, Whole Time Member

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Facts / Headnote

Ad-interim ex-parte order restraining the promoters of PMTL and the Shah/Patel Group entities from accessing the securities market and buying, selling or dealing in securities, pending investigation; Stock Exchanges and Depositories directed to enforce the directions.

Provisions invoked

Regulations

Parties

Holding

The WTM of SEBI prima facie found that the three promoters of PMTL and the Shah/Patel Group entities dealt in securities of PMTL and 8KMILES in a fraudulent and manipulative manner, acting in concert to create artificial volumes and manipulate prices, and issued ad-interim ex-parte directions restraining them from accessing the securities market pending investigation.

Full text

Page 2 of 14 3. It was found that Mr. Gulab Chand Pukhraj Surana (PAN-AINPS9082R), Mr. Dipin Surana (PAN- AINPS9083Q) and Mr. Ravi Pukhraj Surana (PAN- AINPS9085J){hereinafter collectively referred to as 'promoters'} are from amongst the promoters of PMTL. Mr. Gulab Chand Pukhraj Surana is the Managing Director of PMTL. From the KYC details and information available in the Surveillance System, it was observed that following related/connected entities (hereinafter referred to as Shah/Patel Group'), have substantially traded in the scrip of the PMTL during its examination period : Table - 1 S.No. Name of the entity PAN Factors for determining relation/connection 1 Jipal Pineshkumar Shah BMWPS2515R  Common telephone no. 9978834974 of entities at S.No. 1, 2, 4, 5, 6, 7, 8, 9, 10  Common telephone no. 9825011486 of entities at S. No.1, 3 and 4  Bhavini Shah and Vijay Shah have common address at " -10/113-Shanti Apartment, 192 MIG Flats, Shastrinagar, Naranpura, Ahmedabad, Gujarat - 380013."  Pankaj Patel and Ronakbhai Patel have common address at - "1209 Vaniavad Luhar Sheri Saraspur Ahmedabad, Ahmedabad, Gujarat, 380001."  Hema Patel and Urmilaben Patel have common address at -" C/2, Mansarovar Apt. b/h Galaxy Cinema, Naroda, Ahmedabad, Gujarat, 382346"  Off-market transactions in shares of PMTL amongst the Shah/Patel Group in the scrip during the examination period  Jagdish Ramanlal Patel received shares of PMTL from Gulab Chand Pukhraj Surana, one of the promoters of the

Page 3 of 14 4. Examination revealed that on June 28, 2011, one of the promoters of PMTL, Mr. Gulab Chand Pukhraj Surana transferred 2,50,000 shares of the PMTL to an entity of Shah/Patel Group i.e. Mr. Jagdish Ramanlal Patel. From the bank statements of entities of Shah/Patel Group and PM Telecom (PMTC), which is a company that has the promoters of PMTL (Mr. Gulab Chand Pukhraj Surana, Mr. Dipin Surana and Mr. Ravi Pukhraj Surana) as its signatories to its bank account, , it was observed that:-

Page 4 of 14 (a) On June 24, 2011, an amount of ₹ 10,00,000/ was transferred to the account of Daivik Jatinbhai Shah. (b) On February 03, 2012, an amount of ₹ 30,00,000/ was transferred to Saurin Pravinbhai Shah who further transferred the said amount to Jipal Pineshkumar Shah, who in turn transferred the amount to ASE Capital Markets Ltd, a stock broker.

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Source: SecMarx — sebi:WTM/RKA/ISD/18/2013. 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.