sebi:WTM/RKA/ISD/25/2012
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Show cause notice disposed of without passing any direction against the noticee
Provisions invoked
- s. 19
Parties
- Mr. Ramesh Chandra Jain
Holding
The show cause notice issued to Mr. Ramesh Chandra Jain in the matter of IFSL Limited was disposed of without passing any direction against him, as the evidence on record was insufficient to hold him liable for the alleged violations.
Full text
Page 2 of 2 opportunity of personal hearing was granted to him before me on July 17, 2012 wherein he appeared and made oral submissions.
4. I have considered the SCN, the reply, oral submissions of the noticee and other material available on record. Mr. Ramesh Chandra Jain has submitted that he had traded only 2000 shares of IFSL. He further submitted that he had not introduced Mr. Vikas Nanavar to Adolf Pinto as alleged in the SCN and has referred an order of SEBI dated December 15, 2009 in this regard passed under adjudication proceedings in some other matter where a finding has been given that he had not introduced Mr. Vikas Nanavar. He also contended that even if assumed, that he had introduced Mr. Vikas Nanavar to Adolf Pinto, he has not committed any wrong by doing so. He further stated that the SCN is general and common which does not reflect his exact role to whom the allegation of committing fraud is being made.
5. I note that the only linkage as brought out in the SCN is that Mr. Ramesh Chandra Jain had introduced another person of the group Mr. Vikas Nanavar to the stock broker Adolf Pinto. Even this is disputable more so when SEBI itself has given a finding that Mr. Ramesh Chandra Jain had not introduced Mr. Vikas Nanavar to the stock broker Adolf Pinto, albeit in different matter. There is no other evidence of his connection either with any of the promoter, director of IFSL or any other entity of the interconnected group. Further, Mr. Ramesh Chandra Jain has bought only 2000 shares of IFSL during the relevant time. In my view, these evidences are not sufficient for holding Mr. Ramesh Chandra Jain liable for violation of various provisions of law as alleged in the SCN.
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Source: SecMarx — sebi:WTM/RKA/ISD/25/2012. 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.