sebi:WTM/RKA/ISD/33/2016
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Facts / Headnote
Directions issued vide para 32 of the interim order dated December 04, 2014 confirmed against the listed noticees; matter to be decided further after completion of investigation.
Provisions invoked
- s. 19
Holding
The Whole Time Member confirmed the directions issued in the ad interim ex-parte order dated December 04, 2014 against Moryo, its directors/promoters, preferential allottees, and Moryo Group entities, as the noticees failed to make out a prima facie case for revocation or modification.
Full text
Order in the matter of Moryo Industries Limited Page 2 of 3 Ltd (Moryo), its directors/promoters, preferential allottees, and entities connected to Moryo or its directors/promoters (Moryo Group) employed a device wherein the company in nexus with the preferential allottees made a facade of preferential allotment. After the expiry of the lock-in period, the Moryo Group entities purchased shares from preferential allottees at artificially increased prices. In the whole process, entities of the Moryo Group provided a hugely profitable exit to the preferential allottees. Hence, the preferential allottees with the aid of the entities of the Moryo Group misused the stock exchange mechanism to exit at a high price in order to book illegitimate gains with no payment of taxes as long term capital gain (“LTCG”) is tax exempt.
Order in the matter of Moryo Industries Limited Page 3 of 3 3 Romy Realty Private Limited AADCR6342Q Moryo Group 4 Surface Finance Pvt Ltd AABCS1202L Moryo Group 5 Olympia Multitrading Private Limited AABCO7262J Moryo Group 6 Isairis Trading Private Limited AADCI0407P Moryo Group 7 Samskara Sales Agency Private Limited AATCS7717A Moryo Group 8 Gulmohar Dealcom Private Limited AADCG9091K Moryo Group 9 Mr. Saurabh Surendra Jadhav ANGPJ6430Q Moryo Group 10 Mr. Deepak Suryakant Chavan AJAPC0258P Moryo Group 11 Mr. Suryakant Chanpur ANDPC7557J Moryo Group 12 Helpful Investment Advisory Private Limited AACCH4303G Moryo Group 13 Sadakirti Dealer Pvt. Ltd. AANCS5873M Moryo Group 14 Dharti Developers and Constructions Pvt. Ltd. AADCD5959M Moryo Group 15 Mr. Ganesh Eknath Chandanshive ARWPC4266D Moryo Group 16 Goodpoint Impex Private Limited AAFCG0606G Moryo Group 17 Shivsathi Mercantile Private Limited AASCS6284R Moryo Group 18 Shallot Dealtrade Private Limited AARCS4827R Moryo Group 19 Limestone Properties Pvt. Ltd. AACCL0133G Moryo Group 20 Mahasvin Trading Pvt. Ltd. AAJCM1338F Moryo Group
3. At paragraph 34 of the interim order, the noticees have been advised that they may file their objections, if any, within twenty one days from the date of this interim order and, if they so desire, may avail themselves of an opportunity of personal hearing before SEBI, on a date and time to be fixed on a specific request, received from them. I note that though a copy of the
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Source: SecMarx — sebi:WTM/RKA/ISD/33/2016. 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.