sebi:WTM/RKA/ISD/60/2016
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Facts / Headnote
Interim order directions continued against the noticees, with certain interim reliefs granted/modified; revocation of interim order rejected.
Provisions invoked
- s. 11
- s. 19
- s. 81
Parties
- CIL
- CFL
- CSL
Holding
The noticees failed to make out a prima facie case or show balance of convenience for revocation of the interim order, so the directions in the interim order are continued except as modified by the interim reliefs already granted.
Full text
Order in the matter of First Financial Services Limited Page 2 of 19 aggregating to ₹15,40,00,000/- from the preferential allottees at a premium of ₹10/- per share within a short span of five months of revocation of suspension. First Financial even did not exist at the registered and corporate office addresses available as per BSE’s record.
Order in the matter of First Financial Services Limited Page 3 of 19 fell to as low as ₹7 as on March 31, 2014. During this period, the scrip was traded with an average volume of 8,02,667 shares per day and total volume of 6,01,90,286 shares in 75 trading days.
Order in the matter of First Financial Services Limited Page 4 of 19 (a) Money received through two preferential allotments was immediately transferred by First Financial to several entities including the noticees. Further, several other entities who had received funds from First Financial after the preferential allotment had later transferred those funds back to First Financial and the said funds were further transferred by First Financial to various entities and majorly to noticees herein;
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Source: SecMarx — sebi:WTM/RKA/ISD/60/2016. 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.