sebi:WTM/RKA/ISD/65/2012
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Facts / Headnote
Directions issued vide the ad interim ex-parte order dated August 03, 2012 against Mr. Umang Nemani and M/s Cheminare Trade Comm Pvt. Ltd. confirmed; no intervention called for in vacating or modifying the interim directions.
Provisions invoked
- s. 19
Parties
- Mr. Umang Nemani
- M/s Cheminare Trade Comm Pvt. Ltd.
Holding
The directions issued against Mr. Umang Nemani and M/s Cheminare Trade Comm Pvt. Ltd. under the ad interim ex-parte order dated August 03, 2012 are confirmed, as the noticees failed to make out a prima facie case for revocation or modification of the interim order.
Full text
Page 2 of 8 submitted that they are unable to appear before SEBI on the aforementioned date and submissions in their letter should be taken on record for deciding on the allegations against them. In view of the same, I proceed to deal with the matters with respect to Mr. Nemani and Cheminare on the basis of material available on record and their written replies.
Page 3 of 8 behest of Kotak Mahindra Investments Ltd (KMIL) (from whom he has availed margin funding) due to margin shortfall.
Page 4 of 8 Presently, the registered office address of Cheminare is 12, Shivnath Shastri Sarani, Block-E, New Alipore, Kolkotta – 700 053 and not 9, Abhoy Guha Road, Liluah, Howrah – 711 024 as stated in the ad-interim order. The registered office address of Cheminare was shifted to the present address since 02/01/2012 i.e. almost 6 months prior to the impugned trades. Further, he submitted a copy of the Form 18 (deals with notice of situation or change of situation of registered office) filed with Ministry of Corporate Affairs (MCA) to substantiate his claim. M/s Vikash Financial Services Pvt. Ltd. had been a shareholder of Cheminare in the past and on the date of his taking over Cheminare, M/s Vikash was not a shareholder in Cheminare. He is not related to M/s Vikash and M/s Flex Trade Pvt. Ltd. for the purpose of his share trading activity. Therefore, entire basis of clubbing Mr. Nemani with other entities mentioned in the interim order is fallacious.
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Source: SecMarx — sebi:WTM/RKA/ISD/65/2012. 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.