sebi:WTM/RKA/ISD/66/2016
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Facts / Headnote
Directions contained in the ad interim ex parte order dated December 19, 2014 confirmed qua the Noticees, subject to interim reliefs already granted to them.
Provisions invoked
- s. 11
- s. 19
- s. 12A
- s. 81
- s. 133A
Regulations
- Reg. 2(1)(c)
- Reg. 3(a)
Parties
- East India Securities Limited (EISL)
- Value & Worth
- Mr. Santosh Kumar Shah
- Shree Sudharshan Castings Private Ltd.
- Madsan Agencies Private Limited
- Motorex Finance Private Limited
- Midnight Agencies Private Limited
Holding
The WTM confirmed the directions in the December 19, 2014 ad interim ex parte order against the seven Noticees, finding that they acted in concert as part of the 'First Financial Group' to provide artificial demand and profitable exit to preferential allottees of First Financial Services Limited, thereby misusing the securities market system.
Full text
Order in the matter of First Financial Services Limited Page 1 of 18 WTM/RKA/ISD/66/2016 SECURITIES AND EXCHANGE BOARD OF INDIA
Order in the matter of First Financial Services Limited Page 2 of 18 54,50,000 equity shares at the price of ₹20/- per share (hereinafter referred to as the "1st preferential allotment").
Order in the matter of First Financial Services Limited Page 3 of 18 First Financial Group as described in the interim order. During this period, the preferential allottees were selling and in the process gaining a huge profits/gains.
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Source: SecMarx — sebi:WTM/RKA/ISD/66/2016. 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.