sebi:WTM/RKA/IVD/ID-9/39/2013
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
SCN dated June 29, 2009 disposed of as against (Late) Mr. Satish Mehta, Mr. Deepak Mehta and Mr. Nikunj Mehta; proceedings against Satish Mehta abated due to death; benefit of doubt given to Deepak Mehta and Nikunj Mehta with no directions issued.
Regulations
- Reg. 4(b)
- Reg. 13(2)
Parties
- Mr. Satish Mehta
- Mr. Deepak Mehta
- Mr. Nikunj Mehta
Holding
The SCN dated June 29, 2009 is disposed of as against (Late) Mr. Satish Mehta, Mr. Deepak Mehta and Mr. Nikunj Mehta, with proceedings against Satish Mehta abated due to death and no directions issued against Deepak Mehta and Nikunj Mehta on benefit of doubt.
Full text
Page 2 of 5 as "IPO") of 45,00,000 equity shares of ₹10/- each at par aggregating ₹450 lacs. The IPO opened for subscription on September 28, 2000 and closed on October 3, 2000. The shares of IQMS were listed on Bombay Stock Exchange (hereinafter referred to as "BSE") and Hyderabad Stock Exchange (hereinafter referred to as "HSE").
Page 3 of 5 to be in violation of regulation 4(b), 4(c) and 4(d) of PFUTP Regulations, 1995 read with regulation 13(2) of the PFUTP Regulations, 2003.
Page 4 of 5 II. Submissions of Mr. Nikunj Mehta: a) He stated that he did have a family relationship with Mr. Deepak Mehta and (Late) Mr. Satish Mehta but he was not at all aware of the speculative trading as alleged. b) He had done the transaction for 200 shares only and it was not a regular trading by him in the said scrip. It was an unintentional transaction and the difference between his sale and purchase price was 5 paisa only and there was no intention for doing any sort of speculation and to have undue benefit.
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Source: SecMarx — sebi:WTM/RKA/IVD/ID-9/39/2013. 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.