sebi:WTM/SKM/53/2021-22
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Facts / Headnote
Disgorgement of unlawful gains of INR 4,67,06,770 with interest, adjusted for INR 2 Crore already deposited, resulting in net disgorgement amount of INR 8,72,66,716.60, along with further interest at 12% from date of order till payment; Noticees directed not to dispose of assets and to provide inventory of assets.
Parties
- Somani Overseas Limited
- Sumeet Menthol Private Limited
- Sumeet Silk Processors Private Limited
- Sitaram Prints Private Limited
- Ambaji Syntex Private Limited
- Urmila Sunder
- Ganga Somani
- Sumandevi Somani
- Shankarlal Somani
- Raj Kumar Somani
- Bajranglal Somani
Holding
SEBI recalculated the unlawful gains of the Noticees in trading the scrip of Sumeet Industries Limited, adopting the acquisition price of INR 5.34 per share (as directed by SAT) instead of INR 4.33, and sale price of INR 18.98 per share, arriving at unlawful gains of INR 4,67,06,770, and directed disgorgement of the net amount of INR 8,72,66,716.60 after adjusting the INR 2 Crore already deposited, along with interest at 12%.
Full text
Order in the matter of Sumeet Industries Limited Page 1 of 7 WTM/SKM/ 53 /2021-22 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA CORAM: S.K. MOHANTY, WHOLE TIME MEMBER
Order in the matter of Sumeet Industries Limited Page 2 of 7 Exchange Board of India (hereinafter referred to as "SEBI"), including
Order in the matter of Sumeet Industries Limited Page 3 of 7 TABLE-1 S. No. Name Sell Qty Sell Value* Buy Qty Buy Value** Net Sell Qty or Excess Shares Net Sell Value Acquisition price as per Hon’ble SAT order Buy Value of excess shares Unlawful gains for
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Source: SecMarx — sebi:WTM/SKM/53/2021-22. 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.