sebi:WTM/SM/IVD/15/2021-22
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Facts / Headnote
Show Cause Notice allegations of insider trading not established; proceedings against Noticees dropped with no directions issued
Provisions invoked
- s. 11B
- s. 11
- s. 11(1)
- s. 12A
- s. 12
- s. 11A
- s. 307
Regulations
- Reg. 3
- Reg. 199
- Reg. 3(i)
- Reg. 4
- Reg. 2
- Reg. 2(c)
- Reg. 2(e)
- Reg. 12
- Reg. 9
Parties
- Pilot Consultants Private Limited
- Bijco Holdings Limited
- Manphool Exports Limited
- Mangaladevi Ramamirtham
- Sankaranarayanan Ramamirtham
- Valsons Securities Limited
- Hayati Dharmesh Vala
- Paresh Nalin Sanghavi
- Vasudha Anilkumar Kedia
Holding
The charges that the 13 Noticees dealt in Sabero Organics Gujarat Limited while in possession of UPSI in violation of Section 12A(d),(e) read with Regulations 3(i) and 4 of PIT Regulations, 1992 were not established and the proceedings were dropped.
Full text
Order in the matter of Sabero Organics Gujarat Limited Page 1 of 54 WTM/SM/IVD/ 15/ 2021-22 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA CORAM: S. K. MOHANTY, WHOLE TIME MEMBER
Order in the matter of Sabero Organics Gujarat Limited Page 2 of 54 13. Vasudha Anilkumar Kedia AMAPK7163Q SEBI/HO/OW/EFD/DRA2/SPV/ AS/2018/15278/7/1
Order in the matter of Sabero Organics Gujarat Limited Page 3 of 54 convenience “2016 Order”) set aside the said directions issued vide the Interim Order and ordered for a re-investigation into the matter relating to trading in the shares of Sabero during the relevant period. At this stage, it is befitting here to produce the relevant extract of the operating portion of the 2016 Order, whereby re-investigation was directed by the Competent Authority: - “10.9.3 I am therefore of the considered view that unless the investigation dwells deeper and brings out the truth in respect of all the entities, many of the perpetrators of the insider trading in this case may remain undetected forever. It is in the interests of investors that all the perpetrators of insider trading in this case are brought to book and sternly dealt with. As more material facts need to be unearthed to arrive at a clear finding in the matter, I am of the view that this is the fit case of re- investigation and SEBI should employ all the investigative powers entrusted to it to unearth the entire truth and to find out the role of each of the suspected entities vis a vis the persons/entities privy to the UPSI including the Noticees herein. Some contentions have been raised by the Noticees-it is necessary that these questions are addressed. The Investigating Authority shall be at liberty to look into all aspects of the impugned transactions including as to whether any of the other ‘insiders’ have supplied the UPSI
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Source: SecMarx — sebi:WTM/SM/IVD/15/2021-22. 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.