sebi:WTM/TCN/116/IVD2/Jan/2009
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Facts / Headnote
Mividha Investments Pvt. Ltd. prohibited from buying, selling or dealing in securities in any manner, directly or indirectly, for a period of six months with immediate effect.
Provisions invoked
- s. 11
- s. 19
Regulations
- Reg. 11
- Reg. 4
Parties
- Mividha Investments Pvt. Ltd.
Holding
Mividha Investments Pvt. Ltd. violated clauses (a), (b), (c) and (d) of Regulation 4 of the PFUTP Regulations, 1995 by aiding and abetting Ketan Parekh in manipulative trading in Aftek scrip, and was directed not to buy, sell or deal in securities directly or indirectly for six months.
Full text
2 N. K. Shukla, Shri M. S. Dalal & Shri P. Baroota also bought back nine lakh shares of Aftek from Industrial Development Bank of India (hereinafter referred to as “IDBI”) which were held by IDBI pursuant to a buy back agreement between Aftek and IDBI at the time of the IPO of Aftek in 1995.
3 Trade Practices Relating to Securities Market) Regulations, 1995 (hereinafter referred to as “PFUTP Regulations”), SEBI (Stock Brokers and Sub Brokers) Rules and Regulations, 1992, and or any provision of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997.
4 2.2 On the basis of aforesaid findings, Mividha was called upon to show cause as to why necessary directions under Section 11 and 11B of the SEBI Act, 1992 read with Regulation 11 of PFUTP Regulations including a direction debarring it/its director(s) from dealing in securities for a particular duration or being associated with the capital market should not be passed.
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Source: SecMarx — sebi:WTM/TCN/116/IVD2/Jan/2009. 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.