sebi:WTM/TCN/21/ID3/AUG/2008
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
CCL held guilty of contravening Regulations 4(b) and 4(d) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to the Securities Market) Regulations, 1995; restrained from accessing the securities market and prohibited from buying, selling or otherwise dealing in securities for a period of two years, running concurrently with a prior seven-year restraint order dated October 22, 2007.
Provisions invoked
- s. 19
Regulations
- Reg. 4
- Reg. 11
- Reg. 3
- Reg. 4(b)
Parties
- M/s. Coverage and Consultants Limited (CCL)
Holding
The Whole Time Member held CCL guilty of having contravened the provisions of Regulations 4(b) and 4(d) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to the Securities Market) Regulations, 1995, and restrained CCL from accessing the securities market and from buying, selling or otherwise dealing in securities for a period of two years running concurrently with the earlier seven-year restraint.
Full text
Page 2 of 20 to Rs.18.85) between settlement numbers 44 and 46 (January 17, 2000 to February 4, 2000). The shares of OTPL were also listed on the Vadodara Stock Exchange Ltd. (VSE), Ahmedabad Stock Exchange Ltd. (ASE). In view of the unusual price/ volume increase as stated above, SEBI conducted investigations to find out as to whether there was any manipulation in respect of the said price/volume increase in the shares of OTPL and look into the role of various entities/persons, if any, including the promoters/ directors of OTPL in respect of the said increase.
Page 3 of 20 mentioned that if they failed to submit any reply within the stipulated period of 21 days, it would be presumed that it had no explanations to offer and that suitable actions that deemed fit would be taken against it in the matter.
Page 4 of 20 vi. Shares of OTPL were bought and sold through the BOLT system during market hours through M/s. Kirtikumar Kantilal Shah. There was no intention to create heavy demand in the market. BSE had not annulled the transactions implying that the transactions were genuine. vii. CCL has ceased to have any business connection with Reliable Plastic over last two years. viii. All the transactions carried out were of normal business nature and there was not even a single case of arbitration against CCL by anyone affected by the trades.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/TCN/21/ID3/AUG/2008. 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.