sebi:WTM/TCN/23/IVD/AUG/08
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Show cause notice disposed of without any directions
Provisions invoked
- s. 11B
- s. 19
Regulations
- Reg. 11
- Reg. 3
- Reg. 13
Parties
- Bonanza Biotech Limited (formerly Reliable Plastics Limited)
Holding
The show cause notice issued to M/s. Bonanza Biotech Limited alleging violations of Regulations 3, 4(b) and 4(d) of the FUTP Regulations was disposed of without any directions, exonerating the noticee.
Full text
Page 2 of 7 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 7 3. I note that summons dated June 23, 2003 was sent to Reliable Plastics Limited at their old address at 49-A, Sector A, Sanwer Road, Industrial Area, Indore. They were asked to appear in person and furnish details of the shares acquired/disposed off, distinctive number of shares dealt in by them, mode of acquisition of shares of OTPL, bank statement and date of payment etc. Neither any reply / information was submitted nor they appeared before the investigating authority. Another summons dated January 19, 2004 was sent to the noticee at their new address at 203, Apollo Tower, 2 M. G. Road, Indore, calling for their personal appearance and submission of documents. However there was no response from the noticee.
Page 4 of 7 These shares were not listed at BSE during the period of investigation. As BBL was not the client of M/s Kirtikumar, it was suspected that some other client of this broker would have sold the shares held in the name of Reliable Plastics Ltd.
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/23/IVD/AUG/08. 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.