sebi:WTM/TCN/69/ID5/Nov/2008
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Facts / Headnote
Show cause notices disposed of; no adverse directions issued against Mega Stocks Ltd., Mega Resources Ltd. and The Hoogly Mills Company Ltd.; proceedings against Late Shri Arun Kumar Bajoria abated
Provisions invoked
- s. 11B
- s. 11
Regulations
- Reg. 11
- Reg. 44
- Reg. 4
- Reg. 4(a)
- Reg. 13(2)
Parties
- Mega Stocks Ltd.
- Mega Resources Ltd.
- The Hoogly Mills Company Ltd.
- Shri Arun Kumar Bajoria
Holding
The show cause notices issued against Mega Stocks Ltd., Mega Resources Ltd. and The Hoogly Mills Company Ltd. for alleged violation of Regulation 4(a) of the PFUTP Regulations in the matter of Bombay Dyeing scrip were disposed of without any adverse finding, as there was no material evidence that their deals artificially raised the price of the scrip. The proceedings against Late Shri Arun Kumar Bajoria were abated on account of his demise.
Full text
Page 2 of 8 May 2000 went to Rs. 100 during August 2000 and subsequently to Rs. 120 during October 2000. 2 In view of the above, SEBI conducted investigations into the buying, selling and dealing in the scrip of Bombay Dyeing during the period October 1999 to October 2000 vide order dated November 15, 2000 under SEBI Act, 1992 read with SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Markets) Regulations, 1995 (hereinafter referred to as “PFUTP Regulations”).
Page 3 of 8 and 12 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Markets) Regulations, 1995 asking them to show cause as to why suitable directions including debarring from dealing in securities or accessing capital market for a specific period or any other suitable direction as may be deemed fit and proper should not be issued against them.
Page 4 of 8 5.3 That any increase in price of the scrip is not the responsibility of Shri Arun Bajoria. There are no persons acting in concert with Shri Bajoria in acquiring shares of Bombay Dyeing. Shri Bajoria and any person allegedly acting with him purchased insignificant no. of shares compared to the total shares of Bombay Dyeing.
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Source: SecMarx — sebi:WTM/TCN/69/ID5/Nov/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.