sebi:WTM/TCN/79/IVD5/08
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Facts / Headnote
Ad-interim ex-parte order dated September 29, 2005 revoked
Provisions invoked
- s. 19
Holding
SEBI revoked the ad-interim ex-parte order dated September 29, 2005 which had imposed interim restrictions on the company, its promoters, directors, clients, brokers and auditor, on the ground that no useful purpose would be served in continuing the interim restrictions.
Full text
2 under law. It was noted that trading volume and price of such scrips had increased many fold due to these announcements but curiously during the proceeding period the holdings of promoters and directors of these companies had decreased substantially. It was observed that the promoters and directors had sold their shares after these favorable announcements, at higher prices pocketing good amount. One such company whose shares showed a significant increase in prices as well as trading volumes in a short period from June to September, 2005 was Prime Property Development Corporation Ltd. (hereinafter referred to as the company). There were flurry of market friendly announcements resulting in meteoric increase in price and trading volumes of the shares of the company coupled with large sell transactions by the promoters and directors of the company during June – September, 2005.
3 c. The Stock Brokers viz., Indiabulls Securities Ltd. (formerly Orbis Securities Pvt Ltd), Mansukhlal M. Upadhyay, Harikishan Hiralal, Ajmera Associates Pvt. Ltd and Ventura Securities Ltd were directed not to buy, sell or deal in securities of Prime Property Development Corporation Ltd. on behalf of the promoters, directors and clients mentioned in the said order (paras a & b above) directly or indirectly, till further directions;
4 Shah, Shri Nitin R. Kilawala, Shri Viren C Mikshita forwarded their submissions vide letter dated October 10, 2005. B. Shri M.A. Somji, Shri Siraj M. Somji, Shri Shabbir M Somji, Smt. Shainaz S. Somji and Smt. Dilshad S. Somji sumitted their written replies vide letter dated October 13, 2005.
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Source: SecMarx — sebi:WTM/TCN/79/IVD5/08. 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.