sebi:WTM/TCN/91/IVD2/03/2008
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Noticees held to have aided and abetted KP entities in large scale market manipulation of various scrips including Zee; not directly involved in manipulating the scrip of Zee.
Provisions invoked
- s. 11
- s. 19
- s. 200
- s. 199
Parties
- Zee Telefilms Ltd. (ZTL)
- Subhas Chandra
- Essel group promoter companies (Briggs Trading Co. Pvt. Ltd., Churu Trading Co. Pvt. Ltd., Ganjam Trading Co. Pvt. Ltd., Prajatma Trading Co. Pvt. Ltd., Premier Finance & Investment Co. Ltd., Digital Superhighway)
Holding
The noticees were not directly involved in manipulating the scrip of Zee, but their conduct and actions gave an impression that they aided and abetted KP entities in large scale market manipulation of various scrips including Zee.
Full text
2 at 135 Continental Building, Dr. A B Road, Worli, Mumbai-400 018. The shares of Zee are listed on Bombay Stock Exchange Ltd. (BSE), National Stock Exchange of India Ltd. (NSE) and Kolkata Stock Exchange (CSE).
3 iii. Circular trading and creation of artificial volume; and iv. Benchmarking of the prices of certain scrips by executing non- genuine transactions.
4 alia in the scrip of Zee and thereby disturbed the market equilibrium by creating artificial demand and supply. These transactions distorted the price discovery mechanism and created false and misleading appearance of price and trading in the scrip of Zee.
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Source: SecMarx — sebi:WTM/TCN/91/IVD2/03/2008. 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.