sebi:WTM/TCN/ID3/19/July/2008
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Facts / Headnote
Show cause notice disposed of without any directions
Provisions invoked
- s. 11B
- s. 11(4)
- s. 19
Regulations
- Reg. 12
Parties
- Shri Amal Parikh
Holding
The show cause notice issued to Shri Amal Parikh in the matter of M/s. Color Chip India Limited was disposed of without any directions, and no debarring or penalty was imposed on him.
Full text
2 fresh certificate of incorporation on change of name to Rusoday Finance Limited on June 04, 1996, Global Fiscals Limited on June 06, 1996, Arham Fiscals Limited on April 28, 1997 and CCIL on January 05, 2000. The company was listed on the Hyderabad Stock Exchange on August 25, 1997, at Bombay Stock Exchange (hereinafter BSE) on September 01, 1997 and at National Stock Exchange (hereinafter NSE) on September 03, 1997. Initially CCIL was known as Color Chips Animation Park Limited (hereinafter CCAPL) and after the acquisition of Arham Fiscals Limited it was named CCIL. The Board of Directors of the company included Shri. Uttam P. Kumar, Dr. P. Pitamber, Shri R.S Sudish and Shri Y Suryanarayana. In an Extra Ordinary General Meeting held on January 3, 2000 a special resolution was passed under Regulation 12 of SEBI (SAST), Regulations, 1997 by the members allowing for the acquisition of control and management by Shri Uttam P Kumar. Pursuant to this resolution, Shri Uttam Kumar acquired the control and management of the company.
3 4. It has been observed from the BSE reports that the first trade in the scrip was at Rs. 57 on January 20, 2000 and on the same day it increased upto Rs. 290 and closed at Rs. 216.30. The lowest price recorded on this day was Rs. 50 and total quantity traded was 2, 30,800 shares. The trading quantity during the entire investigation period was 23, 00, 900 shares.
4 the pricing was due to the negotiations with the different promoters of Arham Fiscals Ltd. The acquirers of Arham Fiscal Ltd i.e. CCAPL along with Shri B K Sharma had acquired more than 36 lakhs shares that they had officially declared, from the promoters and existing shareholders of Arham Fiscal Ltd. They acquired the additional shares in the names of front companies like Kruthika Portfolios and various individuals related to the acquirers.
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Source: SecMarx — sebi:WTM/TCN/ID3/19/July/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.