sebi:WTM/TCN/MIRSD/DPS-1/11/June/08
Facts / Headnote
Interim order dated September 3, 2007 revoked against Mr. Pradipta Chatterjee; interim order continues against MMS, MMI and Mr. S. Mahalingam; separate enquiry proceeding initiated against MMI.
Provisions invoked
- s. 11
- s. 19
Parties
- MMS
- MMI
- Mr. S. Mahalingam
- Mr. Pradipta Chatterjee
Holding
The interim order dated September 3, 2007 was revoked against Mr. Pradipta Chatterjee as the complaints against him had been resolved and withdrawn, while the interim order continues to operate against MMS, MMI and Mr. S. Mahalingam.
Full text
MMI), Mr. Pradipta Chatterjee and Mr. S Mahalingam (all hereinafter referred to as entities). The complainants alleged that during August 24th 2003 and August 1st, 2005 they had given shares of various listed companies to MMS based on the understanding that MMS would give periodical returns in the nature of interest/yield under the Securities Lending Scheme. The complainants further stated that they had been getting regular returns till November 2006 including dividends and bonus/issue declared by the respective companies but thereafter, since December 2006, MMS was neither paying interest/yield on the borrowed shares nor returning the shares to them. The complainants further stated that one cheque dated February 22, 2007 for Rs. 15000 was presented to the bank twice but bounced for want of funds.
3. After receiving the complaints, SEBI conducted a preliminary inquiry based on which an interim order dated September 03, 2007 (hereinafter referred to as ‘the interim order’) was passed against MMS, MMI and their directors Mr. S. Mahalingam & Mr. Pradipta Chatterjee. The interim
S. No Name of the Entity SEBI Registration No. and Date Affiliated Broker/Exchange Status (I) Ltd. /NSE June 2006 5 MMS INS 11591935 / May 2003 Skyes & Ray Equities (I) Ltd. /BSE Surrendered on June 2006 6 MMI INS 12042433 / August 2005 ISE Securities & Services Ltd. / BSE Active
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Source: SecMarx — sebi:WTM/TCN/MIRSD/DPS-1/11/June/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.