sebi:WTMO/30/IVD/3/04
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Provisions invoked
- s. 11(4)
- s. 19
- s. 12
Regulations
- Reg. 4
- Reg. 11
- Reg. 7
- Reg. 13
- Reg. 4(a)
- Reg. 3
- Reg. 199
- Reg. 5
- Reg. 13(3)
- Reg. 200
- Reg. 2
- Reg. 2(c)
- Reg. 2(e)
- Reg. 2(h)
- Reg. 18(22)
- Reg. 2(1)
- Reg. 22(e)
- Reg. 44
- Reg. 68(h)
Parties
- Shri Samir C. Arora
Holding
Shri Samir C. Arora was held guilty of grave professional misconduct and of violating Regulations 4(a), 4(b), 4(c), 4(d) and 5 of the FUTP Regulations, 1995 and Regulation 3 of the Insider Trading Regulations, 1992, attracting remedial action under Sections 11(4) and 11B of the SEBI Act, 1992.
Full text
2 Ø ACM issued a press release on February 3, 2003 stating that they had completed the review of the strategic alternative for ACAML and they would retain their ownership in the ACMF. Ø Following the decision of not pursuing the sale of stake by ACM, the prices of the aforementioned scrips bounced back.
3 Interim Order 2.1 In view of the aforesaid prima-facie findings of SEBI against Samri C. Arora and since he was in the process of setting up a new asset management business in India, there was an urgent need to take an emergent action to restrain Shri Samri
4 (SAT). Even before SAT could hear his case, Shri Samir C Arora, filed a Writ Petition no. 2693 of 2003 in the Hon’ble High Court of Mumbai for remedy, on the grounds that the SAT was not fully functional and that there was a vacuum. During the hearing Union of India informed the Hon’ble High Court that the hearing was fixed for December 15, 2003 and by that time Tribunal will be functional. In view of the said statement the petitioner sought leave of the Court to withdraw the petition. Accordingly, the Hon’ble High Court has dismissed the writ petition as withdrawn. Thereafter, SAT heard the appeal and vide its interim
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Source: SecMarx — sebi:WTMO/30/IVD/3/04. 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.