Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
..... therefore, in exercise of the powers conferred upon me by virtue of section 19 read with sections 11 (4) (b) and 11b of the securities and exchange board of india act, 1992, read with regulations 4 (b) and (d) of the sebi ( prohibition of fraudulent and unfair trade practices relating to the securities market) regulations,1995 read with regulation 11 and 13 of the sebi (prohibition of fraudulent and unfair trade practices relating to securities market) regulations,2003, i hereby direct that m/s. ..... further investigations conducted by the securities and exchange board of india (hereinafter referred to as sebi) brought out that two nse brokers - m/s. o. j. ..... agarwal under section 11 (4) (b) read with section 11b of the sebi act,1992, read with the provisions of regulation 11 and 13 of the sebi (prohibition of fraudulent and unfair trade practices relating to the securities market) regulations, 2003 asking them to show cause as to why suitable directions including such directions prohibiting them from buying, selling or dealing in securities for a specified period should not be issued. ..... had acted in a manipulative manner in order to create an artificial market and disturb the market equilibrium in the scrip of havells india ltd, which is detrimental to the stability of the securities market and for the interest of investors. .....
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
Reported in : (2006)68SCL287SAT
..... the securities and exchange board of india (substantial acquisition of shares & takeovers) regulations, 1997 (hereinafter referred to as "the regulations") have been framed by the securities and exchange board of india (for short "the board") in exercise of its powers under section 30 of the securities and exchange board of india act, 1992 (for short "the act") ..... soon after the public announcement, the appellant filed an application dated 6/4/2005 before the board complaining that burren and ubl were trying to seek legitimacy and legal sanction for a fraudulent acquisition of control of the target company which is a listed company and that the entire fraud was being put through the regulations in derogation of the contractual rights of the ..... was contended that there is no order passed by the board under the regulations by which the appellant could feel aggrieved and therefore the appeal filed by it under section 15t of the act is not maintainable. ..... the board further informed the appellant that the agreement between burren and uic for purchase of shares of ubl was an agreement between two foreign companies whereby shares of another foreign company were acquired outside india and, therefore, the validity of such an agreement could be challenged only according to the laws of domicile of those ..... harish salve, learned senior counsel strenuously urged that burren and the target company both acted illegally in appointing two nominees of burren on the board of directors of the target company. .....
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
..... 27, 2006 (hereinafter referred to as the 'order') under section 19 read with sections 11, 11b and 11(4) of the securities and exchange board of india act, 1992 and section 19 of the depositories act, 1996 pending enquiry and passing final order, certain interim directions were issued against various market participants including anagram securities limited. ..... days thereafter.4.3 with regard to the prima facie finding that asl had been maintaining more than one such margin accounts with other dps and that in one such account asl had received the shares of tcs from shri purushottam budhwani and asl's submission in that connection that the same was done for the administrative convenience as referred in para 3.4 above, i find ..... operational reasons such as ensuring smooth operation of settlement procedures of the nse and compliance of pay in obligation on behalf of clients in terms of both cash and securities necessitated a number of margin accounts.3.5 asl further urged for appropriate relief ..... above were issued against asl.2.5 asl was given an opportunity for filing its objections, availing personal hearing and inspection of the relevant documents relied on by sebi for the purpose of reaching prima facie findings against it, within a period of 15 days.3.1 asl filed written submissions dated april 28, 2006 and may 2, 2006.subsequently, asl appeared for a personal hearing before me on may 11, 2006 through advocate ..... and cornering shares in the ipo, asl has submitted that it had never funded .....
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
..... (hereinafter referred to as pse) and is registered with the securities and exchange board of india (hereinafter referred to as sebi) as a stock broker under section 12 of securities and exchange board of india act, 1992 (hereinafter referred to as the act) with registration number inb111094331.1. ..... in the scrip of htl inter alia by the members of pse including the broker for alleged circular trading and price manipulation thereby contravening the provisions of sebi (prohibition of fraudulent and unfair trade practices relating to securities markets) regulations, 1995 (hereinafter referred to as futp regulations) and sebi (stock brokers and sub-brokers) regulations, 1992 (hereinafter referred to as the broker regulations).1.5 upon investigation, sebi found that the broker along with some other members of pse had ..... contributed for more than 90% of the volumes, in the trading in the scrip of htl at pse, which were not genuine and made only for the .....
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
..... (hereinafter referred to as bgse) and is registered with the securities and exchange board of india (hereinafter referred to as sebi) as a stock broker under section 12 of securities and exchange board of india act, 1992 (hereinafter referred to as the act) with registration number inb 081009439.1.2 the scrip of home trade ltd. ..... this statement of the broker has been further corroborated by the statement made by one of his clients namely, shri himmat singh porwal made to the investigating authority.he stated before the investigating authority that the funds were received from one maniram consultants, an associate of htl, to meet the pay- in obligations to the broker and that the securities were also arranged by shri rajneesh. ..... the income and net worth of the clients as reflected in the kyc forms do not support the volumes of trades done by them which involves huge commitment of resources in terms of funds or securities. ..... declared in the kyc forms, entailing the inference of outside funding.as a matter of fact, in the case of the client, shri himmat singh porwal , as admitted by the client , the funds came from maniram consultants, an associate of htl.3.9 i further note that one of the clients of the broker, namely shri himmat singh porwal stated before the investigating authority that he knew shri veerkar of htl and upon the instructions from the shri veerkar, he had supplied .....
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
..... (hereinafter referred to as pse) and is registered with the securities and exchange board of india (hereinafter referred to as sebi) as a stock broker under section 12 of securities and exchange board of india act, 1992 (hereinafter referred to as the act) with registration number inb110239410.1.2 the scrip of home trade ltd. ..... 4) it is alleged that the member had actively traded in the scrip of htl and artificially created higher price and volumes in the scrip of htl and entered into transactions that are not genuine trade transactions thereby contravening regulation 4(b) of sebi (prohibition of fraudulent and unfair trade practices relating to securities market) regulations, 1995 and violated clause a(3) of the code of conduct as specified in schedule ii read with regulation 7 of sebi (sb&sb) regulations 1992.2.3 pursuant to the said show cause notice, the enquiry officer ..... 815/-.1.4 sebi conducted an investigation under the provisions of sebi (prohibition of fraudulent and unfair trade practices relating to securities markets) regulations, 1995 (hereinafter referred to as futp regulations) and sebi (stock brokers and sub-brokers) regulations, 1992 (hereinafter referred to as the broker regulations) into the buying, selling and dealings in the scrip of htl inter alia by the members of pse including the broker for their involvement in the alleged circular trading, price manipulation etc.1.5 upon investigation, sebi .....
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
..... (hereinafter referred to as bgse) and is registered with the securities and exchange board of india (hereinafter referred to as sebi) as a stock broker under section 12 of securities and exchange board of india act, 1992 (hereinafter referred to as the said act) with registration number inb 080810031.1.2 the shares of home trade ltd. ..... in the shares of htl inter alia by the members of bgse including the broker for alleged circular trading and price manipulation thereby contravening the provisions of sebi (prohibition of fraudulent and unfair trade practices relating to securities markets) regulations, 1995 ( hereinafter referred to as futp regulations) and sebi (stock brokers and sub-brokers) regulations, 1992 (hereinafter referred to as the broker regulations).1.4 the investigation conducted by sebi revealed that the broker had transacted for his only client ..... , shri uday narayan shetty and his transaction details in the shares of htl on behalf of the said client are mentioned .....
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
..... the company has not complied with the provisions of section 12(1b) of the act and regulation 5(1) read with regulations 68 (1), 68 (2), 73 & 74 of the cis regulations.4.1 in view of the foregoing, i, in exercise of powers conferred upon me under section 11 b and 19 of the securities and exchange board of india act, 1992 read with regulation 65 read with 73 of securities and exchange board of india (collective investment schemes) regulations, 1999, hereby direct the m/s highway users' centres (india) limited, to wind up its existing collective investment scheme(s) and refund the money collected by it under the scheme(s) ..... , sebi advised the then existing collective investment schemes which were desirous of taking the benefit of the proviso to section 12(1b) of the act and continue their operation, to file the necessary information (such as terms and conditions of the schemes launched, funds raised through all the schemes, details of the background of the promoters/sponsors etc. ..... / managers / persons in charge of the business of its schemes (s) from operating in the capital market and accessing the capital market for a period of 5 years, (iii) writing to the state government / local police to register civil /criminal cases against the company and its promoters / directors for apparent offences of fraud, cheating, criminal breach of trust and misappropriation of public funds, and (iv) writing to the department of company affairs, to initiate the process of winding up of the company. .....
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
..... therefore, taking into consideration facts and circumstances of the case and in exercise of the powers conferred upon me under sections 19 of the sebi act read with sections 11b of securities and exchange board of india act, 1992 and regulation 11 of the sebi (prohibition of fraudulent and unfair trade practices relating to securities market) regulations, 1995, i hereby restrain the noticees viz bharat kumar jain and prakash kumar vachraj jain from accessing the securities market and also prohibit them from buying, selling or otherwise dealing or associating with the securities market in any manner ..... o all the above persons submitted to sebi, in their statements under oath, that they had signed bank account opening form and cheque books at the insistence of shri bharat kumar jain and they were not aware of any fund movements in the respective bank accounts nor about any secondary market transactions in the name of the respective companies. ..... , himmat textiles, rajesh financial services and sneha investments.thus, the entire funds collected in the public issue were utilised for this purpose and not even a single rupee was available for the purpose for which the public issue was brought.thus, the noticees had made misstatement in the prospectus, about utilisation of the public issue proceeds, which is in violation of section 63 of companies act, 1956.39. .....
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
..... the overall facts and circumstances of the case, in exercise of the powers conferred upon me under sections 19 of the sebi act read with sections 11b of securities and exchange board of india act, 1992 and regulation 11 of the sebi (prohibition of fraudulent and unfair trade practices relating to securities market) regulations, ..... above referred entities asking them as to why suitable directions including directions of debarring them from dealing in securities for a specific period should not be passed against them under section 11, 11(4) and 11b of the sebi act, 1992 for the violations stated at paragraph above. ..... off market deals prior to the advertisement and acted as the central figure in the manipulation of the shares of the company.the details of the security flow from the group associated companies and persons acting in concert with the promoters are explained ..... in the news papers on july 8, 2002 (news papers: gujarat samachar, mumbai samachar, sandesh), on july 9, 2002 (news papers: business standard, financial express, economic times) and on july 10, 2002 (hindu business line) stating, inter alia "that the board of directors of the company will be meeting on 18 july, 2002 at the registered office, to consider possibilities of buy back upto 1823310 shares (18% of equity) at a price ..... sebi that the board meeting held on july 18, 2002 decided to amend the articles of association of the company and sought approval of the shareholders for buyback of securities at appropriate time. .....
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