TaxTMI 
TaxTMI 
2021 (9) TMI 1590
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..... PAGI, NATHA S. PAGI, DAHYABHAI P. CHAUHAN HUF, BHAVESH S. TRIVEDI, BHARAT RAMAN PAGI, LUNKAD TEXTILES PVT. LTD., DOLLY PANKAJ LIMBAD, NATHA S. PAGI HUF, SHANTILAL NAGINDAS TRIVEDI, ATUL M. PATEL, DEEPAK VASUDEV RAVAL, AMIT P. LIMBAD, BHAGIRATH K BHATT, PRAKASH VASUDEV RAVAL, RAMESH GOPALDAS KATARIA, SATNAMSINGH PANESAR, VASUDEV PURSHOTAMDAS RAVAL, PARAMJITSINGH C. PANESAR, SURENDERKAUR PARAMJEET PANESAR, ISHA HITESHBHAI MEHTA, KAUSHIK BALUBHAI MADHWANI, SONAL LAXMAN PAGI, AMISHA SUDHIR BHATT, NILESH MAGANLAL BHATT, NARENDRA KANAILAL RAVAL, ALPESH GIRDHAR PARMAR, DINESH N. PAGI HUF, KOLAHAL TRADING PVT. LTD., CHP FINANCE PVT. LTD., IFL PROMOTERS LTD., SANDEEP NARAYAN AMBEKAR, SANJAY SHRIPAT KAMBEL, P. SAJI TEXTILES LTD., RAMESH G. KATARIA HUF, SAROJINI RAMESH KATARIA, PRIYA KAMAL KATARIA, AVTARKAUR SATNAMSINGH PANESAR, AMIT RAJNIKANTBHAI SHETH, MEGHA RAMESHBHAI MEHTA, MANGESH MADHUKAR DHOTRE, ANITA NILESH BHATT, NANDKISHORE TRIVEDI, DINESH RAMANLAL SHAH, WAKIL RAJBHAR, GIRISH RAJKUMAR GOEL, SHWETA SHYAM PEDAMKAR, TUSHAR R. RANE, SAPNA RAMDAS JATWAL, SHYAM LAXMAN PEDAMKAR, DEEPIKA SUDHIR BHATT, LIBERAL REALTORS LLP, DCB PLUS N HOLDINGS LLP, ICEWORTH REALITY LLP, PRANALI COMMODITIES....
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.... 63 (16.10.2012) 505 (28.06.2013) 15364 VOLUME 5 19121 5 (16.10.2012) 45478 (15.02.2013) TRADING HOLIDAY ON 29.06.2013 AND 30.06.2013 PATCH 2 (01.07.2013- 07.05.2014) PRICE 492.90 357.35 340 (05.05.2014) 564.90 (28.03.2014) 130156 VOLUME 24995 122436 6292 (03.11.2013) 297986 (12.11.2013) PATCH 3 (08.05.2014- 11.12.2014) PRICE 382.10 493.45 375 (08.05.2014) 569 (01.08.2014) 79068 VOLUME 116772 70244 13564 (23.10.2014) 144984 (20.06.2014) PATCH 4 (12.12.2014- 13.04.2015) PRICE 493.10 603.25 386 (12.01.2015) 615 (25.03.2015) 97541 VOLUME 112408 76356 19828 (01.04.2015) 190313 (20.01.2015) TRADING HOLIDAY ON 14.04.2015 PATCH 5 (15.04.2015- 30.09.2015) PRICE 602.25 88.80 88.20 (30.09.2015) 608 (02.06.2015) 98138 VOLUME 62018 56021 45 (08.09.2015) 190721 (25.08.2015) POST - INVESTIGATION (01.10.2015- 29.01.2016) PRICE 89 ....
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.... 4. VASUDEV BHIKAJI PANCHAL ✓ ✓ ✓ ✓ ✓ ✓ 5. SHYAM ALCOHOL AND CHEMICALS LTD. ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 6. BABUBHAI D. PATEL ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 7. DJS STOCK AND SHARES LTD. ✓ ✓ ✓ ✓ ✓ 8. SANJAY LIMBAD ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 9. ANJANA SANJAY TRIVEDI ✓ ✓ ✓ 10. SANJAY SHANTILALJI TRIVEDI ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 11. SHIPRA FABRICS PVT. LTD. ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 12. MUKESH P CHAUHAN (HUF) ✓ ✓ ✓ ✓ ✓ d....
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....003; ✓ 32. DAHYABHAI P CHAUHAN HUF ✓ ✓ ✓ ✓ ✓ ✓ ✓ 33. BHAVESH S. TRIVEDI ✓ ✓ ✓ ✓ 34. BHARAT RAMAN PAGI ✓ ✓ ✓ ✓ ✓ ✓ 35. LUNKAD TEXTILES PVT. LTD. ✓ ✓ ✓ ✓ ✓ 36. DOLLY PANKAJ LIMBAD ✓ ✓ ✓ ✓ ✓ ✓ 37. NATHA S. PAGI HUF ✓ ✓ ✓ ✓ ✓ ✓ 38. SHANTILAL NAGINDAS TRIVEDI ✓ ✓ ✓ ✓ 39. ATUL M. PATEL ✓ ✓ ✓ ✓ ✓ ✓ 40. DEEPAK VASUDEV RAVAL ✓ ✓ ✓ ✓ ✓ ✓ 41. AMIT P. LIMBAD ✓ ✓ ✓ &#....
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....✓ ✓ 62. P. SAJI TEXTILES LTD. ✓ ✓ ✓ 63. RAMESH G. KATARIA HUF ✓ ✓ 64. SAROJINI RAMESH KATARIA ✓ ✓ 65. PRIYA KAMAL KATARIA ✓ ✓ 66. AVTARKAUR SATNAMSINGH PANESAR ✓ ✓ 67. AMIT RAJNIKANTBHAI SHETH ✓ ✓ 68. MEGHA RAMESHBHAI MEHTA ✓ ✓ 69. MANGESH MADHUKAR DHOTRE ✓ ✓ 70. ANITA NILESH BHATT ✓ ✓ ✓ ✓ ✓ 71. NANDKISHORE TRIVEDI ✓ ✓ ....
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....MAL KATARIA - 11016052.50 11016052.50 10. AVTARKAUR SATNAMSINGH PANESAR - 11011622.50 11011622.50 11. PARAMJITSING C PANESAR - 10991378.60 10991378.60 12. RAMESH GOPALDAS KATARIA - 10981060.00 10981060.00 13. RAMESH G. KATARIA (HUF) - 10978935.00 10978935.00 14. SURENDERKAUR PARAMJEET PANESAR - 10954712.50 10954712.50 15. SAROJINI RAMESH KATARIA - 10948160.00 10948160.00 SHOW CAUSE NOTICES DATED JULY 17, 2017: 2.1 Pursuant to completion of investigation, SEBI had issued a Show Cause Notice dated July 17, 2017 ("SCN") inter alia alleging violation by the Noticees therein of the following provisions of law: I. Regulations 3(a)-(d) read with Regulations 4(1) of the PFUTP Regulations, 2003: Pursuant to allotment of shares under the Scheme of Amalgamation, Noticee nos. 1-6 i.e. Sunrise Asian and its Directors, had devised an arrangement whereby 83 connected entities had manipulated the price of the scrip in four patches of trading during the Investigation period (see also Table III). Further, as stated above, 77 out of the aforementioned 83 entities were counterparties to the sale....
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....ha Rameshbhai Mehta) appeared for the hearing through their authorised representative, Dipak Sheth. The Noticees reiterated the submissions contained in their replies. The Noticees were granted one weeks' time to file additional written submissions. ii. Noticee no. 82 (Tushar R. Rane) had also appeared for the hearing. The Noticee inter alia submitted that he was earlier employed as a driver with one Pradeep Dhanuka who had asked him to sign on certain forms, the contents of which he could not understand. The Noticee further submitted that upon receipt of the SCN, he became aware of the illegalities alleged to have been committed by him and thereafter, had filed a police complaint against Pradeep Dhanuka. The Noticee submitted that he was never involved or had any transactions in the securities market. The Noticee was granted one weeks' time to file additional written submissions including submitting proof of the police complaint stated to have been filed by him against Pradeep Dhanuka. iii. Vide an e-mail dated January 14, 2021, Noticee no. 69 (Ramesh G. Kataria HUF) had requested for an adjournment, which request was acceded to by SEBI. ....
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....ICEE THROUGH SPEED POST AT LAST KNOWN ADDRESS, WAS RETURNED UNDELIVERED. THEREAFTER, SERVICE OF SCN WAS EFFECTED THROUGH NEWSPAPER PUBLICATION ON JANUARY 5, 2021. SERVICE OF THE HEARING NOTICE FOR THE HEARING SCHEDULED ON JANUARY 14, 2021, WAS EFFECTED THROUGH NEWSPAPER PUBLICATION ON JANUARY 5, 2021. 3. NITESH RANJAN SCN ISSUED TO THE NOTICEE THROUGH SPEED POST AT LAST KNOWN ADDRESS, WAS RETURNED UNDELIVERED. THEREAFTER, SERVICE OF SCN WAS EFFECTED THROUGH NEWSPAPER PUBLICATION ON JANUARY 5, 2021. SERVICE OF THE HEARING NOTICE FOR THE HEARING SCHEDULED ON AUGUST 27, 2020 WAS EFFECTED THROUGH SEBI E-MAIL DATED AUGUST 7, 2020. HOWEVER, A SUBSEQUENT SEBI E-MAIL DATED AUGUST 25, 2020, SENT TO THE NOTICEE HAD BOUNCED BACK. SERVICE OF THE HEARING NOTICE FOR THE HEARING SCHEDULED ON JANUARY 14, 2021, WAS EFFECTED THROUGH NEWSPAPER PUBLICATION ON JANUARY 5, 2021. 4. SANJIT JHA SCN ISSUED TO THE NOTICEE THROUGH SPEED POST AT LAST KNOWN ADDRESS, WAS RETURNED UNDELIVERED. THEREAFTER, SERVICE OF SCN WAS EFFECTED THROUGH NEWSPAPER PUBLICATION ON JANUARY 5, 2021. SERVICE OF THE HEARING NOTICE FOR THE HEARING SCHEDULED ON JANUARY 14, 2021, WA....
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....LICATION ON JANUARY 5, 2021. 10. VASUDEV BHIKAJI PANCHAL SCN SERVED ON THE NOTICEE THROUGH SPEED POST AT LAST KNOWN ADDRESS, VIZ. 60/3 JARIWALA BLDG. SANE GURUJI RD TARDEO, MUMBAI, MAHARASHTRA, INDIA, 400034. SOUGHT DOCUMENTS VIDE LETTER DATED DECEMBER 2, 2017 - SEBI PROVIDED A COPY OF THE INVESTIGATION REPORT ALONG WITH ALL ANNEXURES VIDE A LETTER DATED DECEMBER 18, 2017. THE HEARING NOTICE FOR THE HEARING SCHEDULED ON JANUARY 14, 2021, WAS DELIVERED BY SPAD. 11. SHYAM ALCOHOL AND CHEMICALS LTD. SCN SERVED ON THE NOTICEE THROUGH SPEED POST AT LAST KNOWN ADDRESS, VIZ. A/10, 3RD FLOOR, NAVITA APPTS, NATAKWALA LANE, BORIVALI (w), S. V. ROAD, MUMBAI, MAHARASHTRA, INDIA, 400092. SOUGHT DOCUMENTS VIDE LETTER DATED DECEMBER 2, 2017 - SEBI PROVIDED A COPY OF THE INVESTIGATION REPORT ALONG WITH ALL ANNEXURES VIDE A LETTER DATED DECEMBER 18, 2017. SERVICE OF THE HEARING NOTICE FOR THE HEARING SCHEDULED ON AUGUST 27, 2020 WAS EFFECTED THROUGH SEBI E-MAIL DATED AUGUST 7, 2020. THE HEARING NOTICE FOR THE HEARING SCHEDULED ON JANUARY 14, 2021, WAS DELIVERED BY SPAD. 12. BABUBHAI D. PATEL SCN SERVED ON THE NOTICEE THROUGH SPEED PO....
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....RA, INDIA, 400034. SOUGHT DOCUMENTS VIDE LETTER DATED DECEMBER 2, 2017 - SEBI PROVIDED A COPY OF THE INVESTIGATION REPORT ALONG WITH ALL ANNEXURES VIDE A LETTER DATED DECEMBER 18, 2017. SERVICE OF THE HEARING NOTICE FOR THE HEARING SCHEDULED ON AUGUST 27, 2020 WAS EFFECTED THROUGH SEBI E-MAIL DATED AUGUST 7, 2020. THE HEARING NOTICE FOR THE HEARING SCHEDULED ON JANUARY 14, 2021, WAS DELIVERED BY SPAD. 18. MUKESH P. CHAUHAN (HUF) SCN SERVED ON THE NOTICEE THROUGH SPEED POST AT LAST KNOWN ADDRESS, VIZ. 42-A/3, JARIWALA BLDG., TULSIWADI ROAD, TARDEO, MUMBAI, 400034. SOUGHT DOCUMENTS VIDE LETTER DATED DECEMBER 1, 2017 - SEBI PROVIDED A COPY OF THE INVESTIGATION REPORT ALONG WITH ALL ANNEXURES VIDE A LETTER DATED DECEMBER 18, 2017. THE HEARING NOTICE FOR THE HEARING SCHEDULED ON JANUARY 14, 2021, WAS DELIVERED BY SPAD. 19. FULCHAND SHANKAR LOHARE SCN SERVED ON THE NOTICEE THROUGH SPEED POST AT LAST KNOWN ADDRESS, VIZ. 60 JARIWALA BUILDING 3RD FLOOR MUMBAI 400034. SOUGHT DOCUMENTS VIDE LETTER DATED DECEMBER 2, 2017 - SEBI PROVIDED A COPY OF THE INVESTIGATION REPORT ALONG WITH ALL ANNEXURES VIDE A LETTER DATED DECEMBER 18, 2017. THE HE....
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....ARING NOTICE FOR THE HEARING SCHEDULED ON JANUARY 14, 2021, WAS DELIVERED BY SPAD. 25. ASHISH RAMANBHAI PATEL SCN SERVED ON THE NOTICEE THROUGH SPEED POST AT LAST KNOWN ADDRESS, VIZ. 301/ 3, GAJLAXMI APTS, VASANT RAO RD, BABHAI RD, BORIVALI W, MUMBAI, 400092. SOUGHT DOCUMENTS VIDE LETTER DATED DECEMBER 2, 2017 - SEBI PROVIDED A COPY OF THE INVESTIGATION REPORT ALONG WITH ALL ANNEXURES VIDE A LETTER DATED DECEMBER 18, 2017. THE HEARING NOTICE FOR THE HEARING SCHEDULED ON JANUARY 14, 2021, WAS DELIVERED BY SPAD. 26. VIPUL VIPUR BHATT SCN SERVED ON THE NOTICEE THROUGH SPEED POST AT LAST KNOWN ADDRESS, VIZ. 43 / 3, JARIWALA BLDG., TARDEO, S. V. ROAD, MUMBAI 400034. SOUGHT DOCUMENTS VIDE LETTER DATED DECEMBER 2, 2017 - SEBI PROVIDED A COPY OF THE INVESTIGATION REPORT ALONG WITH ALL ANNEXURES VIDE A LETTER DATED DECEMBER 18, 2017. THE HEARING NOTICE FOR THE HEARING SCHEDULED ON JANUARY 14, 2021, WAS DELIVERED BY SPAD. 27. SHANTILAL N. TRIVEDI HUF SCN SERVED ON THE NOTICEE AT LAST KNOWN ADDRESS, VIZ. 2A/10 KAVITA APTS, NATAKWALA LANE, S. V. ROAD, BORIVALI (W), MUMBAI, 400092. SOUGHT DOCUMENTS VIDE LETTER DATED DECEMBER 4, 2....
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....LL ANNEXURES VIDE A LETTER DATED DECEMBER 18, 2017. THE HEARING NOTICE FOR THE HEARING SCHEDULED ON JANUARY 14, 2021, WAS DELIVERED BY SPAD. 33. GIRISH B. BHATT HUF SCN SERVED ON THE NOTICEE THROUGH SPEED POST AT LAST KNOWN ADDRESS, VIZ. 60 A/3/479 SANE GURUJI ROAD, JARIWALA BLDG., TARDEO, MUMBAI, 400034. SOUGHT DOCUMENTS VIDE LETTER DATED DECEMBER 2, 2017 - SEBI PROVIDED A COPY OF THE INVESTIGATION REPORT ALONG WITH ALL ANNEXURES VIDE A LETTER DATED DECEMBER 18, 2017. THE HEARING NOTICE FOR THE HEARING SCHEDULED ON JANUARY 14, 2021, WAS DELIVERED BY SPAD. 34. HIMMATLAL NATWARLAL TRIVEDI SCN SERVED ON THE NOTICEE THROUGH SPEED POST AT LAST KNOWN ADDRESS, VIZ. 60 A 3 JARIWALA BLDG. SANE GURUJI MARG OPP. BANE COMPOUND TARDEO, MUMBAI, 400034. SEBI PROVIDED A COPY OF THE INVESTIGATION REPORT ALONG WITH ALL ANNEXURES VIDE A LETTER DATED DECEMBER 18, 2017. THE HEARING NOTICE FOR THE HEARING SCHEDULED ON JANUARY 14, 2021, WAS DELIVERED BY SPAD. 35. AJAY M. BHATT SCN SERVED ON THE NOTICEE THROUGH SPEED POST AT LAST KNOWN ADDRESS, VIZ. 43/3 JARIWALA BLDG., SANE GURUJI MARG OPP. BANE COMP, TARDEO, MUMBAI, 400034. SOUGHT ....
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....TICEE AT LAST KNOWN ADDRESS, VIZ. 10 TRIBHUVAN TULSI COMPOUND KHOTE KUWA ROAD MALAD EAST, MUMBAI 400097. SOUGHT DOCUMENTS VIDE LETTER DATED DECEMBER 26, 2017 - SEBI PROVIDED A COPY OF THE INVESTIGATION REPORT ALONG WITH ALL ANNEXURES VIDE A LETTER DATED JANUARY 2, 2018. SERVICE OF THE HEARING NOTICE FOR THE HEARING SCHEDULED ON APRIL 27, 2021, WAS EFFECTED THROUGH NEWSPAPER PUBLICATION ON APRIL 10, 2021. 42. DOLLY PANKAJ LIMBAD SCN SERVED ON THE NOTICEE THROUGH SPEED POST AT LAST KNOWN ADDRESS, VIZ. ROOM NO 52, 3RD FLOOR, JARIWALA BUILDING, SANE GURU JI ROAD, TARDEV MALAD EAST, MUMBAI 400034. SOUGHT DOCUMENTS VIDE LETTER DATED DECEMBER 4, 2017 - SEBI PROVIDED A COPY OF THE INVESTIGATION REPORT ALONG WITH ALL ANNEXURES VIDE A LETTER DATED DECEMBER 18, 2017. THE HEARING NOTICE FOR THE HEARING SCHEDULED ON JANUARY 14, 2021, WAS DELIVERED BY SPAD. 43. NATHA S. PAGI HUF SCN SERVED ON THE NOTICEE AT LAST KNOWN ADDRESS, VIZ. 60 3RD FLOOR JARIWALA BLDG., SANE GURUJI RD, TULSIWADI TARDEO, MUMBAI, 400034. SERVICE OF THE HEARING NOTICE FOR THE HEARING SCHEDULED ON JANUARY 14, 2021, WAS EFFECTED THROUGH NEWSPAPER PUBLICATION ON JANUARY 5, 2....
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.... NOTICEE THROUGH SPEED POST AT LAST KNOWN ADDRESS, VIZ. 54 A 3RD FLOOR 478 SANE GURUJI ROAD, MUMBAI 400034. SOUGHT DOCUMENTS VIDE LETTER DATED DECEMBER 2, 2017 - SEBI PROVIDED A COPY OF THE INVESTIGATION REPORT ALONG WITH ALL ANNEXURES VIDE A LETTER DATED DECEMBER 18, 2017. THE HEARING NOTICE FOR THE HEARING SCHEDULED ON JANUARY 14, 2021, WAS DELIVERED BY SPAD. 50. RAMESH GOPALDAS KATARIA NOT APPLICABLE - ENTITY DECEASED (DEATH CERTIFICATE SUBMITTED VIDE LETTER DATED DECEMBER 13, 2019, FROM THE LEGAL HEIR OF THE NOTICEE I.E. HARSHITA KATARIA) 51. SATNAMSINGH PANESAR NOT APPLICABLE - ENTITY HAD FILED PRELIMINARY SUBMISSIONS DATED AUGUST 14, 2017 AND AUGUST 17, 2017, REPLIES DATED AUGUST 15, 2020 AND SEPTEMBER 24, 2020, TO THE SCN. 52. VASUDEV PURSHOTAMDAS RAVAL SCN SERVED ON THE NOTICEE THROUGH SPEED POST AT LAST KNOWN ADDRESS, VIZ. ROOM NO 60 JARIWALA BLDG. ARTHUR ROAD TARDEO, MUMBAI 400034. SOUGHT DOCUMENTS VIDE LETTER DATED DECEMBER 2, 2017 - SEBI PROVIDED A COPY OF THE INVESTIGATION REPORT ALONG WITH ALL ANNEXURES VIDE A LETTER DATED DECEMBER 18, 2017. THE HEARING NOTICE FOR THE HEARING S....
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.... NARENDRA KANAILAL RAVAL SCN SERVED ON THE NOTICEE THROUGH SPEED POST AT LAST KNOWN ADDRESS, VIZ. 60, A/3, JARIWALA BLDG. ARTHUR ROAD, TARDEO, TULSIWADI, MUMBAI 400034. SOUGHT DOCUMENTS VIDE LETTER DATED DECEMBER 2, 2017 - SEBI PROVIDED A COPY OF THE INVESTIGATION REPORT ALONG WITH ALL ANNEXURES VIDE A LETTER DATED DECEMBER 18, 2017. THE HEARING NOTICE FOR THE HEARING SCHEDULED ON JANUARY 14, 2021, WAS DELIVERED BY SPAD. 61. ALPESH GIRDHAR PARMAR SCN SERVED ON THE NOTICEE THROUGH SPEED POST AT LAST KNOWN ADDRESS, VIZ. 60A3 JARIWALA BLDG. SANE GURUJI ROAD TULSIWADI TARDEO MUMBAI, MAHARASHTRA, INDIA, 400034. SOUGHT DOCUMENTS VIDE LETTER DATED DECEMBER 2, 2017 - SEBI PROVIDED A COPY OF THE INVESTIGATION REPORT ALONG WITH ALL ANNEXURES VIDE A LETTER DATED DECEMBER 18, 2017. THE HEARING NOTICE FOR THE HEARING SCHEDULED ON JANUARY 14, 2021, WAS DELIVERED BY SPAD. 62. DINESH N. PAGI HUF SCN SERVED ON THE NOTICEE THROUGH SPEED POST AT LAST KNOWN ADDRESS, VIZ. 60 3RD FLOOR JARIWALA BLDG., 479 SANE GURUJI ROAD TARDEO, MUMBAI, 400034. SOUGHT DOCUMENTS VIDE LETTER DATED DECEMBER 1, 2017 - SEBI PROVIDED A COPY OF THE INVESTIGATION REPOR....
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.... 70. SAROJINI RAMESH KATARIA NOT APPLICABLE - ENTITY DECEASED (DEATH CERTIFICATE SUBMITTED VIDE LETTER DATED DECEMBER 13, 2019, FROM THE LEGAL HEIR OF THE NOTICEE I.E. HARSHITA KATARIA) 71. PRIYA KAMAL KATARIA NOT APPLICABLE - ENTITY HAD FILED REPLIES DATED SEPTEMBER 9, 2017, AUGUST 20, 2019 AND SEPTEMBER 24, 2020, TO THE SCN. 72. AVTARKAUR SATNAMSINGH PANESAR NOT APPLICABLE - ENTITY HAD FILED REPLIES DATED SEPTEMBER 26, 2017, AUGUST 18, 2019 AND SEPTEMBER 24, 2020, TO THE SCN. 73. AMIT RAJNIKANTBHAI SHETH NOT APPLICABLE - ENTITY HAD FILED REPLIES DATED AUGUST 4, 2017 AND JANUARY 18, 2021, TO THE SCN. 74. MEGHA RAMESHBHAI MEHTA NOT APPLICABLE - ENTITY HAD FILED REPLIES DATED AUGUST 4, 2017 AND JANUARY 18, 2021, TO THE SCN. 75. MANGESH MADHUKAR DHOTRE SCN ISSUED TO THE NOTICEE THROUGH SPEED POST AT LAST KNOWN ADDRESS, VIZ. D SHANTI NAGAR B - 103 DEVCHAND NAGAR BHAYANDAR WEST, THANE, 401101, WAS RETURNED UNDELIVERED. THEREAFTER, SERVICE OF SCN WAS EFFECTED THROUGH AFFIXTURE ON THE AFOREMENTIONED ADDRESS. SERVICE OF THE HEA....
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....ARY 15, 2021. 83. SAPNA RAMDAS JATWAL SCN ISSUED TO THE NOTICEE THROUGH SPEED POST AT LAST KNOWN ADDRESS, VIZ. A 402 JAY SHIV SAHYADARI CHS J. P. THAKUR MARG FATAK RD BHAYANDAR W NR POST, THANE 401101, WAS RETURNED UNDELIVERED. THEREAFTER, SERVICE OF SCN WAS EFFECTED THROUGH AFFIXTURE ON THE AFOREMENTIONED ADDRESS. SERVICE OF THE HEARING NOTICE FOR THE HEARING SCHEDULED ON JANUARY 14, 2021, WAS EFFECTED THROUGH NEWSPAPER PUBLICATION ON JANUARY 5, 2021. 84. SHYAM LAXMAN PEDAMKAR SCN ISSUED TO THE NOTICEE THROUGH SPEED POST AT LAST KNOWN ADDRESS, VIZ. FLAT 101 B WING SANGHVI NAGAR OPP. HATKESHJHEEL MIRA ROAD EAST, MUMBAI, MAHARASHTRA, INDIA, 401107, WAS RETURNED UNDELIVERED. THEREAFTER, SERVICE OF SCN WAS EFFECTED THROUGH AFFIXTURE ON THE AFOREMENTIONED ADDRESS. SERVICE OF THE HEARING NOTICE FOR THE HEARING SCHEDULED ON JANUARY 14, 2021, WAS EFFECTED THROUGH NEWSPAPER PUBLICATION ON JANUARY 5, 2021. 85. DEEPIKA SUDHIR BHATT SCN SERVED ON THE NOTICEE THROUGH SPEED POST AT LAST KNOWN ADDRESS, VIZ. 3/42MH NO/479 JARIWALA BUILDING SANE GURUJI MARG, TARDEO, MUMBAI, 400032. SOUGHT DOCUMENTS VIDE LETTER DATED DEC....
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..... PROCEEDINGS AGAINST NOTICEE NOS. 50, 69 AND 70 - RAMESH GOPALDAS KATARIA, RAMESH G. KATARIA HUF AND SAROJINI RAMESH KATARIA. 5.1 From the material available on record, it is noted that SEBI had earlier received letters dated December 13, 2019, from the legal heir of Noticee nos. 50 and 70 i.e. Harshita Kataria. Vide the aforementioned letters, it was informed that the aforementioned Noticees had passed away and the relevant death certificates were also submitted to SEBI. 5.2 Further, in the reply dated June 9, 2021, filed on behalf of Noticee no. 69 i.e. Ramesh G. Kataria HUF, it was inter alia submitted: A. The members of Ramesh G. Kataria HUF comprised of late Ramesh Gopaldas Kataria ("Ramesh G. Kataria") and Sarojini Ramesh Kataria. Further we state that during their lifetime, vide execution of Adoption deed dated 3.08.1999, they had adopted Ms. Harshita then born on 14.07.1999, from her parents viz. Bharat Soneja and Mrs. Arun Soneja, since they had no child of their own. Unfortunately, Sarojini Ramesh Kataria died on 13.06.2014 and Ramesh G. Kataria died on 22.11.2016. Incidentally, Harshita was a minor at the time of death of both Ramesh G. Kataria and Sar....
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....VIOLATIONS ALLEGED IN THE SCN: 5.5 Noticee no. 65 i.e. IFL Promoters Ltd. has submitted that the SCN must contain the exact nature of the measures/actions that SEBI proposes to take, failing which, any Order passed would be violative of the principles of natural justice and would be rendered invalid. In this regard, reliance has been placed by the Noticee on the judgment of the Hon'ble Supreme Court in Gorkha Security Services vs. Govt. of NCT of Delhi & Ors. (2014) 9 SCC 105. On a perusal of the said judgment, I find that the same is factually distinguishable and not applicable to the present proceedings for the reason that in Gorkha Security case, the matter pertained to blacklisting of a contractor by a government agency for breaching the terms of the contract, which resulted in depriving the contractor from entering into any public contracts with government, thereby violating the fundamental rights of equality of opportunity in the matter of public contract of such person. In the instant proceedings, the SCN has however, been issued for breach of provisions of securities law, which confer discretion upon SEBI to take such measures as it thinks fit in the interest of inve....
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.... Noticee nos. 1-6 i.e. Sunrise Asian and its Directors, had devised an arrangement whereby 83 connected entities had manipulated the price of the scrip in four patches of trading during the Investigation period (see also Table III). Further, as stated earlier, 77 out of the aforementioned 83 entities were counterparties to the sale of shares by 1059 entities/allottees at the artificially inflated/manipulated price. As a result, Noticee nos. 1-6 were alleged to have violated the aforementioned provisions of the PFUTP Regulations, 2003. B. Alleged violation of Regulations 3(a)-(d) read with Regulation 4(1), Regulations 4(2)(a) and (e) of the PFUTP Regulations, 2003 by Noticee nos. 7-89: Noticee nos. 7-89 were the 83 connected entities who had indulged in price manipulation of the scrip (see Table III). As a result, Noticee nos. 7-89 were alleged to have violated the aforementioned provisions of the PFUTP Regulations, 2003. 6.2 Before examining the issues, it is necessary to refer to the following provisions of law, which the Noticees are alleged to have violated as per the SCN: Provisions of PFUTP Regulations, 2003: "Definitions 2. (1) In these regulations, unless the con....
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.... (b) use or employ, in connection with issue, purchase or sale of any security listed or proposed to be listed in a recognized stock exchange, any manipulative or deceptive device or contrivance in contravention of the provisions of the Act or the rules or the regulations made there under; (c) employ any device, scheme or artifice to defraud in connection with dealing in or issue of securities which are listed or proposed to be listed on a recognized stock exchange; (d) engage in any act, practice, course of business which operates or would operate as fraud or deceit upon any person in connection with any dealing in or issue of securities which are listed or proposed to be listed on a recognized stock exchange in contravention of the provisions of the Act or the rules and the regulations made there under. Regulation 4. Prohibition of manipulative, fraudulent and unfair trade practices (1) Without prejudice to the provisions of Regulation 3, no person shall indulge in a fraudulent or an unfair trade practice in securities. (2) Dealing in securities shall be deemed to be a fraudulent or an unfair trade practice if it involves (....
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....is friend, Mahesh Mehta who used to invest in shares. Incidentally, he suggested to Ramesh G. Kataria, to invest some spare capital in Sunrise Asian with likelihood of good returns. Based on recommendation of Mahesh Mehta, one of the Directors of Acute Consultancy Ltd. had visited Ramesh G. Kataria and gave brief presentation to him. Convinced by the presentation, Ramesh G. Kataria purchased shares of Sunrise Asian in December 2010. As he handled investment in shares for both Panesar and Kataria family, he purchased shares for the members of both the families. D. Similarly, on advice of Mahesh Mehta, Silver Multi Trading Pvt. Ltd. had approached Ramesh G. Kataria with an offer to sell shares of Santoshima Tradelinks Ltd., a non-listed Company. Based on his advice, Ramesh G. Kataria purchased shares of Santoshima Tradelinks Ltd., a non-listed Company for Panesar and Kataria family. The said Company was later merged with Sunrise Asian and we were allotted equal no. of shares held in Santoshima Tradelinks Ltd. E. In the year, 2012, wife of Ramesh G. Kataria developed Liver Cirrhosis. Additionally, the health of Ramesh G. Kataria also deteriorated. As he was in charge....
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....dur Bhatt was not a Director in P. Saji Textiles on August 21, 2012, the day on which I had purchased shares. On both the above counts, the allegation of my connection in this case is an instance of pure conjecture and hence, unwarranted and baseless. C. My objection in considering me as a connected party may, please, be reconsidered in letter and spirit. I strongly object to having me considered as a connected party with Vipul Bhatt as i) I do not know him; ii) I have not been provided with copies of any of the statements alleging my involvement with Vipul Bhatt; iii) the day on which I have carried out the transaction with P. Saji Textiles Ltd., Vipul Bhatt was no way connected with the said Company. My involvement as a connected party is based only on surmises. D. In reply to point No. 3 of the SCN, I had stated as under in my letter dated January 5, 2018: "It is mentioned in point No. 3 of the above referred SCN (Page No. 8) that SEBI has received information from Income Tax Department, Kolkata, wherein it is stated that certain accommodation entry providers have alleged that a group of certain people generated bogus Long Term Capital Gains through Stock Excha....
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....derstand factors considered by SEBI for making bald and sweeping allegation against us since, as we understand, Stock Exchanges are first level regulators who are duty bound to guide us and also prevent us from getting associated in any wrong doing, if any, happening in the transactions carried out through them. 6.7 In its replies dated September 15, 2017 and October 11, 2017, Noticee no. 88 i.e. Iceworth Reality LLP, had inter alia submitted as under: A. We were holding 39,61,270 shares of Conart Traders Ltd. from 31.03.2012, i.e. much prior to said amalgamation. By virtue of holding 39,61,270 shares of Conart Traders Ltd. pursuant to the scheme of amalgamation of Santoshima Tradelinks Ltd. and Conart Traders Ltd. with Sunrise Asian, we were allotted 39,61,270 shares of Sunrise Asian on 24.05. 2013. Thereafter, on 7.7. 2014, when Kiritbhai Vaghani and his related entities took over our Company and became Directors (Iceworth Reality Private Ltd. since converted to Iceworth Reality LLP vide conversion agreement dated 17.09.2014), the said new Directors decided to exit from Sunrise Asian. Accordingly, between 17.11.2014 to 3.09.2015, on observing rise in price, we sold th....
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....TO 05/11/2012. 18. VIPUL BHATT DIRECTOR OF VICTORY SALES PVT. LTD. (03/07/2000 TILL DATE), ADDITIONAL DIRECTOR OF P. SAJI TEXTILES LTD., DIRECTOR OF SHYAM ALCOHOL AND CHEMICALS LTD. AND MANAGING DIRECTOR OF SAMPADA CHEMICALS LTD. 19. AMISHA SUDHIR BHATT SHARE SAME ADDRESS WITH VIPUL BHATT I.E. 44/3RD FLOOR, JARIWALA BLDG., TULSIWADI, P. O., TARDEO. MUMBAI - 400034. 20. MALTI VIDUR BHATT 21. ACUTE CONSULTANCY LTD. MALTI VIDUR BHATT IS A DIRECTOR IN ACUTE CONSULTANCY LTD.(21/01/1997 -03/11/2016). 22. GIRISH BHAGIRATH BHATT ADDITIONAL DIRECTOR OF VICTORY SALES PVT. LTD. (15/06/2012 TILL DATE). 23. P. SAJI TEXTILES LTD. VIPUL BHATT IS AN ADDITIONAL DIRECTOR OF P. SAJI TEXTILES LTD. (20/02/2013 TILL DATE). SHARE SAME ADDRESS WITH GIRDHAR PARMAR I.E. 10, TRIBHUVAN TULSI COMPOUND, KHOTE KUWA ROAD, MALAD, MUMBAI, 400097. 24. AMIT SHETH OFF MARKET TRANSFER WITH P. SAJI TEXTILES LTD. ON 30/10/2012. 25. MEGHA RAMESHBHAI MEHTA 26. ISHA HITESHBHAI MEHTA 27. PARAMJEETSINGH CHARANSINGH PANESAR  ....
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....SAMPADA CHEMICALS LTD. (30/09/2010 TILL DATE). 56. VASUDEV PURSHOTAMDAS RAVAL AN ADDITIONAL DIRECTOR OF P. SAJI TEXTILES LTD. (11/06/2012 TILL DATE). 57. NARENDRA KANAILAL RAVAL SHARE COMMON ADDRESS WITH VICTORY SALES PVT. LTD. I.E. 60/A 3RD FLOOR JARIWALA BUILDING S G ROAD TARDEO MUMBAI 400034. 58. DAHYABHAI P CHAUHAN HUF 59. NATHA S PAGI HUF 60. ALPESH GIRDHAR PARMAR 61. HIMMATLAL NATWARLAL TRIVEDI 62. SANJAY SHRIPAT KAMBLE 63. NATHA SOMABHAI PAGI 64. BHARAT RAMAN PAGI 65. VASUDEV B PANCHAL 66. DEEPAK VASUDEV RAVAL 67. PRAKASH VASUDEV RAVAL SHARES SAME ADDRESS WITH DEEPAK VASUDEV RAVAL I.E. 42/A 3RD FLOOR 479 ARTHUR ROAD, TULSIWADI, P.O. SHIVSENA OFFICE, MUMBAI - 400034. 68. SHIPRA FABRICS PVT. LTD. DEEPAK VASUDEV RAVAL IS AN ADDITIONAL DIRECTOR FROM 04/06/2012 TILL DATE. 69. MUKESH P CHAUHAN (HUF) SHARES SAME NUMBER WITH SANJAY SHRIPAT KAMBLE I.E. 9322154028. 70. ....
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....RANCH HAVING ACCOUNT NO. 53610200000275, IT WAS OBSERVED THAT THE CLIENT HAS RECEIVED / TRANSFERRED FUNDS FROM/TO SAPNA RAMDAS JATWAL, MANSI MANGESH DHOTRE, MANGESH MADHUKAR DHOTRE, GIRISH RAJKUMAR GOEL, SHWETA SHYAM PEDAMKAR, SHYAM LAXMAN PEDAMKAR, ANMOL FINANCE COMPANY. 89. MANSI MANGESH DHOTRE 90. MANGESH MADHUKAR DHOTRE 91. GIRISH RAJKUMAR GOEL 92. SHWETA SHYAM PEDAMKAR 93. SHYAM LAXMAN PEDAMKAR 94. WAKIL RAJBHAR 95. ANMOL FINANCE COMPANY (PROP. RAJESH DAMBRE) 96. RESHMA RAJESH DAMBRE OFF MARKET TRANSFER WITH RAJESH DAMBRE ON 20/03/2015. 97. RUPAK DEVELOPERS PVT. LTD. SHARES SAME PHONE NUMBER I.E. 9324591724 WITH V R P FINANCIAL SERVICES PVT. LTD. PRADEEP NATVARLAL DHANUKA (DIRECTOR OF V R P FINANCIAL SERVICES PVT. LTD. FROM 30/06/2001 TILL DATE) AND GIRIRAJ KISHORE AGARWAL (DIRECTOR OF BANAS FINANCE FROM 02/06/2010 TILL DATE) WERE DIRECTORS OF FIVE X FINANCE AND INVESTMENT LTD. DURING 2010- 12 AND 2010-14, RESPECTIVELY. 98. MORYO INDUSTRIES LTD. ON ANA....
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....tch 1 i.e. October 16, 2012-June 28, 2013) (see sr. nos. 24-26 of Table VI). Incidentally, all the aforementioned Noticees had traded in the scrip of the Company during Patch 1. As stated earlier, P. Saji Textiles Ltd. was connected to Sunrise Asian as it shared a common address with Girdhar Parmar, an Additional Director of Sunrise Asian (June 19, 2012-September 10, 2013). I find that the aforementioned Noticees were therefore, connected to the Company. c. Noticee no. 65 (IFL Promoters Ltd.): The aforementioned Noticee had an off-market transfer with Noticee no. 64, CHP Finance Pvt. Ltd., on July 31, 2013 (during Patch 2 i.e. July 1, 2013- May 7, 2014) (see sr. no. 11 of Table VI). Incidentally, the aforementioned Noticees had traded in the scrip of the Company during Patch 2. Further, CHP Finance Pvt. Ltd. was connected to Noticee no. 35, Ajay Mohanlal Bhatt (see sr. no. 10 of Table VI). As brought out at Table VI above, Ajay Mohanlal Bhatt shared a common address with Mahesh Keshar Deo Joshi, Director of Sunrise Asian (see sr. no. 7 of Table VI). I therefore, find that the aforementioned Noticee was connected to the Company. d. Noticee no. 88 (Iceworth Reality ....
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....505 and closed at Rs.502.45 i.e. a rise of 697.53%. REPLIES FILED BY NOTICEES. 7.1 In his preliminary submissions dated August 14, 2017 and August 17, 2017, replies dated August 15, 2020 and September 24, 2020, Noticee no. 51 i.e. Satnamsingh Panesar, had inter alia submitted as under: A. Submissions on allegations of allegedly contributing positively to the LTP in Patch 1 (from 16.10.2012 to 28.06.2013) i. In the SCN, it is alleged that out of my total sell of 6,500 shares of Sunrise Asian during Patch 1, 550 shares are alleged to have contributed positively to LTP. Only my sale trade on 14.03.2013 has allegedly caused positive LTP and has violated PFUTP Regulations, 2003 i.e. to say 5950 shares sold did not violate PFUTP Regulations, 2003. Thus, out of total shares sold by me, only 8.44% of shares are alleged to be above LTP and 91.56% shares are at LTP. Further, it is also stated in the SCN that my sell trades only allegedly contributed 0.06% to percentage of market positive LTP which very negligible and cannot contribute to any alleged price manipulation. Further, the total no. of shares i.e. 550 shares allegedly contributing positively to LTP becomes ev....
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.... of allegedly contributing positively to the LTP in Patch 1 (from 16.10.2012 to 28.06.2013) i. In the SCN, it is alleged that, out of my total sell of 22,500 shares of Sunrise Asian during investigation period, 2,240 shares are alleged to have contributed positively to LTP. It is also stated in the SCN that my sell trades allegedly only contributed 0.27% to percentage of market positive LTP which very negligible and cannot contribute to any alleged price manipulation. Further, my total no. of shares allegedly contributing positively to LTP becomes even more negligible if compared to my overall shares sold in Sunrise Asian during the whole investigation period. ii. Further, on perusal of trade details provided to me, I understand that the counterparty to my impugned transaction of 2,240 shares were Ajay Mohanlal Bhatt, Shipra Fabrics Pvt. Ltd., Girish Bhagirath Bhatt, Fulchand Shankar Lohare, Sagar G. Bhatt, Dinesh Natha Pagi, Vipul Bhatt. I had no idea who was counterparty since all my transactions were executed through the normal screen based trading system of stock exchange. 7.4 In her replies dated August 4, 2017 and January 18, 2021, Noticee no. 55 i.e. Ish....
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....nd is still held by the group. iii. Based on the successful venture of purchase of land from Bombay Dyeing, they were looking for further corporate deal. There is a company by the name of Jayant Extraction Industries Ltd. (JEIL) in Jamnagar. The company is owned by S. N. Baheti Group. S. N. Baheti is a brother - in law of Ashok Birla, one of the renowned families of the country. JEIL's manufacturing activities were operational till 1992. The unit was closed down. Subsequent to this, the plant and machineries were dismantled and sold out. JEIL was left with godowns and a land of around 51 acres. The land is situated in the vicinity of Jamnagar port. Shailesh Mehta, being in the business of real estate was negotiating with Bahetis for development of land. This is how he was in touch of Bahetis. iv. Other than above, S. N. Baheti was also operating Sunrise Soaps and Chemicals Ltd., Rajkot. The said company was engaged in manufacturing of toilet soaps. There was an amalgamation between Dhir Trading & Agencies Ltd. and Sunrise Soaps & Chemicals Ltd. The name of the company was changed to Sunrise Asian. v. Shailesh C. Mehta started his career from the scrat....
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.... period. iii. Further, on perusal of trade details provided to me, I understand that the counterparty to my impugned transaction of 2,000 shares were B. K. Dyeing Printing Mills Pvt. Ltd., Eager Corporation, Girish B. Bhatt HUF. I had no idea who was counterparty since all my transactions were executed through the normal screen based trading system of stock exchange. 7.6 In his replies dated September 26, 2017, August 18, 2019 and September 24, 2020, Noticee no. 72 i.e. Avtarkaur Panesar, had inter alia submitted as under: A. Submissions on allegations of allegedly contributing positively to the LTP in Patch 1 (from 16.10.2012 to 28.06.2013) i. In the SCN, it is alleged that out of my total sell of 6,500 shares of Sunrise Asian during Patch 1, 300 shares are alleged to have contributed positively to LTP. Only my sale trade on 19.03.2013 has allegedly caused positive LTP. It is pertinent to note that out of 3,550 shares sold on 19.03.2013, only 300 shares are alleged to have contributed positively to LTP. ii. In this regard, I submit that out of my total sell of 6,500 shares during Patch 1, only 300 shares are alleged to have violated PFUTP Reg....
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.... my total shareholding, my alleged involvement in price rigging is for is for 5,070 Shares in Patch 1 and in Patch 2 is 9,000 Shares. It is pertinent to note that the LTP difference for Total number of shares sold by me in Patch 1 is for 5,070 Shares and in Patch 2 is for 9,000 shares. It is pertinent to note that the LTP difference is +13.50 in Patch 1 and -0.25 in Patch 2, the financial impact works out to Rs.70,695. This is based on the details provided to me in the SCN. This in itself is an indication of hollowness in including me as a Noticee. C. The rational for purchase of shares was elaborated at point No. 4 of my submission dated 3rd March, 2018. The same is reproduced hereunder: i. The Noticee is a relative of Shailesh C. Mehta. Shailesh C. Mehta was a renowned land developer and builder of Jamnagar. 7.8 In her replies dated August 4, 2017 and January 18, 2021, Noticee no. 74 i.e. Megha Rameshbhai Mehta, had inter alia submitted as under: A. You may, please, observe that there are 5 patches of alleged irregularity. The date wise details of all the 5 patches and involvement of alleged connected parties is mentioned (Point No. 27 of SCN dated 1....
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....16.10.2012 TO 28.06.2013) SR. NO. +LTP TRADES AS BUYER WITH GROUP ENTITIES +LTP TRADES AS SELLER WITH GROUP ENTITIES POSITIVE LTP AS BUYER AND SELLER (Rs.) +LTP (Rs.) NO OF TRADES QTY % OF MKT. POSITIVE LTP +LTP (Rs.) NO OF TRADES QTY % OF MKT. POSITIVE LTP 1. BHANABHAI GANPAT PARMAR 145.10 50 5623 4.93 59.95 46 2780 2.04 205.05 2 AJAY MOHANLAL BHATT 114.75 29 1284 3.90 45.35 14 1658 1.54 160.10 3. RAMAN KANKABHAI PAGI 75.15 34 2975 2.55 133.20 50 4804 4.53 208.35 4. DAHYABHAI PURSHOTAMDAS CHAUHAN 71.60 15 1502 2.43 18.05 18 1735 0.61 89.65 5. VASUDEV B PANCHAL 69.90 59 9948 2.38 91.40 52 8618 3.11 161.30 6. EAGER CORPORATION 47.70 38 4819 1.62 84.25 31 2808 2.86 131.95 7. DINESH NATHA PAGI 4....
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....HATT HUF 7.95 10 1180 0.27 21.60 21 2791 0.73 29.55 26. VIPUL BHATT 7.20 9 1211 0.24 4.95 3 533 0.17 12.15 27. BIJAL VIPULBHAI BHATT 5.05 4 350 0.17 5 1 10 0.17 10.05 28. FULCHAND SHANKAR LOHARE 3.40 6 1210 0.12 23.15 CO 615 0.79 26.55 29 SANJAY SHRIPAT KAMBEL 2.50 4 1000 0.08 0.70 2 135 0.02 3.20 30. SANJAY SHANTILALJI TRIVEDI 1.45 4 450 0.05 6.10 3 1675 0.21 7.55 31. SHANTILAL N TRIVEDI HUF 1.40 7 450 0.05 35.40 8 609 1.20 36.80 32. DEEPAK VASUDEV RAVAL 0.80 3 715 0.03 11.20 5 850 0.38 12 33. ANJANA SANJAY TRIVEDI 0.30 2 110 0.01 0 0 0 0 0.30 34. P. SAJI TEXTILES LTD. 0 0 0 ....
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....ions, 2003, provides for prohibition on indulging in fraudulent or unfair trade practices in securities. Regulations 4(2)(a) and (e) of the PFUTP Regulations, 2003, provides that dealing in securities shall be deemed to be a fraudulent or an unfair trade practice if it involves Indulging in an act which creates false or misleading appearance of trading in the securities market or any act or omission amounting to manipulation of the price of a security. The role played by the Noticees at Sr. no. 1 to 46 of the above Table to artificially increase the price during Patch 1 needs to be seen holistically, more particularly, when all of them have followed a common, uniform but unique trading strategy to buy and sell their shares only to manipulate the market price of the scrip which they did accomplish by cumulatively contributing to the LTP of the scrip during the aforesaid period of Patch 1. The said trading behaviour of the Noticees gravely affected the normal price discovery mechanism in the securities market and resulted in the disruption of market equilibrium and integrity. 7.11 In cases of market manipulation, where direct evidence may not be available, transactions as indicate....
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....lative trades executed by the Noticees during Patch 1 with respect to the trades executed during Patch 2, 3 and 4 as well. Moreover, the Noticees who have traded during Patch 1 and also during Patch 2, 3 and 4, were connected with one another. PATCH 2 - PRICE FALL - 1.07.2013 TO 7.05.2014: During this period, the price of the scrip opened at Rs.492.90, reached a low of Rs.340 and closed at Rs.357.35 i.e. a fall of 27.50%. REPLIES FILED BY NOTICEES. 7.14 In his preliminary submissions dated August 14, 2017 and August 17, 2017, replies dated August 15, 2020 and September 24, 2020, Noticee no. 51 i.e. Satnamsingh Panesar, had inter alia submitted as under: A. Submissions on allegations of allegedly contributing positively to the LTP in Patch - 2 (01.07.2013 to 07.05.2014) i. It is alleged in Para 11 of the SCN that I have allegedly contributed negatively to LTP while trading in the period during patch -- 2 (from 01.07.2013 to 07.05.2014). It is pertinent to mention that as mentioned in Para 11 of the SCN, where my total sale trades as mentioned is 16,000 however the same is not reflected in the data provided in Annexure - 4 as some sell trades are not reflec....
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....tal sell of 16,000 shares during Patch - 2, only 200 shares are alleged to have violated PFUTP Regulations i.e. to say 15,800 shares sold did not violate PFUTP Regulations. Thus, out of total shares sold by me in Patch - 2, only 1.25% of shares are alleged to be below LTP. Further, it is also stated in the SCN that my % of negative LTP to market negative LTP is only 0.01% which very negligible and cannot contribute to any alleged price manipulation. Further, the total no. of shares i.e. 200 shares allegedly contributing negatively to LTP becomes even more negligible if compared to my overall shares sold in Sunrise Asian during the whole investigation period. iv. Thus, no allegation of any price manipulation can be alleged against me. 7.16 In her replies dated September 2, 2017, August 19, 2019 and September 24, 2020, Noticee no. 54 i.e. Surenderkaur Paramjeet Panesar, had inter alia submitted as under: A. Submissions on allegations of allegedly contributing positively to the LTP in Patch - 2 (01.07.2013 to 07.05.2014) i. It is alleged in Para 11 of the SCN that I have allegedly contributed negatively to LTP while trading in the period during Patch 2 (f....
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....ng the investigation period is so insignificant that it can hardly be capable of disturbing the market so as to create artificial price/volume or misleading appearance of trading in said scrip. B. Submission on our sale of shares of Sunrise Asian After we purchased shares of Sunrise Asian, we intermittently checked price and other details of the company from the data available on public domain. When we understood that the price of our shares of Sunrise Asian has reached reasonable level, we decided to sell our Sunrise Asian shares based on our financial requirements. We submit that we acted as any other prudent businessman would and sold 12,87,267 shares during the investigation period on the floor of stock exchange through SEBI registered stock broker. C. Further, we submit that we have sold the shares of Sunrise Asian only on 141 days out of 694 trading days of the investigation period. Thus, allegation of any 'manipulative' intent on our part is unjustified and unwarranted. This clearly shows that, we had no mala fide intention or knowledge of any alleged manipulation in the shares of Sunrise Asian. D. Our sale transactions in Sunrise Asian wer....
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....that too in hindsight to consider that some entities may have been involved in alleged `manipulation' in the scrip of Sunrise Asian; how a normal retail participant like us could have gauged about alleged `wrongdoing', if any, in said scrip during relevant period. Speaking for our self, we had/have no role in the alleged wrong doings mentioned in the SCN and was not aware of the same at the relevant time. G. Submissions on allegations of allegedly contributing to the LTP: It is alleged in Para 11 of the SCN that, we have allegedly contributed negatively to LTP while selling shares in the period during Patch 2 (from 01.07.2013 to 07.05.2014). Further, under Para 12 of the SCN it is alleged that we along with other entities traded among ourselves and contributed to negative LTP during Patch - 2. In this regard, we submit as under: a. In the SCN, it is alleged that, out of our total sell of 2,40,540 shares of Sunrise Asian during Patch - 2, only 67,806 shares are alleged to have contributed negatively to LTP. Further, 24,164 shares sold are alleged to have contributed positively to LTP (for which there is no allegation in the SCN) and 1,48,570 shares sold are....
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....f Rs 6000/-(Rupees Six Thousand Only) per Month. After a while his company went into losses. Than i worked in Pradeep Dhanuka and Giriraj Kishore Agrawal company office at E-109, Crystal Plaza New link road Andheri (West) Mumbai as a Driver, I say that in the year 2003, my wife Tisha Tushar Rane was working with Pradeep N. Dhanuka and Giriraj Kishore Agrawal, VRP Financial Services Pvt. Ltd., 307, Fort foundation near M.S.C Bank, Fort, Mumbai 400001. There she was receiving salary of Rs 2,500/- per month by cheque and in the year 2004, I started working Pradeep N. Dhanuka at Bhayandar as his Driver in this period they had open a demat account on my name and was give Rs1500/- and I agreed for that because my mother's both kidneys are damaged and my father is jobless and I have younger sister, I belonged and belong to a very poor family. Due to father illness, the responsibility of running the house was on me. B. Upon my resistance to open a Demat account, Pradeep N Dhanuka and Giriraj Kishore Agrawal had consoled me by saying that there will not be any issue in this regard, and we are here to take care of any issue in this regard, and we are here to take care of any iss....
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....s pertinent to mention that as mentioned in Para 11 of the SCN, where my total sale trades as mentioned is 16,000 however the same is not reflected in the data provided in Annexure - 4 as some sell trades are not reflected in the Annexure - 4 of the SCN. ii. In the SCN, it is alleged that out of my total sell of 16.000 shares of Sunrise Asian during Patch - II, 425 shares are alleged to have contributed positively to LTP and zero shares are alleged to have contributed negatively to LTP. Only shares contributing to positive LTP i.e. 425 shares have been considered to be manipulative in nature. iii. In this regard, I submit that out of my total sell of 16,000 shares during Patch - 2, only 425 shares are alleged to have violated PFUTP Regulations i.e. to say 15,575 shares sold did not violate PFUTP Regulations. Thus, out of total shares sold by me in Patch - 2, only 2.66% of shares are alleged to be above LTP. Further, it is also stated in the SCN that my % of negative LTP to market negative LTP is 0.00% which cannot cause any price manipulation. iv. Thus, no allegation of any price manipulation can be alleged against me. 7.20 In his replies dated Septemb....
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....PAGI -253.10 284 26163 -2.97 -344.40 388 24692 -4.04 -597.50 2. AJAY M BHATT -212.35 81 18946 -2.49 -15.95 29 14711 -0.19 -228.30 3. RAMAN KANKABHAI PAGI -157.80 210 44974 -1.85 -211.15 193 27131 -2.47 -368.95 4. EAGER CORPORATION -139 133 10876 -1.63 -94.65 109 8841 -1.11 -233.65 5 NATHA S PAGI -105.45 66 14640 -1.24 -14.50 27 12220 -0.17 -119.95 6. BHAGIRATH K BHATT -102.05 87 21300 -1.2 -68.75 71 22392 -0.81 -170.80 7. BHAVESH S TRIVEDI -34.25 48 1904 -0.4 -15.80 28 4396 -0.19 -50.05 8. HIMMATLAL N TRIVEDI -31.10 17 3365 -0.36 -4.70 10 6126 -0.06 -35.80 9. NATHA S PAGI HUF -30.30 53 28544 -0.36 -22.25 30 14325 -0.....
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.... -0.11 -0.35 2 1750 0 -9.70 28. KAUSHIK BALUBHAI MADHWANI -8.30 20 327 -0.1 -20.20 21 9978 -0.24 -28.50 29. ATUL M PATEL 6.15 16 2599 -0.07 -12.40 31 5735 -0.15 -18.55 30. AMIT P LIMBAD -6.10 17 4581 -0.07 -4.35 13 2846 -0.05 -10.45 31. DINESH RAMANLAL SHAH -5.80 7 510 -0.07 -8 11 953 -0.09 -13.80 32. SHANTILAL N TRIVEDI HUF -5.75 9 2412 -0.07 -16.55 15 2295 -0.19 -22.30 33. DAHYABHAI PURSHOTAMDAS CHAUHAN -4.75 3 29 -0.06 0 0 0 0 -4.75 34. FULCHAND SHANKAR LOHARE -4.10 17 2046 -0.05 -11.85 9 1967 -0.14 -15.95 35. PRAKASH VASUDEV RAVAL -3.65 11 2464 -0.04 -1.80 7 2761 -0.02 -5.45 36. VASUDEV PURSHOTAMDAS RAVAL -3.55 ....
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.... -6.35 55. GIRISH RAJKUMAR GOEL 0 0 0 0 -1.45 2 150 -0.02 -1.45 56. SHWETA SHYAM PEDAMKAR 0 0 0 0 -7 3 500 -0.08 -7 57. TUSHAR R. RANE 0 0 0 0 -0.15 1 50 0 -0.15 58. SAPNA RAMDAS JATWAL 0 0 0 0 -0.55 1 200 -0.01 -0.55 59 SHYAM LAXMAN PEDAMKAR 0 0 0 0 -0.80 2 47 -0.01 -0.80 60. DINESH N PAGI HUF 0 0 0 0 -0.10 1 200 0 -0.10 61. DEEPIKA SUDHIR BHATT 0 0 0 0 -0.05 1 280 0 -0.05 62. AMISHA SUDHIR BHATT 0 0 0 0 -0.10 1 650 0 -0.10 GROUP TOTAL -1399.10 1466 356795 -16.39 -1399.10 1466 356795 -16.39 -2798.20 FINDINGS: 7.22 From the above Table VIII, it is observed that by trading amongst the....
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....d or otherwise. Further, the total no. of shares i.e. 5,003 shares allegedly contributing positively to LTP becomes even more negligible if compared to the overall shares traded in Sunrise Asian during the whole investigation period. c. Further, the no. of trades allegedly contributing to positive LTP is only 2, which is very minimal as compared to our overall trades in Patch 3 i.e. 35 trades. Further, our no. of trades contributing to positive LTP becomes even more negligible when compared to total no. trades in Patch 3 and total no. of trades during the whole investigation period. d. Further, w.r.t. allegation of trading with other entities (trading amongst connected entities), we would like to state that while placing sell order; we had no idea who was counterparty since all our transactions were executed through the normal screen based trading system of stock exchange. 7.24 In its replies dated September 15, 2017 and October 11, 2017, Noticee no. 88 i.e. Iceworth Reality LLP, had inter alia submitted as under: A. Patch-3- Price Rise- 08/05/2014 to 11/12/2014: We deny that we were amongst the 51 group entities who are alleged to have traded among th....
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.... the price of the scrip opened at Rs. 382.10, reached a high of Rs. 569 and closed at Rs. 493.45 i.e. a rise of 29.14%. From trading analysis, it was observed that the 51 connected entities (see Table VI) had traded amongst themselves during Patch 3 and the trade details are as follow - TABLE IX - DETAILS OF TRADES DURING PATCH 3 (8.05.2014 TO 11.12.2014) SR. NO. +LTP TRADES AS BUYER WITH GROUP ENTITIES +LTP TRADES AS SELLER WITH GROUP ENTITIES POSITIVE LTP AS BUYER AND SELLER (Rs.) +LTP (Rs.) NO OF TRADES QTY % OF MKT. POSITIVE LTP +LTP (Rs.) NO OF TRADES QTY % OF MKT. POSITIVE LTP 1. SANJAY S. TRIVEDI 175.50 313 166227 3.40 49.55 101 65746 0.96 225.05 2. RAMAN K PAGI 173.05 288 131969 3.35 155.05 241 161320 3 328.10 3. DINESH N PAGI 101.70 115 16824 1.97 67.40 81 24276 1.31 169.10 4. HIMMATLAL N TRIVEDI 97.55 178 121606 1.89 25.90 56 24975 ....
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.... 0.49 37.10 23 PRAKASH VASUDEV RAVAL 10.30 18 13530 0.20 7.95 16 8776 0.15 18.25 24. VIPUL VIPUR BHATT 9.65 13 12238 0.19 13.25 12 5391 0.26 22.90 25. BIJAL VIPULBHAI BHATT 9.30 28 12063 0.18 4.20 10 4242 0.08 13.50 26. DEEPAK GUPTA 9.10 20 10535 0.18 24.70 29 15543 0.48 33.80 27. ATUL M PATEL 8.75 26 13052 0.17 8.35 17 4309 0.16 17.10 28. GIRISH BHAGIRATH BHATT 7.10 13 7170 0.14 20.55 28 11994 0.40 27.65 29. B. K. DYEING PRINTING MILLS PVT. LTD. 6.65 15 13091 0.13 5.20 4 4149 0.10 11.85 30 SHIPRA FABRICS PVT. LTD. 5.40 24 19275 0.10 10.75 21 15433 0.21 16.15 31. CHP FINANCE PVT. LTD. 5.20 3 8533 0.10 3.45 ....
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.... 67.90 186 114432 1.32 67.90 51. ICEWORTH REALITY LLP 0 0 0 0 12 67 31401 0.23 12 GROUP TOTAL 1241.95 2404 1323744 24.05 1241.95 2404 1323744 24.05 2483.90 FINDINGS: 7.26 From the above Table IX, it is observed that by trading amongst themselves, the group of connected entities contributed Rs.1241.95, which is 24.05% of the market positive LTP. Also, the connected entities listed at Sr. No 47-51 had aided other connected entities (Sr. No. 1-46) by selling shares to increase the price of the scrip. In view of the significant positive LTP contribution by the group of connected entities by trading amongst themselves and also the reasoning brought out at paragraphs 7.10-7.13, it is concluded that connected entities listed in the above Table manipulated the price of the scrip by contributing to the price rise and have violated Regulations 3(a)-(d) and Regulations 4(1), 4(2)(a), (e) of PFUTP Regulations, 2003. PATCH 4 - PRICE RISE - 12.12.2014 TO 13.04.2015: During this period, the price of the scrip open....
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....g sell order; we had no idea who was counterparty since all our transactions were executed through the normal screen based trading system of stock exchange. e. It is also pertinent to mention that none of our trades i.e. buy or sell have contributed to New High Price or New Low Price. Further, our trades are also not alleged to be synchronized, circular or reversal in nature. 7.28 In its replies dated September 15, 2017 and October 11, 2017, Noticee no. 88 i.e. Iceworth Reality LLP, had inter alia submitted as under: A. Patch 4- Price Rise- 12.12.2014 to 13.04.2015: We deny that we were amongst the 42 group entities who are alleged to have traded among themselves during Patch-4 as detailed vide table under paragraph 18. We most humbly state that the said table is vague and devoid of interpretation in so far as the figures contain therein are concerned. We reserve our right to file further submission after opportunity for inspection and receipt of relied upon documents. B. We state that we have sold 2,83,187 shares as detailed vide table under paragraph 18 during Patch 4 on automated and blind mechanism of the Stock Exchange. Assuming while denying our ....
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.... % OF MKT. POSITIVE LTP 1. SANJAY S. TRIVEDI 130.60 202 127454 2.57 25.75 48 46778 0.51 156.35 2. ASHOK M. PATEL 92.75 209 154722 1.83 22.25 37 25440 0.44 115 3. RAMAN K. PAGI 80.10 104 45429 1.58 28.05 92 71156 0.55 108.15 4. ASHISH R. PATEL 66.30 167 154542 1.31 14.30 34 25453 0.28 80.60 5 NATHA S. PAGI 61.70 126 83811 1.22 68.70 106 98171 1.35 130.40 6. DINESH N. PAGI 49.80 120 66063 0.98 47.05 81 46595 0.93 96.85 7. BHANABHAI GANPAT PARMAR 35.85 55 74336 0.71 42.05 67 29448 0.83 77.90 8. BABUBHAI D. PATEL 35.70 58 42548 0.70 37.70 44 29218 0.74 73.40 9. VASUDEV PURSHOTAMDAS RAVAL 35.10 51 21954 0.69 20.50 42 ....
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....7 27.10 28 GIRISH BHAGIRATH BHATT 3.25 4 4700 0.06 12.40 31 16778 0.24 15.65 29. CHP FINANCE PVT. LTD. 1.55 3 12500 0.03 8.20 21 87400 0.16 9.75 30. ARVIND M. PATEL 0.50 2 1929 0.01 2.75 5 1350 0.05 3.25 31. DINESH N. PAGI HUF 0.30 3 400 0.01 0.25 1 1000 0 0.55 32. GIRISH B. BHATT HUF 0.30 4 5600 0.01 0.75 4 5500 0.01 1.05 33. SONAL LAXMAN PAGI 0.10 1 900 0 0.25 1 500 0 0.35 34. SHYAM ALCOHOL AND CHEMICALS LTD. 0 0 0 0 0.55 4 4150 0.01 0.55 35. ANITA NILESH BHATT 0 0 0 0 5.75 2 565 0.11 5.75 36. EAGER CORPORATION 0 0 0 0 3.50 5 2100 0.07 3.50 37. SHANTILAL N. TRIVEDI HUF 0 ....
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....inancial Years 2013, 2014 and 2015, Sunrise Asian had registered a profit of only Rs. 0.27 Crore, Rs. 0.70 Crore and Rs. 0.95 Crore, respectively. The aforementioned actions of the aforementioned Noticees as detailed in the preceding paragraphs clearly resulted in 'fraud' under the PFUTP Regulations, 2003, being committed, which in turn affected the interests of investors in the securities market. In this context, reliance is also placed on the observations of the Hon'ble SAT in the matter of Amaresh Pathak vs. SEBI, Appeal no. 332 of 2020 - Order dated February 16, 2021, wherein it had observed: "11. ... When a person enters into a transaction in securities with the intention to artificially raise the price, he thereby automatically induces the innocent investors in the market to buy/sell the stocks. The buyer or the seller is invariably influenced by the price of the stocks and if that is manipulated the person doing so is necessarily influencing the decision of the buyer/seller thereby inducing him to buy or sell. This is what Regulation 4 of the PFUTP Regulation speaks of. Inducement to any person to buy or sell securities leads to manipulation in the price of the s....
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..... LUNKAD TEXTILES PVT. LTD. 42. DOLLY PANKAJ LIMBAD 43. NATHA S. PAGI HUF 44. SHANTILAL NAGINDAS TRIVEDI 45. ATUL M. PATEL 46. DEEPAK VASUDEV RAVAL 47. AMIT P. LIMBAD 48. BHAGIRATH K BHATT 49. PRAKASH VASUDEV RAVAL 51. SATNAMSINGH PANESAR 52. VASUDEV PURSHOTAMDAS RAVAL 53. PARAMJITSINGH C. PANESAR 54. SURENDERKAUR PARAMJEET PANESAR 55. ISHA HITESHBHAI MEHTA 56. KAUSHIK BALUBHAI MADHWANI 57. SONAL LAXMAN PAGI 58. AMISHA SUDHIR BHATT 59. NILESH MAGANLAL BHATT 60. NARENDRA KANAILAL RAVAL 61. ALPESH GIRDHAR PARMAR 62. DINESH N. PAGI HUF 63. KOLAHAL TRADING PVT. LTD. 64. CHP FINANCE PVT. LTD. 65. IFL PROMOTERS LTD. 66. SANDEEP NARAYAN AMBEKAR 67. SANJAY SHRIPAT KAMBEL 68. P. SAJI TEXTILES LTD. 71. PRIYA KAMAL KATARIA 72. AVTARKAUR SATNAMSINGH PANESAR 73. AMIT RAJNIKANTBHAI SHETH 74. MEGHA RAMESHBHAI MEHTA 75. MANGESH MADHUKAR DHOTRE 76. ANITA NILESH BHATT 77. NANDKISHORE TRIVEDI 78. DINESH RAMANLAL SHAH 79. WAKIL RAJBHAR 80. GIRISH RAJKUMAR GOEL 81. SHWETA SHYAM PED....