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The Adjudicating Officer found that the appellant, in collusion with certain brokers and clients, had executed synchronized trades on the Bombay Stock Exchange in the scrip of Jindal Drilling & Industries Ltd. and indulged in non-genuine/fraudulent transactions in violation of the Regulations which resulted in creation of artificial volume,...
Mount Everest Mineral Water Limited was the target company and Mr. Vinod Sethi and Foresight Holdings Private Limited were its promoters. Tata Tea had acquired Mount Everest in 2007, buying a stake of 24.15 per cent at Rs 140 a share, which aggregated to Rs 43.54 crore. This triggered an...
The plaintiff (Mrs Guzdar) received certain amounts as dividend in respect of shares held by her in a tea company. Under the Indian Income-tax Act, agricultural income is exempted from payment of income-tax. As income of a tea company is partly agricultural, only 40 per cent of the company’s income...
SEBI noticed that the company had committed serious irregularities in its books of accounts and showed inflated profits and revenues in the financial statements and lured the general public to invest in the shares of the company based on such false financial statements thereby violated the provisions of Sebi (Prohibition of...
In Pramatha Nath Sanyal Vs Kali Kumar Dutt, an advertisement was inserted in a newspaper stating, “Some shares are still available for sale according to the terms of the prospectus of the company which can be obtained on application”. This was held to be a prospectus as it invited the...
Article 131 laid down that: "All acts done by any committee of Directors or by any person acting as a Director shall, notwithstanding that it be afterwards discovered that there are some defects in appointments of any such directors or persons acting as aforesaid or that they or any...
In this case, SEBI conducted investigations into the management, conduct and other affairs of the Alliance Capital Asset Management (I) Pvt. Ltd. (ACAML). Samir Arora was the fund manager of the company. Knowing that the company was inviting bids for takeover of the same, he made special arrangement with Henderson...
In their appeal before the Supreme Court, Nirma Industries raised the following grounds: 1. SEBI did not grant an opportunity of being heard while deciding the Withdrawal Application and the Rejection Letter was issued in violation of the principles of natural justice. Therefore, the Rejection Letter was therefore liable to...
Bankim J. Shah v. Securities Exchange Board of India The Board conducted investigations in the dealings in the scrip of the company for the period November 1, 1999 to March 30, 2000. During the investigation period one Aushim Khetrapal was the chairman and managing director of the company. The appellants...
On January 5, SEBI issued three adjudication orders, pulling up Jaiprakash Associates's Executive Chairman Manoj Gaur, his wife Urvashi Gaur, brother Sameer Gaur, whole-time director S.D. Nailwal, and Senior Vice President (corporate affairs) and Company Secretary Harish K. Vaid for alleged insider trading. The executives were accused of using their...