Order in the matter of Pyramid Saimira Theatre Ltd
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8/9/2019 Order in the matter of Pyramid Saimira Theatre Ltd
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WTM/SR/ EFD-DRA 2/ 72/03 / 2015
BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIACORAM: S. RAMAN, WHOLE TIME MEMBER
ORDERU !"# S"$%&' ( 11, 11B, ) ! 11*+ ' % " S"$ #&%&"( ) ! E $ ) " B')#! ' I !&) A$%, 1 2
IN THE MATTER OF 4RAMID SAIMIRA THEATRE LIMITED 1. On December 21, 2008 and December 22, 2008 there were several media reports that
Securities and Exchange oard o! "ndia #hereina!ter re!erred to as $SE "$% had directed Shri
&. S. Saminathan, one o! the promoters o! &'ramid Saimira (heatres )imited #hereina!ter
re!erred to as $&S()$%, to ma*e an open o!!er within 1+ da's, !or allegedl' violating
creeping ac uisition norms under the SE " #Substantial -c uisition o! Shares and
(a*eovers% egulations, 1// #hereina!ter re!erred to as $S-S( egulations$% at a price notless than s. 2 0.
2. &reliminar' in uiries revealed that SE " had not issued an' such direction and that the
purported SE " letter was !orged. -n investigation was ordered !or the purpose o!
examination o! trading in the scrip o! &S(). "nvestigation b' SE " inter aliarevealed the
!ollowing (he closing share price o! &S() on December 1/, 2008 was s. .+0 at the
omba' Stoc* Exchange #hereina!ter re!erred to as $ SE$% and when the mar*ets
opened on December 22, 2008, share price o! &S() increased to s. 83 at 4ationalStoc* exchange #hereina!ter re!erred to as $4SE$% and s. 82./0 at the SE.
Some purchases were made 5ust be!ore the 6issue6 o! the !orged SE " letter and
there was sale o! substantial number o! shares o! &S() when the mar*ets opened
on December 22, 2008, pursuant to reports o! the impending o!!er to be made b'
&.S. Saminathan. One trading client namel' Shri 4irmal 7otecha was the largest selling client on
both SE and 4SE on December 22, 2008. e was a ma5or shareholder o! &S()
and also the largest bene!iciar' o! the price rise which occurred due to thepublication o! the !orged SE " letter.
4irmal 7otecha had o!!loaded almost his entire sta*e in &S() at arti!iciall' in!lated
price levels on December 22, 2008 and bene!ited !rom the price increase in the
shares o! the compan'.
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9und trans!ers !rom and between 4irmal 7otecha and his close relatives #his
mother, wi!e% and related: associated entities: persons etc. too* place, on
December 22, 2008.
3. &ursuant to the preliminar' !indings o! the investigation, SE " vide an Order dated -pril
23, 200/ #hereina!ter re!erred to as $interim order$% issued under Sections 11, 11 and 11#+%
o! the Securities and Exchange oard o! "ndia -ct, 1//2 #hereina!ter re!erred to as $SE "
-ct$%,inter alia directed ;r. 4irmal 4arendra 7otecha, ;r. a*esh Sharma, ;r. a5esh ertain persons: entities alleged to be related: associated with 4irmal 7otecha
#who prima faciepla'ed a *e' role in !acilitating him, in carr'ing out suspicious
ban*ing transactions% not to bu', sell or deal in the securities mar*et including in
"&Os, directl' or indirectl', till !urther directions. &rohibiting two bro*ers !rom entering into an' !resh agreements with new clients
in their operations as stoc* bro*ers till !urther directions. >ertain entities: persons and their proprietors: partners: directors who were !ound
to have carried out suspicious ban*ing transactions and channelled !unds either
directl' or indirectl' in the stoc* mar*ets, not to bu', sell or deal in the securities
mar*et including in the "&Os, in an' manner, either directl' or indirectl', till !urther
directions.
+. -part !rom these entities: persons mentioned above, SE " initiated several other
proceedings against several other entities, !or their role in mar*et manipulation related to
the trading in the scrip o! &S() through orders issued !rom time to time.
. (his order pertains to the !ollowing entities and their proprietors : partners: directors who
!orm part o! the list o! entities mentioned in the interim order !or the reasons detailed
hereina!ter.
(able -
N)6" ' % " " %&% N)6" ' % " #'8#&"%'#/D"$%'# D"%)&9( ' AN
1. -dino (rading >ompan' &vt.)td.
Dinesh a!na: =inod a!na --9>- 038?
2. -dvance 9instoc* &vt. )td. -nand unia: &opatlal Shah:San5a' undia: a5esh udia,7arul Shah
-- >-// >
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3. -l!a >eramic (rading -gencies&vt. )td.
;u*esh >ho*si: ?a'esh Sampat --@9-0A0/&
+. -l*a Diamond @opal =erma --->- 23AD
. -lliance "ntermediaries B "4etwor*
;u*esh >ho*si: ?a'esh Sampat 4ot available
A. -man Enterprises @anesh ?ain ->=&? /8+
. -mar Enterprises &atel a*esh ohitbhai -& &&10 4
8. -mar (rading >o. havi* . Shah -C &S 222;
/. -mbe Sales >orp. Ompra*ah Sagarmal ?ain -@ &?8 A2>
10. -mrut (rading >o. havi* asmu*h Shah -C &S 222;
11. -nand ;arathe -nand ;arathe -7F&;0A//;
12. -nchal &roperties &vt. )td. &raveen 7umar ?ain: Dattaram)ade
--@>-0A81-
13. -n5ali -*hade -n5ali -*hade - 7&-++ 0D
1+. -n*it Enterprises &arvin Shah -)=&S 2A8 ;
1 . -n*it 7umar &agari'a G -S)&&802A-
1A. -ravind 7umar Soni -rvind 7umar Soni 9;&S0 /A9
1 . -rihant @ems -n*it 7umar &agari'a -S)&&802A-
18. -sho* ;etal B (ubes ?oshi (arachand huraram -9 &?/3039
1/. -sho* ;etal >orp 7ishormal ?ain, 7iran 7. ?ain --D&?2/+2
20. a!na Exim &. )td. ;u*esh ?ain : &raveen 7umar ?ain
--D> 2+/ E
21. agoria Enterprise -mit 7umar agoria - ;& 2 3
22. ala5ee Diamond -rvind 7umar Soni 4ot available
23. ala5i >orporation Shah ant' Dinesh O;&SA+2 C
2+. hairav Diamonds a5endra*umar ; ?ain -94&? 10E
2 . hairav (rading >o. hivra5 @u5ar -;D&@8/+0)
2A. ha*ti (rading a!na =inod 7umar -"9& 13129
2 . havani (rading >o. >hirag &atel - S&&22/
28. inal Shah inal Shah 4ot available
2/. oston -genc' ;angalram Shah -;9&S2/AA4
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30. >apetown ;ercantile >o. &vt. &an*a5 ?ain -->>> +00;
31. >handan @ems handu 7himavat >handu 7himavat 4ot available
33. >ho*ni Dani esort u*umchand ?ain -- >> 0A
3+. >lassic Enterprises ?ignesh -mrutbhai &atel 4ot available
3 . >rown ;etal "ndia Shah Suresh &. 4ot available
3A. D. -mit 7umar -mit 7umar S. Sonetha O&S 32 -
3 . Dada (rading >o. San5a' ai: ambharos adav -->>D/+11
38. Darshan (rading >o. Sourabh a5endra ?ain -7D&?+ 09
3/. Darshana >orporation Shah ;anglaram . -;9&S2/AA4
+0. Deep Enterprise Deepa* hatevara 4ot available
+1.
Deepa* Steel >entre anmal ?. hansali ->orporation >hauhan astimal &. 4ot available
+3. Devam "mpex &vt. )td. &i'ush Dand -->>D3// C
++. Dhanlaxmi (ubes -nd ;etal a5u*umar -marchand . hansali -- & 3080@
+ . Diamond Export u*michand ?ain -D>&?/311C
+A. Dinesh 7umar ;. @upta Dinesh 7umar ;. @upta -- &@ 1+/9
+ . Doshi (rading >o. ?agdish . Doshi -)O& // 87
+8. Edex &roduction -ndroadcasting &vt.
&rithi &aul Sethi 4ot available
+/. E*ta Shares and Securities &ramod @adia -Do &vt. )td. &an*a5 ?ain 4ot available
1. 9erro 4. -llo's Sohanlal S. ishnoi 4ot available
2. 9oremost ;erchandise Dinesh 7umar ?ain -- >91/21D
3. 9un*e eat Exchanger "ndia &eter 9un*e 4ot available
+. @anesh (rading >o. Deepa* D. Faghe --=&F1+01E
. @autam 7umar hansali G -??& 30 4
A. @a'atri @ems atan 7umar -grawal -@9&-08/+
. @enus >ommu (rade )td. =irag &atel: itesh &anchal 4ot available
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8. are 7rishna Export Sonu a!na 4ot available
/. ari Om (rading >o. -pnesh angnath Sangle ES&SA+ /-
A0. arish ;etal B (ubes arish S. ?ain - &?8223D
A1. ema (rading >o. &vt. )td. =asudeo Soliwal 4ot available
A2.
etal a5esh &atel G -Class Diamond Exports &.
)td.&raveen 7umar )odha, San5a'7umar )odha
-- > /3A0@
A+. one' "nternational Ompra*ash Shrishrimal -S &?2 0 ?
A . "mpex Sales >orpn. ;anglaram Shah -;9&S2/AA4
AA. "ndian >orpn. ?a!arbhai Danavala -?@&D/220)
A . ?.&. Enterprises &an*a5 7umar ?ain -D"&?+2/A?
A8.
?agat Enterprise ?ignesh -.&atel -@-&& 32/07A/. ?ana* ;etal "ndia =ishnoi ;angilal -E &=3/+ >
0. ?avda "ndia "mpex )td. amesh ?avda --->- 0A )
1. ?a' -mbe ;arbles Suresh ?ain -99&?8/++?
2. ?odharam ishnoi ?odharam ishnoi -?"& 82 &
3. ?&7 (rading ". &vt. )td. ;anish ?ain -- >?A2+ 4
+. ?'oti Enterprises a*esh 7umar Sen -(&S1A0A)
. 7alash Diam &awan*umar S. (iwari -9F&( 1A2
A. 7alash Diamonds &awan 7umar (iwari -9F&( 1A2
. 7alpana >orporation 7alpana -. Shah &S 8A1S
8. 7al'an 7irti "nternational ;anglaram Shah -;9&S2/AA4
/. 7amal Diamonds Sonu a!na, 7amlesh Dhammani --D>7220 ;
80. 7amlesh Dhamman 7amlesh Dhamman 4ot available
81. 7ana* "mpex ;ahendra ?ain -""&?8+A3>
82. 7anchan "mpex Sushil ;ehta - &&;/ +7
83. 7astbhan5andev Developers -shwinbhai &atel: ipinchandrahatt
- E9S20/ C
8+. 7eshari'a Diam &vt. )td. =i5a' 4arendra 7othari,&awan*umar (iwari
--D>7221 ;
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8 . 7eshav "mpex -nil >ho*hara -@ &> 831)
8A. 7hushi >orporation &rem &ra*ash (ailor - S&(/280@
8 . 7irti Enterprises &rem &ra*ash (ailor - S&(/280@
88. 7otsons "mpex &vt. )td. Dharmendra 7othari,>handramohan =erma
-->>7/10+>
8/. 7rina @ems 7amlesh Shah 4ot available
/0. 7unal @ems -sho* atan Soni --O&=A3217
/1. 7ush industan Entertainment)td.
-5a' Dixit -->>73 / ;
/2. 7ush "nternational amesh ?avda - >&= 13/@
/3. )an*a Diam @anpat & hadir*e 4ot available
/+. )arsen Exports )axmanchand ?ain ->H&?+33 C
/ . )eena @ems a5esh averi 4ot available
/A. )exus "n!otech )td. ose &adbidri --->)+A+A@
/ . )ove 7hush ?odharam ishnoi -??& 82 &
/8. )uxur' (rading >o. San5a' ai: am haros adav -- >)+/A/;
//. ;.@. >orporation 4andalal @ 4agpal -D9&4 A8+b
100. ;.;. Diamond &. )td. ;ahesh &'arelal ;ehta --9>;2 A -
101. ;aha* "mpex ;ohanlal ?ain # u!% --E ; AA
102. ;ahalaxmi >orp. -shwin &atel -49&& 2 0
103. ;ahavir >orporation a!na =inod 7umar -"9& 13129
10+. ;ahendra ?ain -""&?8+A3>
10 . ;anish Enterprises amu &ema @u55ar 4ot available
10A. ;ann "mpex hagwan Singh SF&S8 01D
10 . ;ano5 7umar G -77&;38 9
108. ;aster Surve'ors B >ontractors Suresh (hanage 4ot available10/. ;atrix Exports =asant 7umar & -;H&;/3 2)
110. ;auli* Diamonds Dil*ush abel -;)& 2+ 0C
111. ;a'a ?ewels &vt. )td. ;ahendra -mritlal ?ain, =i*ram -mritlal ?ain, @irish -mritlal ?ain
--9>; 33 @
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112. ;eet >orporation -ashish ;ahawar -&;&;2/3
113. ;egha (raders Deshra5 ?at -9 &?A0 1?
11+. ;ihir -gencies &. )td. ;u*esh >ho*shi : ?a'esh Sampat --@9;080/D
11 . ;ilan @ems ;ano5 7umar ;ehta -77&;38 9
11A. ;ohanlal . ?ain G -- &?10/2C
11 . ;ohit "nternational 4ilesh &armar -"H&&8A80C
118. ;u*ta "nternational a*esh ?ain 4ot available
11/. 4atasha Enterprise ose &adbidri -"&&&A3 2
120. 4av*ar (rading >o. -shish ?ain 4ot available
121. 4av*ar (rading >o. G -O &@2A00
122. 4eer (raders @eeta ?adhav: u*michand ?ain -->&?/A A&
123.
4ew &lanet (rading >o )td. =irendra -bhani B ose&addibiri -- >481 AE
12+. 4ew Fave ;ercantile >ompan' -vinash (rima*e 4ot available
12 . 4irmal Enterprises Sharma San5a' ;anilal -CC&S122 &
12A. Om >orporation >hirag &atel - S&&22/
12 . Om >orporation Shantilal &ra5apat 4ot available
128. Omega &etro &last Sur'a5i 7 honde -;?& S +A12?
12/. Orbit @ems =init ?ain - ;&?03327130. Ostwal (rading ". &. )td. ;anish ?ain --->O / ;
131. &. . Diamonds 4ara'an )al Sharma -Ehandulal -- >& AA+D
13 . &attani ogesh . G 4ot available
13A. &ritesh -. &atel G 4ot available
13 . &ri'ansh Exports ?itendra 7umar ?ain - 4&? 21D
138. &ro!icient "n!ra &. )td -sho* ?ain --E>& /1C
13/. &ushpa Diam &vt. )td. Dulra5 ?ain B -sho* ?ain 4ot available
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1+0. . . (raders avi 7umar ?ain -7=&? 83+C
1+1. .7. (ravels G -?@&D/220)
1+2. .S. Enterprise atan*umar -garwal B
Sunil 7umar -garwal
-9S&- 223?
1+3. aghu*ul Diam &vt. )td. 4irmal ?ain B San5a' (iwari --D> AA08&
1++. aghunandan a'ons )td. 11
1+ . a5 -llo's -nd Steel &vt. )td. a5*umar ?ain: 4itin Shah --D> +8+/)
1+A. a5 Diamonds &an*a5 Singhi )9&S2A1A
1+ . a5 atna ?ewellers 4irmal 7. havsar -9 & 3AA87
1+8. a5 (raders -vichal Soni (&S1033E
1+/. a5esh ?ain G -"?&S38+/
1 0.
a5esh &amecha G -E &&A 3)
1 1. a5*amal Steel a!na =inod 7umar -"9& 13129
1 2. a*hi @ems =ipul Sharma -S&S 23 E
1 3. atan Enterprises Oatmal &urohit -CE&&0/0/
1 +. atan Exports ogesh 7umar Sancheti - E&SA AA)
1 . avi Enterprises abulal ?ain -- &?+ 10
1 A. avi Exports avi &ra*ash ?ain -7?&?A022E
1 . ealgold (rading >o. &vt )td 4ilesh &armar 4ot available
1 8. eliant ;etal >orporation a5purohit -r5un &. -)-& A303-
1 /. enisha "mpex &vt )td Dinesh ?ain : Dulra5 ?ain --D> 1/80@
1A0. iddhi Siddhi ;ultitrade )td &an*a5 ?ain --D> 831)
1A1. idham Enterprises a5*umar -grawal -9S&- 2227
1A2. ohit (rading >o. 7amal (ha*ur -DH&(22+/C
1A3. oop "mpex Dulra5 & / +AE
1AA. Sagar (rading >o. Shah Suresh &. 4o available
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1A . Sahara "mpex #"ndia% =astupal ;. ?ain -DO&?2 32&
1A8. Sahil ?ewel &oonam ?ain -" &?A83 D
1A/. Sai 7rupa (rading 4avratan S ?ain - &?+038?
1 0. Sai )eela (rading &vt. )td. =i5a' Suresh (aware, 4itin -r5un@harat
--7>S+ 8>
1 1. Sandeep Steel "ndustries abulal 7. ishnoi -E & 12+2>
1 2. San5ivani Enviro &rotection )td. =irendra -bhani: ?itendra (ater: =asudev Soliwal
--D>S3+33&
1 3. Sans*ar (rading >o. @anapat )al -D@&)2 13-
1 +. Sapna Diamond Sushil ;ehta - &&;/ +7
1 . Sarita Diamonds ?itender ?ain -9O&?3 +3>
1 A. S ? (rading &vt. )td. ;anish ?ain: &raveen ?ain --7>S/022&
1 . Shah (rading >o. 4aresh 7. Shah
#(he name o! 4aresh 7. Shah was substituted !or the name ;s.
etal . Shah vide order dated9ebruar' 03, 2010%
-C&S/0/AD
1 8. Sha*ti (rading >o. a!na =inod 7umar -"9& 13129
1 /. Shan*eshwar (raders &vt. )td. ?avarilal @autamchahd ?ain --)>S/0124
180. Shi'on Enterprise >handra*ant &atel -O &&+2+A>
181. Shree Earth ;overs B )andDevelopers
a5emdra ?anardan Surve 4ot available
182. Shree Export -sho* Shrishrimal -- -/2 8
183. Shree 9orge "ndustries abulal 7. ishnoi -E & 12+2>
18+. Shree amdev ;etal O*haram amshi5i >houdhar' -@9&>/22 )
18 . Shri @anesh @ems Su*hpal &ra5apat -O &&+ 0A
18A. Shubh (rading >o. )alaram @u5ar -& &@33A/C
18 . Shubham Exports @autam 7umar hansali -?S& 30 4
188. Siddham Exports ?a!arbhai Danaval -. -?@&D/220)
18/. Sigma (ours B (ravels 7amal . (ha*ur -DH&(22+/C
1/0. Simi "mpex Sandeep S. athore -)
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1/1. Sonal @ems (rading &. )td. u*michand ?ain : @eeta ?adhav --)>S/ 14
1/2. Soundar'a @ranite B ;arble Suresh ?ain -99&?8/++?
1/3. Star Enterprises &awan (arachand ?ain -"-&?2 3/D
1/+. Star @ems hagirathi &uhan - (&& 10A?
1/ .
Su ?ewels Exim &rivate )td.#erstwhile >ho*hi Dhani esorts&. )td.%
u*michand ?ain, @ulab ?ain --;>S2/88)
1/A. Sunblin* (rading -nd "nvt. )td. Sandeep Dalal: a5endra*umarhimra5*a
-->>S0A309
1/ . Sunchan Securities )td. Sunil ;ansinghani:7anchan;ansinghani
--9>S8/ 3-
1/8. Super @old (radin >o &vt )td. @eeta ?adhav B u*umchand ?ain
-- >S 2 +E
1//. Supre @old (raders @eeta ?adhav 4ot available
200. Swasti* Diam &vt. )td. Dulra5 ?ain B Dinesh ?ain - O&?21 A;
201. (amanna @em @hevarchand . &amecha -9F&&A3+1C
202. (arachand hoorchand ?ain G 4ot -vailable
203. (ritop (rading &vt. )td. has*ar >(8AA2?
20+. orpn. ;u*esh >ho*si ---&> A ?
212. =imal Diamond =imal ?ain -E
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21A. ash =. ?ewels )td. ?a'ant 7ansara ---> 111/&
21 . ashra5 Enterprise Su*hra5 (arachand ?ain ->C&? 210D
A. &ursuant to the issuance o! the interimorder, one o! the above named entities, viJ. Shah
(rading >ompan' #listed at no. 1 in (able -% appeared !or the personal hearing through
its proprietor, ;s. etal . Shah. During the personal hearing on December 01, 200/
be!ore the Fhole (ime ;ember, SE " it was observed that the name o! Shah (rading
>ompan' #&roprietor ;s. etal . Shah% was inadvertentl' included in the list. (herea!ter,
SE " sought clari!ication !rom the relevant ban* which vide letter dated -pril 23, 200/
stated that the credit o! Rs. 0,00,000 to >handan @ems #entit' no. 31 in (able -% on
-ugust 0A, 2008 was b' wa' o! trans!er !rom the account o! one Shah (rading >ompan'
whose proprietor was ;r. 4aresh 7. Shah and not !rom Shah (rading >ompan' whose
proprietor was ;s. etal . Shah. >onsidering the same, the directions issued against Shah
(rading >ompan' #&roprietor ;s. etal . Shah% were revo*ed while the entiti'K Shah
(rading >ompan' #&roprietor 4aresh 7. Shah% was included in the list o! persons:entities,
and was also directed not to bu' sell or deal in the securities mar*et including in the initial
public o!!erings, in an' manner, either directl' or indirectl', till !urther directions.
. Subse uentl', vide an order dated December 0/, 200/ issued against 20 entities, another
order dated ?anuar' 12, 2010 issued against entities and two separate orders both dated
?ul' 0 , 2010 issued against 2 more entities, the directions issued vide the interimorder were
con!irmed with respect to the / entities #also mentioned in the (able -%.
8. Fhile the interim directions were in !orce, 1/ entities: persons listed at (able -, !iled
appeals be!ore the on$ble Securities -ppellate (ribunal #hereina!ter re!erred to as
$(ribunal$% challenging the said interim directions. (he on$ble (ribunal disposed o!! the
appeals vide separate orders as mentioned in the table below, b' granting a sta' on the
operation o! the interim direction, ta*ing note o! the !act that these 1/ entities had
remained out o! the securities mar*et !or a considerable period o! time. (he (ribunal
!urther directed that the sta' is without pre5udice to the rights o! SE " to proceed !urther
in the matter and shall not be ta*en as an expression o! the (ribunal$s opinion on the
merits o! the case.
/. (he details o! the entities and dates o! the orders passed b' the on$ble (ribunal are as
!ollows
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N)6" 88")9N'(.
D)%" 'O#!"# '
SAT
S#. N'.&
T) 9" A
1. Edex &roduction androadcasting &vt. )imited
1 :2010 0 .10.2010 +8
2. -dvance 9instoc* &vt. )imited 38:2011 02.0 .2011 2
3. >apetown ;ercantile>ompan' &vt. )imited
10A:2011 21.0 .2011 30
+. -l*a Diamond "ndustries)imited
1A8:2011 1+.10.2011 +
. aghunandan a'ons )imited 21+:2011 23.01.2012 1++
A. -nchal &roperties #&% )imited 223:2011 30.01.2012 12
. 7ush industanEntertainment )imited
22+:2011 30.01.2012 /1
8. ?avda "ndia "mpex )imited 11:2012 03.02.2012 0
/. )exus "n!otech )imited / : 2012 03.02.2012 /A
10. San5ivani Enviro &rotection)imited
10:2012 03.02.2012 1 2
11. 9aststone (rading >ompan'&vt. )imited
+3:2012 2+.02.2012 0
12. iddhi Siddhi ;ultitrade&rivate )imited
3 :2012 2+.02.2012 1A0
13. S ? (rading #"ndia% &rivate)imited
38:2012 2+.02.2012 1 A
1+. =anguard ?ewels )imited +0:2012 2+.02.2012 210
1 . ash =. ?ewels )imited +2:2012 2+.02.2012 21A
1A. ?&7 (rading ". &vt. )imited 3A:2012 0+.0+.2012 3
1 . 4ew &lanet (rading >o.)imited
+1 : 2012 0+.0+.2012 123
18. Ostwal (rading ". &vt. )imited 3/:2012 0+.0+.2012 130
1/. ;ohit "nternational 1 0:2012 1/.0 .2012 11
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10. " have considered the !acts and circumstances o! the case and the relevant documents on
record. "n particular, " have noted that the role o! these entities as revealed during the
investigation in the scrip o! &S() relates to large !und trans!ers between their accounts,
without an' explanation regarding their purpose. (he extent o! participation o! these
entities named in the (able - as revealed during investigation and subse uentl' is brie!l'
discussed below
). "nvestigation !indings indicated that 4irmal 7otecha, who had o!!loaded substantial
number o! shares o! &S() on December 22, 2008 at arti!iciall' in!lated prices, had
allegedl' used the ban* account o! one Om -ssociates !or carr'ing out ban*ing
transactions and those transactions were !ound to have been routed through this
account whose proprietor ;r. 7antilal &urohit was !ound to be a man o! limited
means and there!ore would not have been able to carr' out such ban*ing transactions
on his own income. (he investigation !urther revealed that 4irmal 7otecha had also
used the account o! one ;r. -mol 7o*ane as his !ront and 4irmal 7otecha was thebene!iciar' to the !unds trans!erred !rom Om -ssociates$ account, !rom where the
!unds were ultimatel' in!used into the stoc* mar*et through the bro*er, "ndia >apital
;ar*et &vt. )imited. (he !irst credit o! s.10 la*h to the ban* account o! -mol
7o*ane on September 10, 2008, was !ound to have been made !rom the account o!
Om -ssociates.
. "nvestigation !indings also revealed that prior to the trans!er o! Rs. 10 la*h to the
account o! -mol 7o*ane on September 10, 2008, Om -ssociates had received
credits !rom the !ollowing entities earlier mentioned in (able - #para , page 2%
Entit' 4o. in (able -
1. Shree Earthmovers and )andDevelopers
181
2. ala5i >orporation 23
3. hairav Diamond 2
+. >handan @ems 31
. 9erro 4 -llo's 1A. @a'atri @ems A
. arish ;etal and (ubes A0
8. 7anchan "mpex 82
/. Om >orporation 12
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10. &aras Steel "ndia 133
11. Shree 9orge "ndustries 1+2
12. a5 (raders 1+8
13. Sarita Diamond 1
1+. Sha*ti (rading >o. 1 8
1 . .S. Enterprise 183
1A. Shri &ravin abulal ?ain G
* Pravin Jain is/ was the director/ proprietor of certain entities named in Table A namely, JPK Trading I. Pvt.
imited, !stwal Trading I. Pvt. imited, "#J Trading Pvt. imited, $ew Planet Trading %o. imited, %apetown
&ercantile Pvt. imited, 'iddhi "iddhi &(ltitrade imited and Anchal Propreties Pvt. imited
$. (he investigation !indings reveal that a trail o! the accounts o! these entities had
prima !acie revealed that !unds were being rotated through all these accounts as well
as through a large networ* o! their connected accounts in a complex circuitousmanner and without an' explanation regarding their purpose and !urther that !unds
were allegedl' trans!erred to the account o! Shri -mol 7o*ane, !rom the accounts o!
various persons: entities mentioned in (able -, without an' bona!ide purpose. One
such che ue !or s. 18 lacs was issued b' one Shri ?ignesh -mrutbhai &atel o! >lassic
Enterprises to Shri -mol 7o*ane.
!. "t is also noted that !rom the account o! 1 persons: entities mentioned in (able -
#para , page 2%, an amount o! s.11,2A+,3+ ,/A/.2+ #One thousand one hundred and
twent' six crores !ort' three la*hs !ort' seven thousand nine hundred and sixt' nine
and twent' !our paisa% had been shown to have been sent out o! the countr' during
the !inancial 'ear 2008I0/.
". -part !rom the trans!er o! !unds to the account o! Om -ssociates on September 10,
2008, investigation !indings reveal several transactions to and !rom entities mentioned
in (able - and Om -ssociates. Some such transactions included trans!er b' ala5ee
Diamonds o! s. AA lacs to a5 (raders on October 11 and 13, 2008, who in turn
trans!erred s. A2 lacs to Om -ssociates on the same da'. Om -ssociates trans!erred
s. 0 lacs to Darshan (rading, who in turn, trans!erred s.1.18 crore to 4irman
;anagement Services &vt. )td., where Shri 4irmal 7otecha was one o! the directors .
. -part !rom these details, investigation !indings reveal that the entities mentioned in
(able - were interIconnected based on a statement given b' the proprietor o! Om
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-ssociates, ;r. 7antilal &urohit, that the ban* account o! Om -ssociates was
operated b' one ;r. &ravin ?ain who used to sign the che ues and that &ravin ?ain
was !ound to be lin*ed: connected to various entities named in the interimorder.
&ravin ?ain is: was the director: proprietor o! certain entities named in (able -
namel', ?&7 (rading ". &vt. )imited, Ostwal (rading ". &vt. )imited, S ? (rading
&vt. )imited, 4ew &lanet (rading >o. )imited, >apetown ;ercantile &vt. )imited,
iddhi Siddhi ;ultitrade )imited and -nchal &ropreties &vt. )imited and was
managing the a!!airs o! 4atasha Enterprise. (he address o! &ravin ?ain was shared b'
the directors: proprietors o! certain entities named in the (able - namel', San5ivani
Enviro &rotection )imited.
11. Since these suspicious ban*ing transactions relating to the entities as discussed earlier were
alleged to be lin*ed to potential mone' laundering activities that could be detrimental to
the genuine investors at large, a cop' o! the interim order was sent to the Director, 9inancial
"ntelligence
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proceedings against 3 entities stand concluded while proceedings against 10 other entities
are ongoing.
13. @iven that most o! the entities did not ma*e an' submissions with re!erence to the interim
order and that these entities: persons have been undergoing debarment since -pril 23,
200/ in terms o! the interimorder, i.e. !or a period o! !ive and a hal! 'ears #except the 1/
entities who !iled appeals be!ore the (ribunal% and who have undergone debarment ranging!rom two and a hal! to three 'ears, till the granting o! the sta' b' on$ble (ribunal, " see
no !urther purpose to issue a notice to show cause to these entities at this stage be!ore
concluding these proceedings.
1+. (he !indings o! the audit report o! " indicate the role o! the entities: persons mentioned
in the (able - is being restricted to suspicious ban*ing transactions. " also note that no
adverse comments have been received !rom 9"