Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan...

8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…

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In the matter of Sky Industries Ltd . Page 1 of 76

BEFORE THE ADJUDICATING OFFICER

SECURITIES AND EXCHANGE BOARD OF INDIA

[ADJUDICATION ORDER NO. AK/AO- 15-20 /2015]

________________________________________________________________________

UNDER SECTION 15-I OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ

WITH RUE 5 OF SEBI !"ROCEDURE FOR HODING IN#UIR$ AND I%"OSING "ENATIES

B$ ADJUDICATING OFFICER& RUES, 1995

In respect of

S'() *)+ J *( (PAN: ACOPV9937D); %. H) *)+34( *( (PAN:

AFEPV574!); S'() C'6 D7( (PAN A"NPD#79$C); %/. C'6 D7( HUF (PAN:

AAC!C5554P); %. %)6) D'8 (PAN: AD%PD#$3&E); S'() %+')

R':'( S'' (PAN: AE%P%&'97!)

In te *tter of

+,s. %- In/0str1es 211te/

________________________________________________________________________

FACTS OF THE CASE

#. %ec0r1t1es *n/ Ec*ne "o*r/ of In/1* (ere1n*fter referre/ to *s SEBI;) con/0cte/

*n 1n6est1*t1on 1t respect to tr*/1n 1n te scr1p of +,s. %- In/0str1es 211te/

(ere1n*fter referre/ to *s SI; or 6' :


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?*esc*n/r* %* (%r1 +*no=


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Not1cees. ConseB0ent 0pon tr*nsfer of +s. "*rn*1 +0-er=ee I *s *ppo1nte/ *s

te A/=0/1c*t1n Off1cer 61/e or/er /*te/ A00st &$ 0n/er %ect1on #5I of te

%E"I Act re*/ 1t r0e 3 of %E"I ?0es to 1nB01re 1nto *n/ */=0/e 0n/er %ect1on

#5!A of te %E"I Act for te *ee/ 61o*t1on of PF>P ?e0*t1ons


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5. V1/e etter /*te/ A00st +s. +1not1 D**n rep1e/ to te %CN inter alia

s0


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In the matter of Sky Industries Ltd . Page of 76

7. +s. +1not1 D**n 61/e etter /*te/ %epte


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hus!and solely used to o"erate the said a&&ount+ % &o"y of the !ank &ertifi&ate

dated #e&em!er 24, 2*13 &ertifying that her late hus!and Shri Sandee" la&s

"er day ere de"osited in the said a&&ount on a regular !asis and transferred to

the &urrent a&&ount of ;-s+ #haan In'estment, here ;s+ ;inoti #haan as

a "ro"rietor

(f) % &o"y of a ;emorandum of 9nderstanding (hereinafter referred to as ‘MoU’ )

signed !eteen ;s+ ;inoti #haan herself and her late hus!and on :anuary 1*,

2**1, here!y ;s+ ;inoti #haan had "ur"ortedly authoried her hus!and to

use her name to &arry on the !usiness of transa&ting in shares, mutual funds and

other in'estments as "ro'ided+ % "erusal of the said ;o9 re'ealed that the

said ;o9 inter alia made the late hus!and of ;s+ ;inoti #haan lia!le for any

&i'il or &riminal a&tion initiated !y any "erson at any stage+

$. F0rter to0 te not1ces ere


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per1o/ *s *so pro61/e/ to %r1 V1=* Vor* *n/ +s. !1n* Vor* *n/ te s*e *s

/e16ere/ to te s*1/ to not1cee@s *//ress.

9. F0rter to0 te %CNs ere /e16ere/, *ff1e/ te etters of re1n/er *n/

e*r1n Not1ces ere ret0rne/ 0n/e16ere/ fro te *//ress of %r1 Cet*n Dor*

+,s. Cet*n Dor* !>F *n/ %r1 +*no=


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In the matter of Sky Industries Ltd . Page > of 76

*on 1t soft cop of te Or/er 2o r*/e 2o *n/ PV *n*s1s of te scr1p *s

sent to %r1 A.. "*ns* +,s. A.. Assoc1*tes A? of %r1 Cet*n Dor*


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(h) That in res"e&t of 62,41 shares "ur&hased off5market from ;s+ ?ina Aora,

"ayments ere duly made in &ourse of time and there ere no syn&hronied

trades

(i) That Shri $hetan #ogra has only done normal !uying and selling as a trader and

the name of ;s+ ;inoti #haan as the other "arty is only in&idental

() That the trades of 34,34* shares and 37, shares are of small uantity and

minis&ule in nature hen &om"ared to the total traded 'olume

(k) Shri $hetan #ogra8s trades for 7,2*2 shares are small, meager, insignifi&ant

trades and ere ust normal trades of small traders- in'estors in sto&k market

and none of the trades ere syn&hronised

(l) That in res"e&t of syn&hronied trades for 3,23 shares and self trades for 1,4*

shares, it as unintentional and &ould ha'e !een done !y mistake in a hurry

(m) That as regards the shares "ur&hased off market and "ayments duly made for

them, there as no rong doing

(n) That Shri $hetan #ogra and ;-s+ $hetan #ogra ?9@ ha'e nothing to do ith

Shri ;ano!hai Shah, ho is not knon to them either !y name- fa&e or

otherise and ha'e ne'er done any trade- !usiness ith them

(o) That "er&entage to "ositi'e and negati'e LTP of Shri $hetan #ogra !eing 1+21.

and *+76. res"e&ti'ely and that of ;-s+ $hetan #ogra ?9@ !eing *+6>. and

*+. res"e&ti'ely are 'ery small, insignifi&ant and meager in uantity and any

allegation regarding a&ting in grou" is su"erfi&ial

(") That Shri $hetan #ogra and ;-s+ $hetan #ogra ?9@ are not &onne&ted ith the

&om"any in any manner and are not res"onsi!le for their fun&tioning

() That trades of Shri $hetan #ogra and ;-s+ $hetan #ogra ?9@ ere of small

uantity and &an &ertainly not !e treated as ha'ing done in a grou" ith any

fraudulent intent

(r) That Shri $hetan #ogra and ;-s+ $hetan #ogra ?9@ ne'er a&ted in &on&ert ith

any grou"+

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In the matter of Sky Industries Ltd . Page 1* of 76

##. F0rter 1t respect to te person* e*r1n sce/0e/ for 8*n0*r #& te A?

of %r1 Cet*n Dor* 61/e etter /*te/ 8*n0*r &$ once **1n reB0este/ for *n

*/=o0rnent *n/ te s*e *s r*nte/.

#.

No rep oe6er *s rece16e/ fro %r1 +*no=


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procee/ 1n te *tter **1nst %r1 Cet*n Dor* *n/ +,s. Cet*n Dor* !>F on te


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(a) That Shri ;ano!hai Shah had to re&ei'e some amount from ;r+ Shri Aiay Aora

for "ast ser'i&es rendered and as he &ould not "ay the same, Shri Aiay Aora

transferred euity shares of different uantities of a!out thirty fi'e &om"anies in

demat mode from his demat a&&ount to Shri ;ano!hai Shah8s demat a&&ount

on @e!ruary *6, 2** in off5market transa&tion+ These shares in&luded transfer

of 1,6*,3*6 shares of SIL

(!) That a"art from the a!o'e transa&tion Shri ;ano!hai Shah had no other

dealing, relationshi" or &onne&tion ith Shri Aiay Aora+ Shri Aiay Aora is not his

relati'e, nor, does he kno Shri Aiay AoraBs ife ;s+ ?ina Aora and has ne'er

met her

(&) That Shri ;ano!hai Shah is not a "romoter or dire&tor of SIL and had re&ei'ed

shares of SIL for first time in his demat a&&ount

(d) That the "ro&eedings suffer from great delay hi&h delay is not e'en e/"lained

(e) That Shri ;ano!hai Shah had not !ought a single share of SIL during

in'estigation "eriod and that his sales ere hundred "er&ent deli'ery !ased

(f) That Shri ;ano!hai Shah has !een rongly !un&hed, lum"ed, &lu!!ed, in&luded

and tied to the oti&ees as his only sales of 1,34,** SIL shares on 1> days

s"read o'er si/ months as inde"endent, se"arate, distin&t and stand alone as

"er his funds reuirement

(g) That e/&e"t one stray off5market dealing, no other material is shon to &onne&t

Shri ;ano!hai Shah ith Shri Aiay Aora+ @urther that nothing is shon to relate

Shri ;ano!hai Shah to Shri Aiay Aora8s ife ;s+ ?ina Aora, Shri $hetan #ogra

and ;s+ ;inoti #haan

(h) That Shri ;ano!hai Shah8s deli'ery !ased sales of shares on a fe days

intermittently in tran&hes &annot !e &onsidered as fraudulent

(i) That after Shri Aiay Aora transferred 1,6*,3*6 shares of SIL to the demat

a&&ount of Shri ;ano!hai Shah in off5market, he started selling shares of SIL

(and of other s&ri"s) from @e!ruary 24, 2** through his !roker on 0S, sin&e he

as in need of funds



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() That Shri ;ano!hai Shah8s sales of 1,34,** shares hi&h ere !a&ked !y

deli'eries (and there as no !uying, no intra5day trading) took "la&e during the

in'estigation "eriod as follosC 27,** shares in @e!ruary 2** 3,*** shares in

;ay 2** 3,*** shares in :une 2** 6,*** shares in %ugust 2** 6,***

shares in Se"tem!er 2** and 2,*** shares in :anuary 2*1*

(k) That Shri ;ano!hai Shah had not sold SIL shares e'ery day- e'ery month and

that his sales ere deli'ery !ased and that he had tendered deli'ery from his

"re5e/isting sto&k in his demat a&&ount

(l) That Shri ;ano!hai Shah had sold other s&ri"s also during the in'estigation

"eriod hi&h ere re&ei'ed in off5market from Shri Aiay Aora

(m) %ssuming !ut ithout admitting, that Shri ;ano!hai Shah8s 'olume as

syn&hronied, e'en then Shri Aiay AoraBs "ur&hases of shares from Shri

;ano!hai Shah amounted to a meagre 2+71. of his gross 'olume and that of

;s+ ?ina Aora amounted to +61. of her gross 'olume+ o one &an &on&lude,

&onni'e and &ons"ire of su&h a minis&ule uantity of shares s"read o'er a!out 12

months - 17 months

(n)

That su&h syn&hronised orders in the nature of negotiated deals at ruling market

"ri&es for deli'ery !a&ked sales is "ermissi!le in terms of S0I8s &ir&ular dated

Se"tem!er 14, 1+ In the &onte/t ?onB!le S%TBs Drder dated %ugust *, 2*1*

in %""eal no+164-2** 5 Pore&ha Elo!al Se&urities P't+ Ltd+ '-s S0I has !een

&ited

(o) That Shri Aiay Aora- ;s+ ?ina Aora ha'e traded on days- months on hi&h Shri

;ano!hai Shah did not do any trading, hereas Shri ;ano!hai Shah8s only

sales of shares as on 1> days s"read o'er 6 months and out of 17 months of

in'estigation "eriod

(") That deli'ery !ased 'olume &an !y no stret&h of imagination !e treated as

artifi&ial+ Dther 'olume in the market F "re and "ost Shri ;ano!hai Shah8s

'olume on @e!ruary 24, 2** F too as deli'ery !ased+ 0alan&e 'olume (market

'olume less Shri ;ano!hai Shah8s 'olume) of trading if it got attra&ted on

a&&ount of his 'olume if at all, resulted into deli'eries only F &onseuently



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market 'olume as 1**. deli'ery !ased+ That in the s&enario, there is no

uestion of Shri ;ano!hai Shah8s 'olume- market 'olume !eing treated as

artifi&ial and &onseuently fraudulent attra&ting @9TP =egulations

() That no role, in'ol'ement or "arti&i"ation is shon in huge 'olume of Shri Aiay

Aora and ;s+ ?ina Aora+ @urther no role of Shri ;ano!hai Shah in trading

'olume of alleged grou" entities F Shri $hetan #ogra and ;s+ ;inoti #haan

has !een shon

(r) That &onne&ting Shri ;ano!hai Shah ith Shri Aiay Aora - ;s+ ?ina Aora on the

!asis of some trade data is not &orre&t, sin&e in the s&reen !ased trading

&ounter"arty is not re'ealed, as order get mat&hed on "ri&e and time "riority

&riterion+ If in the market "la&e, there ere fe interested !uyers and fe sellers

in the s&ri", the orders ere !ound to get mat&hed amongst these entities only+

Su&h mat&hing "er se did not amount to any fraudulent trading

(s) That ith regard to "ri&e on @e!ruary 24, 2**, it is o!ser'ed that the same as

in line ith the "re'ailing "attern of "ri&es of "re'ious days and "ri&es of

su!seuent days

(t)

That in hindsight, it a""ears that the SIL s&ri" as thinly traded and Shri Aiay

Aora- ;s+ ?ina Aora had interest in the said s&ri"

(u) That off market trades do not "ass through &learing and settlement me&hanism

of 0S and hen&e do not &ome ithin the am!it, "ur'ie, &om"ass and

regulatory urisdi&tion of 0S- S0I

(') That not a single trade of Shri ;ano!hai Shah has !een &onsidered as

syn&hronied one+ ot a single trade of Shri ;ano!hai Shah has resulted in self

trade or re'ersal trade and not a single trade of Shri ;ano!hai Shah on market

is mani"ulati'e- o!e&tiona!le and did not affe&t or &ontri!ute to any "ri&e rise

in SIL s&ri"

() That details and data gathered- &a"tured of e'ery order- trade are under 1

heads- &olumns, hereas in the anne/ure of su""lementary S$ only fe details

on G"i&k and &hoose8 !asis of o!e&tiona!le alleged order- trade has !een

furnished+ % statement of heads of trade - order logs under hi&h details are



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gathered - a'aila!le ith S0I has not !een furnished in res"e&t of the alleged

syn&hronied trades+

#7. e A?s on >2 at 13C44C1* for 1*,** shares ith re'ealed uantity of

1,** shares on the trading s&reen+ @urther, ;s+ ?ina AoraBs !roker had in"ut

the !uy orders as underC



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1e Or/er No Jt ?e6e*e/ Jt ?*te ?s.

#3:44:3& &544 #&&& 9&.9&

#3:44:5 &545 #&&& 9&.9&

#3:47:44 &55 5&&& 9&.9&

#3:47:5' &553 #&& 9&.9&

T6@ 100

Trades "arti&ulars of the a!o'e to

1e Jt ?*te ?s.

#3:44:3# #&&& 9&.9&

#3:44:53 #&&& 9&.9&

#3:47:45 5&&& 9&.9&

#3:47:5' #&& 9&.9&

T6@ 100

?en&e, against one sale order of 1*,** shares of Shri ;ano!hai Shah, ;s+ ?ina

AoraBs !rokerBs four !uy orders totalling to 7,1** shares got e/e&uted in the

&ourse of ne/t 46 se&onds+ @rom the order in"ut "attern, different uantities of

!uy-sell orders, sell orderBs uantity not mat&hing ith total !uy uantity (of 4

!uy orders - trades) sho there as no "rior meeting of minds+ ?ad there !een

"rior meeting of minds, there ould ha'e !een one trade only ith all

&om"onents 5 time, uantity, "ri&e, re'ealed uantity, order ty"e et&+ 5 !eing

same of !uy order as ell as sell order+ @urther against the sale order of Shri

;ano!hai Shah, !uy orders of the inter'ening "arties too got e/e&uted at the

same rate i+e+ =s+*+*+ Thus the seuen&e of mat&hing ith different !uy orders

of different "arties, different uantities rule out of any meeting of minds

() That against sell orders of a larger uantity of Shri ;ano!hai Shah, many !uy

orders of small uantities got mat&hed and resulted into trades of su&h small

uantities also, thus, there as no "rior meeting of minds and syn&hronisation of

orders

(k)

That if one ants a definite e/it, then a seller ith a larger uantity to sell ould

"ut slightly loer rate than the ruling market "ri&e so as to ensure that his sale

order results into sale trade

(l) That Shri ;ano!hai Shah8s one sale order no+ 363>>4 for 1*,*** shares at

=s+*+* at 13CC44 got e/e&uted !eteen 13CC*> to 14C12C27 in a!out 3*

trades against 4 &ounter !rokers for ;s+ ?ina Aora (7,3* shares) and Shri Aiay



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Aora (2,6* shares), hi&h all !uy orders ere su!seuent to sale order+ ?ad

there !een a "rior meeting of minds, the sale order ould not ha'e remained

dis"layed for su&h a long time of 16 minutes and there ould ha'e !een no need

for 3* !uy trades to ha""en against one sale order of the oti&ee

(m)

That Shri ;ano!hai ShahBs one sale order of ,** shares at 14C1C*6 at

=s+1+>* got mat&hed against > !uy orders of &ounter "arties from 14C16C4> to

14C3C*2 hi&h shos that !uyers ere la&king in the said SIL s&ri", e'en after

redu&tion of 1* "aise in the rate !y the oti&ee (seller)+ Shri Aiay Aora !ought

3,1** shares hile ;s+ ?ina Aora !ought 2,2** shares, 2** shares !eing !ought

!y inter'ening third "arty+ 0uy orders uantity of shares of &ounter "arties ere

different and !uyers !ought after seeing sale order on the s&reen

(n)

Hith regard to Shri ;ano!hai ShahBs sale trade at 14C34C*4 for 1,** shares at

=s+1+>*, it a""ears that this order got mat&hed at 14C3C*2 against ;s ?ina

AoraBs !uy order of 2,*** shares at =s+2+ Trade took "la&e for 1,** shares at

=s+1+>* (and not at =s+2 as rongly stated) as the sellerBs order hi&h as first

in "oint of time got "riority for mat&hing against !uy order hi&h as later in

"oint of time

(o) @urther ;s+ ?ina AoraBs 3 different orders at different times totalling to 4,***

shares and Shri Aiay AoraBs 4 different orders at different times totalling to

31,*** shares and all 7 !uy orders resulting into 7 trades of ,3** shares (2**

shares mat&hing ith another &ounter "arty) against Shri ;ano!hai ShahBs one

sale order of ,** shares at 14C1C*6 sho that the minds of Shri ;ano!hai

Shah - Shri ;ano!hai ShahBs !roker on the one hand and the minds of &ounter

!rokers - end !uyers on the other did not meet and ere not on the same a'e

length and there as, thus, no "rior meeting of minds to syn&hronie orders

(") That it is denied that Shri ;ano!hai Shah "la&ed sell orders at loer "ri&es as

alleged or otherise+ %ssuming, !ut, ithout admitting the alleged sale "ri&e

ere loer, they ere hoe'er in syn& ith the ruling market "ri&e, ithin

"ermissi!le range and then the differen&e as insignifi&ant+ Looking to the

s&ri"Bs mo'ement 5 'olume, "ri&e, "u!li& interest et&+ the seller had to take a &all



18/76

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In the matter of Sky Industries Ltd . Page 1> of 76

of a fe "aise differen&e if he really anted to e/it the s&ri"+ There as

therefore nothing "er se illegal in the trading "attern of Shri ;ano!hai Shah

hi&h as 1**. deli'ery !ased and real+ Shri ;ano!hai Shah sold shares for

&onsideration through market me&hanism and deli'ered sold shares toards his

settlement o!ligation to 0S and has not Btransferred !a&k to Shri Aiay Aora-

(?ina Aora)8 as rongly inferred - &on&luded - alleged

() That Shri ;ano!hai ShahBs 'olume &ould not - did not result into artifi&ial

'olume in the s&ri" as it as 1**. deli'ery !ased on all days he traded in the

market

(r) %=s ha'e further referred to the folloing ordersC

2**> 11 S$$ 617 0haratiya Steel Industries A-s+ $ommissioner, Sales Ta/,

9ttar Pradesh to state that Para 21 and 22 of the udgement &larifies S0I

A-s+ Shriram ;utual @und, the earlier order of the ?on8!le Su"reme $ourt

?on8!le Se&urities %""ellate Tri!unal (S%T) Drder in %""eal o+ of 2*13

herein it as held that ++++e reiterate on&e again that hen it &omes to

syn&hronised trading, it is an a&&e"ted and !y no ell settled "osition that

su&h trading in itself ould not tantamount to any rongdoing+ It is

o!e&tiona!le only if it is illegitimate and is the out&ome of a mis&hie'ous

meeting of minds among &ertain "arties hi&h may ith or ithout an

element of mens rea as su&hJ

#$. F0rter once **1n to0 te %0ppeent*r %CN *s /e16ere/ to %r1 V1=* Vor*

*n/ +s. !1n* Vor* no rep *s rece16e/ fro te. o0 te %CN

%0ppeent*r %CN etter of re1n/er not1ces of e*r1n */


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A00st ## *s /e16ere/ to %r1 V1=* Vor* *n/ +s. !1n* Vor* *n/ te

re1stere/ post Ac-noe/eent c*r/ 1s *6*1*


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c) Keter %r1 V1=* Vor* *n/ +s. !1n* Vor*


21/76

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(d) engage in any a&t, "ra&ti&e, &ourse of !usiness hi&h o"erates or ould

o"erate as fraud or de&eit u"on any "erson in &onne&tion ith any dealing in or

issue of se&urities hi&h are listed or "ro"osed to !e listed on a re&ognied sto&k

e/&hange in &ontra'ention of the "ro'isions of the %&t or the rules and the

regulations made thereunder+

4+ Prohi!ition of mani"ulati'e, fraudulent and unfair trade "ra&ti&es

(1) Hithout "reudi&e to the "ro'isions of regulation 3, no "erson shall indulge in

a fraudulent or an unfair trade "ra&ti&e in se&urities+

(2) #ealing in se&urities shall !e deemed to !e a fraudulent or an unfair trade

"ra&ti&e if it in'ol'es fraud and may in&lude all or any of the folloing,

namelyCK

(a) indulging in an a&t hi&h &reates false or misleading a""earan&e of trading in

the se&urities market

(!) dealing in a se&urity not intended to effe&t transfer of !enefi&ial onershi"

!ut intended to o"erate only as a de'i&e to inflate, de"ress or &ause

flu&tuations in the "ri&e of su&h se&urity for rongful gain or a'oidan&e ofloss

(d) "aying, offering or agreeing to "ay or offer, dire&tly or indire&tly, to any

"erson any money or money8s orth for indu&ing su&h "erson for dealing in

any se&urity ith the o!e&t of inflating, de"ressing, maintaining or &ausing

flu&tuation in the "ri&e of su&h se&urity

(e) any a&t or omission amounting to mani"ulation of the "ri&e of a se&urity

(g) entering into a transa&tion in se&urities ithout intention of "erforming it or

ithout intention of &hange of onershi" of su&h se&urity

T3=( R74@6), 199 Acquisition of 5 per cent and more shares or voting rights of a company.

7 (1) %ny a&uirer, ho a&uires shares or 'oting rights hi&h (taken together ith

shares or 'oting rights, if any, held !y him) ould entitle him to more than fi'e

"er &ent or ten "er &ent or fourteen "er &ent or fifty four "er &ent or se'enty four

"er &ent shares or 'oting rights in a &om"any, in any manner hatsoe'er, shall

dis&lose at e'ery stage the aggregate of his shareholding or 'oting rights in that

&om"any to the &om"any and to the sto&k e/&hanges here shares of the target

&om"any are listed+

T3=( R74@6), 2011

epeal and !avings.

3+(1)M

(2) otithstanding su&h re"eal,K

(a) anything done or any a&tion taken or "ur"orted to ha'e !een done or taken

in&luding &omments on any letter of offer, e/em"tion granted !y the 0oard, fees

&olle&ted, any adudi&ation, enuiry or in'estigation &ommen&ed or sho5&ause

noti&e issued under the re"ealed regulations, "rior to su&h re"eal, shall !e



22/76

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deemed to ha'e !een done or taken under the &orres"onding "ro'isions of these

regulations

(!) the "re'ious o"eration of the re"ealed regulations or anything duly done or

suffered thereunder, any right, "ri'ilege, o!ligation or lia!ility a&uired, a&&rued

or in&urred under the re"ealed regulations, any "enalty, forfeiture or

"unishment in&urred in res"e&t of any offen&e &ommitted against the re"ealed

regulations, or any in'estigation, legal "ro&eeding or remedy in res"e&t of anysu&h right, "ri'ilege, o!ligation, lia!ility, "enalty, forfeiture or "unishment as

aforesaid, shall remain unaffe&ted as if the re"ealed regulations has ne'er !een

re"ealed

(&) any o"en offer for hi&h a "u!li& announ&ement has !een made under the

re"ealed regulations shall !e reuired to !e &ontinued and &om"leted under the

re"ealed regulations+

"IT R74@6)

"3

#ontinual disclosure(3) %ny "erson ho holds more than . shares for 'oting rights in any listed

&om"any shall dis&lose to the &om"any 1Nin @orm $ the num!er of shares or

'oting rights held and &hange in shareholding or 'oting rights, e'en if su&h

&hange results in shareholding falling !elo ., if there has !een &hange in su&h

holdings from the last dis&losure made under su!5regulation (1) or under this

su!5regulation and su&h &hange e/&eeds 2. of total shareholding or 'oting

rights in the &om"any+

FINDINGS

*)@6) "FUT" R74@6)

. >pon c*ref0 per0s* of te *ter1* *6*1*


23/76

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PF>P ?e0*t1ons. >pon c*ref0 per0s* of te *ter1* *6*1*


24/76

_____________________________________________________________________________________


In6est1*t1on Per1o/ r*/1n 1n %I2 %cr1p On+*r-et

Ent1t "0 . of

total

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Coon A//ress: 2*, Aatsalya

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Off +*r-et r*nsfers *re o


25/76

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D. R=(@ 6(/ S:'() T(/ S@ T( Fro te tr*/1n /et*1s 1t

*s o


26/76

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4%ep&9 $9' 4&&4 449 11 5 #5&7 345 2 345 345 / 03 1

3&Dec&9 #$'7 #&$ ###& 92 4' #&4& 2 #&4& #&4& $' 03 '

#Apr#& 4577$ 3&#3# &&&& &&5# #&&&& 50 22 5375 #&&&& #5375 5" && 31

#Apr#& 3#5'5 #&##& 49$ 9 1 57#5 ##&&& 5 49#& 49$ 9$9 /$ 3$ 3"

'Apr#& 3'3' 75# 4'5 11 ##&3# '&&& 5 1 9 4'5 53'' 01 1/ "5

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$Apr#& #&&5 $7'& 4&&& 19 ##'5& #&&& 9 5 #&&& #&&& "" / 5

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7+*#& 39& 39& #& 0 &&& &&& 100 51 #& #& 3 " 2

A cop*r1son of s*e /* re6ers* of tr*/es


27/76

_____________________________________________________________________________________


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7Apr#& #7$75 #&&& 97& 9 5 45& #&3& 2 97& /& 03 5

$Apr#& #&&5 #&&& #&&& 100 5 455& 4&&& 19 #&&& "22 00 5

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7+*#& 39& &&& &&& 100 51 '5 #& 2 0 #& " 0 2

A cop*r1son of s*e /* re6ers* of tr*/es


28/76

_____________________________________________________________________________________


#. etailed Analysis of eversal of (rades on one of the aforesaid dates4 e

re6ers* of tr*/es


29/76

_____________________________________________________________________________________


eec0te/ *t ?s. 74.&5 *t #4.5.4.&&&&&&. Desp1te te s*e 1t 1s o


30/76

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t*t %r1 V1=* Vor* *n/ +s. !1n* Vor* ere p*c1n


31/76

_____________________________________________________________________________________


TRADE

DATE

?ADE

?AE

TRA

DE

QTY

BUY CLIENT

NAME

BUY ORDER

TIME

BUY

ORDE

R

RATE

BUY

ORDER

QTY

SELL

CLIENT

NAME

SELL ORDER

TIME

SELL

ORDER

RATE

SELL

ORDE

R QTY

16-02-2010 122.9 35 VIJAY VORA 11:16:8.0720 125 500 VIJAY VORA 11:0:35.995771 122.9 355


18-02-2010 91 609 VIJAY VORA 10:55:07.559213 91.2 1228 VIJAY VORA 13:0:38.609997 91 5000

18-02-2010 91.15 50 VIJAY VORA 11:31:9.150096 91.2 50 VIJAY VORA 13:0:38.609997 91 5000



18-02-2010 9 1 VIJAY VORA 09:05:3.572995 9 100 VIJAY VORA 09:16:26.616873 9 1


25-03-2010 97 25 VIJAY VORA 12:50:53.990937 97 25 VIJAY VORA 10:51:52.878826 10.75 38000

26-03-2010 91.65 25 VIJAY VORA 15:11:15.90336 91.7 25 VIJAY VORA 15:10:28.720751 91.65 100










. F0rter 1n or/er to /eonstr*te t*t te sef tr*/es eec0te/


32/76

_____________________________________________________________________________________


..#. In


33/76

_____________________________________________________________________________________


##5&4 s*res */ ot eec0te/ 1n te pr1ce r*ne


34/76

_____________________________________________________________________________________


one &annot !uy and sell shares from himself+ Su&h transa&tions are o!'iously

fi&titious and meant only to &reate false 'olumes on the trading s&reen of the

e/&hangeJ+

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35/76

_____________________________________________________________________________________


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36/76

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#&&'&&9 #&& 73.5 !INA VO?A #4:5:&4.#'4543 73.5 #&& +ANO8"!AI %!A! #4:47:57.#59#7# 73.5 5&&&

#&&'&&9 && 73.5 !INA VO?A #4:5#:57.$9'9#$ 73.5 && +ANO8"!AI %!A! #4:47:57.#59#7# 73.5 5&&&

#&&'&&9 &&& 73.5 !INA VO?A #4:5&:9.'$ 73.5 &&& +ANO8"!AI %!A! #4:47:57.#59#7# 73.5 5&&&

##&'&&9 5&&& 7# VI8A VO?A #4:4&:57.7'4&7# 7# 5&&& +ANO8"!AI %!A! #4:39:#4.#4#4$7 7# 5&&&

#&'&&9 #&&& 7& VI8A VO?A #5:#&:33.55# 7& #&&& +ANO8"!AI %!A! #5:&5:3.#545&5 7& 5&&&

#&'&&9 &&& 7& VI8A VO?A #5:&$:&&.5&3'3 7& &&& +ANO8"!AI %!A! #5:&5:3.#545&5 7& 5&&&

#&'&&9 &&& 7& !INA VO?A #5:&7:47.54937 7& &&& +ANO8"!AI %!A! #5:&5:3.#545&5 7& 5&&&

#'&'&&9 '4 7 VI8A VO?A #5:#9:#&.94$#$ 74.55 #&&& +ANO8"!AI %!A! #5:#:&9.#99#9 7 5&&&

#'&'&&9 && 7 VI8A VO?A #5:#7:4'.4#33 7 && +ANO8"!AI %!A! #5:#:&9.#99#9 7 5&&&

#'&'&&9 5$ 7.9 VI8A VO?A #5:#:&5.#&&'5& 7.9 && +ANO8"!AI %!A! #5:#:&9.#99#9 7 5&&&

#'&'&&9 &&& 7 !INA VO?A #5:#':5&.'535&9 7 &&& +ANO8"!AI %!A! #5:#:&9.#99#9 7 5&&&

7&$&&9 5&& 7$.#5 !INA VO?A #4:5:4'.944$$# 7$.#5 5&& +ANO8"!AI %!A! #5:#9:&.5'7947 7$ &&&

7&$&&9 5&& 7$. !INA VO?A #4:5:54.5#& 7$. 5&& +ANO8"!AI %!A! #5:#9:&.5'7947 7$ &&&

7&$&&9 && 7$. !INA VO?A #4:3':#.&7394$ 7$. && +ANO8"!AI %!A! #4:4$:3.##'499 7$ &&&

7&$&&9 5&& 7$.5 !INA VO?A #4:4':#.$493'5 7$.5 5&& +ANO8"!AI %!A! #4:4$:3.##'499 7$ &&&

&4&9&&9 9$& 99.9 VI8A VO?A #:5:35.9'&3 99.9 #&&& +ANO8"!AI %!A! ##:7:3&.#7$3&$ 99.9 &&&

&4&9&&9 #&&& 99.9 VI8A VO?A #:5:$.'7#44 99.9 #&&& +ANO8"!AI %!A! ##:7:3&.#7$3&$ 99.9 &&&

&4&9&&9 5&& 97.# VI8A VO?A #&:5&:#3.59#57 97.# 5&& +ANO8"!AI %!A! ##:$:##.'5&94' 97 &&&

&4&9&&9 4& 99.5 !INA VO?A #:&:5.&555$ 99.5 5& +ANO8"!AI %!A! ##:$:##.'5&94' 97 &&&

&4&9&&9 #&&& 99.5 !INA VO?A ##:3&:37.$5'93 99.5 #&&& +ANO8"!AI %!A! ##:$:##.'5&94' 97 &&&

&4&9&&9 #5& 99.5 !INA VO?A ##:3&:#'.#455' 99.5 #5& +ANO8"!AI %!A! ##:$:##.'5&94' 97 &&&

#3& &99 $5 VI8A VO?A #5::&3.55547 $5 5&&& +ANO8"!AI %!A! #5:&':#4.45#$$' $5 5&&&

#3& #&& $5.5 VI8A VO?A #&:43:35.447&54 $5.5 #&& +ANO8"!AI %!A! #5:&':#4.45#$$' $5 5&&&

#3& #&& $' VI8A VO?A #&:43:'.9454& $7 5&& +ANO8"!AI %!A! #5:&':#4.45#$$' $5 5&&&

#3& #&& $'.7 VI8A VO?A #:&9:34.49999 $'.7 #&& +ANO8"!AI %!A! #5:&':#4.45#$$' $5 5&&&

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#4& 5&& $5.5 VI8A VO?A &9:#9:37.3&43& $5.5 5&& +ANO8"!AI %!A! #3:3:33.59&'9 $5 &&&&

#4& 5&&& $5 !INA VO?A #3:#:'.3&+ $5 5&&& +ANO8"!AI %!A! #3:3:33.59&'9 $5 &&&&

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#. o


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s*res (93.'M). %11*r !1n* Vor* (#$'&& s*res) *n/ %r1 V1=* Vor* (75&

s*res) ere on te


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#3.44.3#.#37&3 *n/ #3.44.53.&44&9. It 1s t0s o


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"es1/es e6en te *r1n* /1fference 1n r*tes 1.e. * fe


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&& s*res && s*res


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#..#4 Fro te *


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SHRI %ANOJBHAI SHAH?S SE TRADES WITH SHRI *IJA$ *ORA/ %S. HINA *ORA 15 TRADE DA$S

AFTER RECEI*ING 1,0,0 SHARES IN OFF-%ARKET FRO% SHRI *IJA$ *ORA

r*/e D*te

ot*

%cr1pVo0e

for te

/*

ot* %eVo0e of

+*no=


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scr1p *s 1t *s #&&M /e16er


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tantamount to any rongdoing+ It is o!e&tiona!le only if it is illegitimate and is

the out&ome of a mis&hie'ous meeting of minds among &ertain "arties hi&h

may ith or ithout an element of mens rea as su&hJ+

%r1 +*no=


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#..& I f0rter note t*t A?s on


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pro/0ce *n /oc0ents to so t*t %r1 %0n1 oe */ *ppro*ce/ te

pet1t1oner *s n/er te c1rc0st*nces %E"I */ /ec1ne/ to entert*1n

te cop*1nt st*t1n t*t te tr*ns*ct1ons c*rr1e/ o0t off *r-et *ppe*re/ to


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III. %. %)6) D'8 S'() *)+ *(/ %. H) *(

%r1 V1=* Vor* so/ 599 s*res to +s. +1not1 D**n *n/


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#. I note ere t*t +s. +1not1 D**n *s s0


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In the matter of Sky Industries Ltd . Page * of 76

+s. +1not1 D**n */ *oe/ er n*e to


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se c*nnot pe*/ 1nor*nce *


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s*res ere fo0n/ to O?DE?

I+E

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?AE

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J

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N*e

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Cet*n

Dor* #&:#$:&9.499#97 $&

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Cet*n

Dor* ##:&&:44.#4535& $5.5

&5&&&9 ##.&'.3.9#&9$ Cet*n Dor* 5 $5.5 ##:&':##.&$'973 $5.45 &&

Cet*n

Dor* ##:&&:44.#4535& $5.5

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Cet*n

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Cet*n

Dor* #&:5&:#3.79'&3$ $$.75

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Cet*n

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Dor* #&:#:49.'&9344 $$.35

&'&&&9 #&.44.49.&94# Cet*n Dor* #&& $$.35 #&:44:49.&9'955 $$.35 #&&

Cet*n

Dor* #&:#:49.'&9344 $$.35



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?ADE

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&'&&&9 #&.44.#&.&3' Cet*n Dor* ## $$.5 #&:44:&.47$955 $$ #&&&

Cet*n

Dor* #&:##:4'.#&33&' $7.'

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#$&&&9 #.7.'.57734 Cet*n Dor* 3&& 9$ #:':&&.&'&'# 9$ 3&&

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Dor* #:7:'.'7$&5 9'

#9&5&&9 #&.&&.&'.#$9#$ Cet*n Dor* # 53.$ &9:55:&4.'9799$ 53.$ #

Cet*n

Dor* #&:&&:&'.&977& 53.$

. In or/er to /eonstr*te t*t te sef tr*/es eec0te/


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..3 F0rter te *n*s1s


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?ADE DAE ?ADE I+E "> C2IEN

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C!EAN

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DO?A !>F #5:#7:53.9$94$ $3 5&&

3.3 In or/er to /eonstr*te t*t te sef tr*/es eec0te/ F

*n/ sncron1e/, str0ct0re/ tr*/es /one F 1t %r1

Cet*n Dor* ere 1t te 1ntent1on to c*0se *rt1f1c1* tr*/es 1n te scr1p of %I2

te *nner of p*c1n te or/ers on one of te /*tes en sef tr*/e *s

eec0te/ 61. #7.&.&&9 1c res0te/ 1n sef tr*/e for #4&& s*res *n/ one of

te /*tes en sncron1e/ tr*/es ere /one F 1t %r1

Cet*n Dor* 61. '.&.&&9 1s ep*1ne/ F tro0

Centr0 "ro-1n P6t. 2t/. p*ce/ * %e Or/er for #4&& s*res *t ?s. #&.5& *t

&9:5':#5.5994. On #7.&.&&9 te ent1re /* tr*/e r*te o6ere/ F

tro0 Centr0 "ro-1n P6t. 2t/. p*ce/ * "0 Or/er for #&&& s*res *t ?s.9#



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*t #:33:#7.$4397. Ie/1*te tere*fter *t #:33:3'.333&77 %r1 Cet*n

Dor* tro0 eo=1t "NP P*r1F on to () tr*/e /*tes en te sef tr*/es ere eec0te/


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3.3.' In te *tter I f1n/ 1t necess*r to B0ote te or/er of ,on?ble !ecurities

Appellate (ribunal 7!A(8 in #hirag (anna vs. (he Ad+udicating fficer dated

6une "' 02"" ere1n 1t *s e/ *s foos:

O++e ha'e on re&ord the trade and order logs from hi&h it has !een "ointed out

!y the learned &ounsel for the res"ondent 0oard that the a""ellant had e/e&uted

self trades i+e+ trades in hi&h he as !oth the !uyer and seller+ Su&h trades are,

admittedly, fi&titious and &reate artifi&ial 'olumes in the traded s&ri"+O

3.3.7 I f1n/ t*t te A? of %r1 Cet*n Dor* *s inter alia f0rter *so s0


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In the matter of Sky Industries Ltd . Page > of 76

*I. "):6()@ R


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%.No Ent1t

Net

1p*ct

of tr*/es

1t 2P

6*r1*t1on

(?s.)

(CF)

%0 of

Ne !1

Pr1ce

(N!P)

D1fference

No. of

tr*/es

1t

6e

2P

(A)

M to

tot*

tr*/es

1t

6e 2P

(")

Ip*ct

of

tr*/es

1t

6e 2P

(?s.)

(C)

No. of

tr*/es

1t

6e

2P

(D)

M to

tot*

tr*/es

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(E)

Ip*ct

of

tr*/es

1t

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(F)

# %r1 V1=*

Vor* 35$ 43.3&M 4'&.3 ##9# #'.&$M

'$3.&5 #777.5 #&.7

+s. !1n* Vor* 5 '.''M 37&.45 3#3 4.M

#$.$5 #5#.' &.

3 %r1 Cet*n

Dor* 9# #.#M ##7.# 5' &.7'M 7.95 $9.#5 $

4 Cet*n Dor*

!>F 5# &.'$M 7. 44 &.59M 34.5 37.95 #.3

5 +s. +1not1

D**n 4 &.5'M '.75 9' #.3&M 49.55 #3. 3.

' %r1

+*no=F


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t*t tr*/es of %r1 Cet*n Dor* est*F est*


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4()() 1nter *1* pro1


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*-eo6er ?e0*t1ons #997 re*/ 1t ?e0*t1on 35() of *-eo6er ?e0*t1ons

#.

. It *s o


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(in .)

C1ent 3#.#.&&$ 3#.3.&&9 3&.'.&&9 3&.9.&&9 3#.#.&&9 3#.3.& 3&.'.&

%r1 V1=* Vor* 4.&3 #.4

'.

0s fro te *


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$. D0r1n 1n6est1*t1on 61/e etter /*te/ Dece


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%E"I (Appe* No. #77 of &&9 *n/ Or/er /*te/ Apr1 &$ &) te !onH


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(*) S'() *)+ *(


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5. Fro te *F *n/ %r1 +*no=


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*n/ so/ 37999 s*res to er *n/ te /1fference fro te *st tr*/e/ pr1ce *s 1n

te r*ne fro #.74M to '.5M. 0s I note t*t tere ere re6ers* tr*/es

eec0te/ F est*


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#3. It 1s o


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%r1 Cet*n Dor* to /e* 1t te *tter. !oe6er te or11n* of te *0tor1t

etter *s ne6er rece16e/. Desp1te te s*e te %CN *s sent to te *0tor1e/

represent*t16e (A?) +,s. A Assoc1*tes *s /es1re/. ere*fter te A? +,s. A

Assoc1*tes f1e/ * rep /*te/ 8*n0*r 4 1n te *tter on F. A e*r1n *s *so sce/0e/ for 8*n0*r #&

F ere ret0rne/

0n/e16ere/ fro te *//ress of %r1 Cet*n Dor*, +,s. Cet*n Dor* !>F to0

te rep fro te A? +,s. A Assoc1*tes *so ent1one/ te s*e *//ress.

F0rter no rep *s rece16e/ fro te A? +,s. A Assoc1*tes *s e to0 te

not1ces ere sent to 1s *//ress too. e %CN s0ppeent*r %CN *n/ !e*r1n

Not1ces ere tere*fter *ff1e/ *t te *//ress of %r1 Cet*n Dor*, +,s. Cet*n

Dor* !>F. !oe6er te Not1cee /1/ not *ppe*r for te e*r1ns nor sent *n rep

to te s0ppeent*r %CN 1ss0e/. e *fores*1/ sos t*t te Not1cees 61. %r1

V1=* Vor* +s. !1n* Vor* %r1 Cet*n Dor* *n/ +,s. Cet*n Dor* !>F *6e


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of *


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scr1p *re en te pr1ce of te scr1p */ f*en


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te 1n6est1*t1on per1o/. 1s


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ORDER

. After t*-1n 1nto cons1/er*t1on * te f*cts *n/ c1rc0st*nces of te c*se I 1pose

te foo1n pen*t on te Not1cees 1c 1


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4. In ters of r0e ' of te ?0es cop1es of t1s or/er *re sent to te Not1cees *n/ *so

to te %ec0r1t1es *n/ Ec*ne "o*r/ of In/1*.

D*te: %(:' 12, 2015 A)6 K3(

P*ce: %4) A+4):6)7 O):(

Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan...

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Transcript of Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan...