New Delhi: Market Regulator Sebi has detained Global Infratech and Finance Ltd, Director and 12 other individuals from the Sekuritas Market for their role in the company’s trade scheme.
The company and director – Pravin Sawant and Jagdish Chander Sharma – have been banned from the Securities Market for two years, while others have been detained for six months, according to orders authorized by Sebi on July 16.
During their respective periods.
Restraints, they are also restrained from linking themselves to registered public companies and any public companies that intend to collect money from the public or intermediaries registered with Semi.
Investigation was conducted between June 2012 – September 2014.
The company has made two preferential allotments in January 2012 and June 2012 and transferred some preferential allotments to three entities.
In addition, the overall special connected connected, which is connected with infratech global, and is thus connected with individuals involved in price manipulation, selling their shares at high prices manipulated.
The shares are sold at increased / manipulated prices to benefit.
Sebi said that Global Infratech and directors are also part of the scheme to manipulate stock prices to get benefits connected with all preferences.
Therefore, entities have been banned from the securities market for violations of the prohibition of norms of fraud and unfair trade in trading.
In a separate order passed on Monday, Sebi collected a total fine of Rs 7 lakh on three Geodesic Ltd promoters in something related to irregularities of irregularities.
It was observed that Prashant Mulekar failed to log out the details of the shares burdened by him in nine occasions and also failed to penetrate the details of the burdened shares / release of shares on 10 occasions, which violated market norms.
Also, he was under the obligation to make disclosure for several transactions carried out by him during the investigation period, but failed to do it.
The investigation period was April 2012 – March 2013.
Next observed that the Mulekar Prashant, Jayashree Mulekar and Mulekar Paramodini were promoters and members of the company promoter group and therefore people who were considered acting in concerts with each other.
They failed to make necessary disclosures, as mandated based on market norms, because of changes in their share ownership.
Sebi collected a fine of RS 5 Lakh at Mulekar Prashant while the others faced a fine of each Rs 1 Lakh.
Sebi Bars Global Infratech, Director, 12 Individuals from Securities MKT
