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October 05, 2005
PR No. 135/2005
Order in the matter of Ind Tra Deco Ltd.
SEBI vide order dated October 5, 2005 has issued the following directions in the matter of Ind Tra Deco Ltd.:
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The promoters and directors of Ind tra deco Ltd. viz. Praful K
Rokadia, Shri Dipal P Rokadia, Kaushika P Rokadia, Pradeep R Shroff, Uma A Shah and Arvind M Shah shall not buy, sell or deal in securities of Ind Tra Deco Ltd., directly or indirectly, till further directions in this regard; |
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(b) |
The promoters of the company New Dimension Finance & Investment Pvt. Ltd, Rosa Construction Pvt. Ltd Sun Flower Estate Pvt. Ltd and Krunal Industrial Estate Development Pvt. Ltd shall not buy, sell or deal in securities of Ind Tra Deco Ltd., directly or indirectly, till further directions in this regard; |
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(c) |
The Persons Acting in Concert viz. Varsha Industrial Township Organisers Pvt. Ltd., Jignesh Industrial Land Developer Pvt. Ltd. and Fours Walls Marketing India Pvt. Ltd. shall not buy, sell or deal in securities of Ind Tra Deco Ltd., directly or indirectly, till further directions in this regard; |
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(d) |
The clients viz. Dimpale Chirag Shah, Patel Bankim
Jagdishchandra, Chirag Vadilal Shah, Jay Shah and Dipak Kumar Chandrakant Shah hereby directed not to buy, sell or deal in securities of Ind tra deco Ltd. directly or indirectly, till further directions in this regard. |
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(e) |
The brokers viz., J.N. Jhaveri., India Infoline Securities Pvt. Ltd, Galaxy Broking Ltd, Fortis Securities Ltd. hereby directed not to buy, sell or deal in securities of Ind tra deco Ltd. directly or indirectly; till further directions in this regard. |
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(f) |
the Depositories shall not give effect to any transfer of shares of Ind Tra Deco Ltd.. lying in the beneficial owner accounts of said promoters, directors, persons acting in concert and clients mentioned above at 4(a), 4(b), 4(c) and 4(d), till further directions in this regard; |
All the above directions shall take effect immediately and shall be in force until further orders.
The order has been passed by Shri G Anantharaman, Whole Time Member, SEBI in the following context:
Trading and sharp rise in a short period in shares of companies with low market capitalization, commonly referred to as �small cap stocks� or �penny stocks�, in the recent times have been engaging the attention of SEBI, the stock exchanges and the media. Such trading has been under the surveillance of SEBI and the stock exchanges to determine whether the trading volumes and price rise have been the result of unfair trade practices or market manipulation. Such trading has been under the surveillance of SEBI and the stock exchanges to determine whether the trading volumes and price rise have been the result of unfair trade practices or market manipulation. One such company whose shares have shown a significant increase in prices as well as trading volumes is Ind tra deco Ltd. whose shares listed at BSE, witnessed a sharp price variation during the period March 2005 to September 2005. The share price of the company went up from a below par level of Rs.5.81 on March 01, 2005 to Rs.22.65 (adjusted price for split shares) on September 01, 2005 in 129 trading days representing a rise of 4 times or 390%.
The preliminary examination revealed that the company issued several announcements including stock split in the month of July � August 2005 while the promoters/ directors and persons acting in concert were off-loading the shares of the company during the said period. Besides, creation of artificial volume through bulk deals and cross deals were also observed.
The above developments in the share of the company warranted an immediate investigation in to the dealings in the shares. While the investigation is in progress, based on findings of the preliminary examination, SEBI has issued the above directions.
Mumbai
October 5, 2005
For full copy of order against ARVIND M.SHAH, click here.
For full copy of order against BANKIM JAGDISHCHANDRA PATEL, click here.
For full copy of order against CHIRAG VADILAL SHAH, click here.
For full copy of order against DIMPALE CHIRAG SHAH, click here.
For full copy of order against DIPAK KUMAR CHANDRAKANT SHAH, click here.
For full copy of order against DIPAL PRAFUL ROKADIA, click here.
For full copy of order against DIPAL PRAFUL ROKADIA, click here.
For full copy of order against FORTIS SECURITIES LTD., click here.
For full copy of order against FORTIS SECURITIES LTD., click here.
For full copy of order against FORTIS SECURITIES LTD., click here.
For full copy of order against FOUR WALLS MARKETING (INDIA) PVT.LTD., click here.
For full copy of order against GALAXY BROKING LTD., click here.
For full copy of order against INDIA INFOLINE SECURITIES PVT.LTD., click here.
For full copy of order against INDIA INFOLINE SECURITIES PVT.LTD., click here.
For full copy of order against JASWANT NANALAL JHAVERI, click here.
For full copy of order against JASWANT NANALAL JHAVERI,M/S, click here.
For full copy of order against JAY SHAH, click here.
For full copy of order against JIGNESH INDUSTRIAL LAND DEVELOPERS PVT.LTD., click here.
For full copy of order against KAUSHIKA P.ROKADIA, click here.
For full copy of order against KRUNAL INDUSTRIAL ESTATE DEVELOPERS PVT.LTD., click here.
For full copy of order against NEW DIMENTION FINANCE & INVESTMENTS CO.PVT.LTD., click here.
For full copy of order against PRADEEP R.SHROFF, click here.
For full copy of order against PRAFUL KANTILAL ROKADIA, click here.
For full copy of order against PRAFUL KANTILAL ROKADIA, click here.
For full copy of order against ROSA CONSTRUCTIONS PVT.LTD., click here.
For full copy of order against SUN FLOWER ESTATE PVT.LTD., click here.
For full copy of order against UMA ASHWIN SHAH, click here.
For full copy of order against VARSHA INDUSTRIAL TOWN SHIP ORGANISERS PVT.LTD., click here.
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