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May 31, 2006
PR No.
148/2006
Order in the matter of Nageshwar Investment Ltd., Adinath Bio-labs Ltd., Globe Stocks & Securities Ltd., Goenka Business & Finance Ltd. and Coronet Industries Ltd.
Securities and Exchange Board of India (SEBI) vide order dated November 30, 2005 had issued the following directions in the matter of (1) Nageshwar Investment Ltd., (2) Adinath Bio-labs Ltd., (3) Globe Stocks & Securities Ltd., (4) Goenka Business & Finance Ltd. and (5) Coronet Industries Ltd.
1. The following twelve stock brokers of Calcutta Stock Exchange (CSE) were directed not to buy, sell or deal in securities, in any manner, either directly or indirectly, till further directions in this regard:
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Basant Periwal & Co.
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Binoy Poddar
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P K Agarwal & Co.
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Pramod K Kothari
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Purshottam Lal Kejdiwal
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Santosh K Kejriwal Securities (P) Ltd.
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Dinesh Kumar Lodha
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Ashish Stock Broking
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Sunil Kedia
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Murari Lal Goenka
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Shyam Lal Sultania
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Ahilya Commercial Pvt. Ltd.
2. In respect of Shyam Lal Sultania and Ahilya Commercial Pvt. Ltd., brokers of CSE against whom another order dated September 29, 2005 was passed whereby they were directed not to buy, sell or deal in securities in any manner, either directly or indirectly, both the orders would run concurrently, till further directions.
3. The trading in the shares of the following companies was suspended till further directions in this regard.
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Nageshwar Investment Ltd.
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Adinath Bio-labs Ltd.
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Globe Stocks & Securities Ltd.
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Goenka Business & Finance Ltd.
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Coronet Industries Ltd.
Pursuant to the interim order passed on November 30, 2005, the above entities were requested to submit their responses. As requested by the entities and in adherence to the principles of natural justice, personal hearing was granted to the above entities / brokers on April 18, 2006. After considering the oral submissions during the course of hearing and written submissions, the following order has been passed by Shri G.Anantharaman, Whole Time Member, SEBI on May 31, 2006.
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The ex-parte interim order dated November 30, 2005 against the companies, viz. Nageshwar Investment Ltd., Adinath Bio-labs Ltd., Globe Stocks & Securities Ltd., Goenka Business & Finance Ltd., and Coronet Industries Ltd., shall stand vacated.
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The directions in relation to the five companies as referred above are without prejudice to the actions by CSE and also without prejudice to the outcome of findings in investigations.
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The interim order regarding the suspension of 11 CSE Brokers viz. Basant Periwal & Co., Binoy Poddar, P K Agarwal & Co., Pramod K Kothari, Purshottam Lal Kejdiwal, Dinesh Kumar Lodha, Ashish Stock Broking, Sunil Kedia, Murari Lal Goenka, Shyam Lal Sultania and Ahilya Commercial Pvt. Ltd., shall remain in force till further orders which SEBI may pass on conclusion of the investigation proceedings.
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SEBI vide Order dated January 12, 2006, directed CSE to initiate suitable action for proper maintenance of records relating to listing requirements. CSE is now directed to submit a compliance report to SEBI within 15 days on the measures taken by them in this regard.
An Order dated April 13, 2006 has already been passed against Santosh K Kejriwal Securities (P) Ltd. in the matter.
These directions shall come into force with immediate effect.
Mumbai
May 31, 2006
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