September 07, 2007
PR No. 255/2007

Order in the matter of M/s. Jaybharat Textile and Real Estate Ltd. (JTREL) and M/s. KSL & Industries Ltd. (KSLIL)

Shri G. Anantharaman, Whole Time Member, SEBI, has passed an ad interim ex-parte order on September 07, 2007 in respect of (1) M/s. EDC Securities Ltd., (2) M/s. Jayshree Petrochemicals Pvt. Ltd., (3) Nitish Nayak , (4) M/s. Avery Procon Pvt. Ltd., (5) M/s. Axon Realpro Private Ltd., (6) M/s. MDGNA Developers Pvt. Ltd., in the matter of dealing in shares of M/s. Jaybharat Textile and Real Estate Ltd. and M/s. KSL & Industries Ltd. directing not to buy, sell or deal in shares of M/s. KSL & Industries Ltd. and M/s. Jaybharat Textile & Real Estate Ltd., directly or indirectly, in any manner, till further directions in this regard. 

The Integrated Market Surveillance System (IMSS) of SEBI generated alerts relating to dealings in the shares of M/s.KSL & Industries Ltd. (KSLIL) and M/s. Jaybharat Textile & Real Estate Ltd. (JTREL). The above mentioned entities have been found to be dealing in the shares of both these companies with a strategic shift viz. first dealing in KSLIL followed by similar concerted activity in the shares of JTREL and contributing significant rise in the price and volume. In the case of KSLIL these entities have subsequently sold substantial number of shares. The trading by these entities prima facie appears to be carried out with an intention to artificially inflate the price and volume in the scrips thereby inducing lay investors to deal in the shares of these companies. The connected entities continue to deal in shares of JTREL and KSLIL in a manner prima facie inconsistent with the interest of the investors and SEBI Regulations.
 

Mumbai

September 7, 2007

For full copy of order against AVERY PROCON PVT.LTD., click here.

For full copy of order against AXON REALPRO PVT.LTD., click here.

For full copy of order against EDC SECURITIES PVT.LTD., click here.

For full copy of order against JAYSHREE PETROCHEMICALS PVT.LTD., click here.

For full copy of order against MEGNA DEVELOPERS PVT.LTD., click here.

For full copy of order against NITISH NAYAK, click here.