PRESS RELEASE - SEBI

August 13, 2013
PR No. 074/2013

Order in respect of Jayesh P. Khandwala - HUF, proprietor of Zealous Trading Company in the Initial
Public Offers of IDFC Limited, Sasken Communication Technologies Limited and Suzlon Energy Limited

Shri Prashant Saran, Whole Time Member, SEBI, has passed disgorgement order on August 12, 2013 in the matter of Initial Public Offering (IPO) in respect of Jayesh P.Khandwala-HUF, who was identified as financier to Key Operators namely Ms.Roopalben Panchal, M/s. Sugandh Estates and Investment Pvt. Ltd. and Mr. Biren Kantilal Shah. The directions passed are as follows:

  1. Jayesh P. Khandwala - HUF (PAN: AAAHJ 4784N) and Mr. Jayesh P. Khandwala (PAN: ABHPK 0873H) shall not buy, sell or deal in the securities market in any manner whatsoever or access the securities market, directly or indirectly, for a period of three months from the date of this Order;
  2. Jayesh P. Khandwala-HUF shall disgorge the unlawful gain of Rs.3,88,08,783. It shall also pay Rs.3,74,70,356, being the simple interest at the rate of 12% per annum for 8 years (2005-13) on the unlawful gain of Rs.3,88,08,783. Thus, it shall pay a total amount of Rs.7,62,79,139 (Rupees Seven Crore Sixty Two Lakh Seventy Nine Thousand One Hundred Thirty Nine only);
  3. Jayesh P. Khandwala-HUF shall pay the above amount within 45 (forty five) days from the date of this order by way of crossed demand draft drawn in favour of “Securities and Exchange Board of India”, payable at Mumbai
  4. In case the aforesaid amount Rs.7,62,79,139 is not paid within the specified time, Jayesh P.Khandwala - HUF and Mr. Jayesh P. Khandwala shall be restrained for a further period of seven years from (i) buying, selling or dealing in securities market in any manner whatsoever, (ii) accessing the securities market, directly or indirectly, or (iii) associating with any securities market intermediary or listed company in any manner or capacity, without prejudice to SEBI’s right to enforce disgorgement.
  5. The period of debarment already undergone by Jayesh P. Khandwala - HUF and Mr. Jayesh P.Khandwala shall be set-off from the period of debarment as directed herein above.

 
Mumbai

August 13, 2013


 

For full copy of order against JAYESH P.KHANDWALA (HUF) AND MR. JAYESH P.KHANDWALA click here.