PRESS RELEASE - SEBI
February 25, 2002
PR No. 45/2002

Investigation Enforcement & Surveillance

Investigations were conducted by SEBI into the trading in the scrip of M/s Cox & Kings Travel and Finance Ltd. (now Cox and Kings (India) Ltd) for suspected price manipulation in the month of February 1996. Investigations revealed that, shares of Cox & Kings Travel and Finance Ltd. were cornered by a group of persons on the Stock Exchange, Mumbai, which resulted in the manipulation of the price of the scrip. In this connection, SEBI had also frozen the unlawful gains earned by the manipulators. The entities/persons had acted in concert to create a false market by trading in large volumes in this period. They had been found guilty of market manipulation and price rigging and had violated SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 1995. In view of the above, SEBI has debarred the following persons/entities from dealing in the Securities Market for a period of one year:

  1. Madhuvan Trades & Fin. Pvt. Ltd.
  2. Magnificent Apts. Pvt. Ltd. (now Richhold Apartments Pvt. Ltd.)
  3. Richhold Properties Pvt. Ltd. 
  4. Mayank Properties & Finance Pvt. Ltd. (now Richhold Enclave & Finance Ltd.) 
  5. Shankarlal Saraf 
  6. Zircon Properties Pvt. Ltd. (now Richhold Trading (P) Ltd.) 
  7. Global Trust Finance Corporation Ltd. 
  8. Progressive Tea Management Pvt. Ltd.