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January 27, 2006
PR No.
49/2006
Order in the matter of Minal Engineering Ltd.
Securities and Exchange Board of India (SEBI) vide order dated September 28, 2005 has issued the following directions on the captioned matter:
(a)
the following
promoters and directors of Minal
Engineering Ltd. viz. J
B Parikh, Shrikant J Parikh, J V
Joshi, Amul J Patel, Vikram
J Parikh, Malay Karbhari and Kamlesh
Khandhor shall not buy, sell or
deal in securities of Minal
Engineering Ltd., directly or indirectly;
(b)
the
Depositories shall not give effect to any transfer of shares
of Minal Engineering Ltd. lying
in the beneficial owner accounts of said promoters and
directors;
(c)
Minal
Engineering Ltd. shall not reissue its forfeited shares nor
shall issue any bonus shares. If such reissue or issue is
already made, the allottees
shall not further transfer the shares and the company and
the depositories shall not give effect to any such transfer,
if attempted to be made.
Pursuant to the interim order passed on September 28, 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 on November 18, 2005. 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 January 25, 2006.
The directions to the following promoters and directors of Minal Engineering Ltd. viz., J B Parikh, Shrikant J Parikh, J V Joshi, Amul J Patel, Vikram J Parikh, Malay Karbhari and Kamlesh Khandhor shall not buy, sell or deal in securities of Minal Engineering Ltd., directly or indirectly, shall remain in force subject to following modifications in the directions mentioned therein, in the interest of the investors and safety and integrity of the securities market.
(a)
Minal
Engineering Ltd. may issue bonus shares provided the
following promoters and directors of
Minal Engineering
Ltd. viz. J B
Parikh, Shrikant J Parikh, J V
Joshi, Amul J Patel, Vikram
J Parikh, Malay Karbhari and Kamlesh
Khandhor shall not further
transfer the shares. The company and the depositories shall
not give effect to any such transfer, if attempted to be
made.
(b)
Minal
Engineering Ltd. may reissue its forfeited shares provided
that the allottees shall not
further transfer the shares. The company and the
depositories shall not give effect to any such transfer, if
attempted to be made.
All the above directions shall take effect immediately and shall be in force until further orders.
Mumbai
January 27, 2006
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