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February 06, 2006
PR No.
79/2006
Order against M/s. Hind Comtel Ltd. and its Director, Shri L.N.Agarwal
Shri Madhukar, Whole Time Member, SEBI, has passed an order against M/s. Hind Comtel Ltd. (HCL) and its Director, Shri L.N.Agarwal under Section 11B read with Section 11(4)(b) of the SEBI Act, 1992 read with Regulation 11 and 13 of SEBI (PFUTP) Regulations, 2003 prohibiting M/s. Hind Comtel Ltd. from buying, selling or dealing in securities either directly or indirectly, for a period of six months.
SEBI conducted investigations in the scrip of Havell India Ltd. for the period October 15 2001 to December 28, 2001. Investigations revealed that HCL along with the other client Focus Portfolio Ltd have created a false and misleading impression of trading in the scrip of HIL for the period under scrutiny by entering into synchronised deals, thereby HCL violated the provisions of Regulation 4 (b) and (d) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995.
Pursuant to investigations, Show Cause Notice was issued to HCL and its director Shri L N Agarwal asking them to show cause, as to why suitable directions including such direction prohibiting them from buying, selling, or dealing in securities for a specified period should not be issued. Consequently, SEBI passed the order after considering the submissions made by
HCL.
The order has been passed on January 31, 2006. The order shall come into force with immediate effect.
Mumbai
February 06, 2006
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