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February 06, 2006
PR No.
80/2006
Order against Shri Sushil Verma, Director, M/s. Focus Portfolio Ltd.
Shri Madhukar, Whole Time Member, SEBI, has passed an order against Shri Sushil Verma, Director of Focus Portfolio Ltd. (FPL) 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 Shri Sushil Verma, Director of Focus Portfolio 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 Focus Portfolio Ltd (FPL) along with the other client Hind Comtel Ltd (HCL) 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 FPL violated the provisions of Regulation 4 (b) and (d) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995. However, it was noted that FPL has become a defunct company under the provisions of Section 560 of the Companies Act, 1956 and its name has been struck off the register of the Registrar of Companies, NCT of Delhi & Haryana. Shri Sushil Verma was the director of Focus at the time of the violations and was actively involved in the dealings as per the deposition before
SEBI.
Pursuant to investigations, Show Cause Notice was issued to Shri Sushil Verma, director of FPL asking him 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 Shri Sushil Verma, Director of FPL.
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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