February 17, 2006
PR No. 106/2006

SEBI debars 13 entities and suspends one sub-broker in the matter of 

Warner Multimedia Ltd.

Securities and Exchange Board of India (SEBI), vide order dated February 01, 2006, has debarred Warner Multimedia Ltd. along with 12 other related entities namely, (1) Shri Jagadish Prasad Purohit; (2) Shri Kailash Prasad Purohit; (3) Vaishno Trade Link Pvt. Ltd.; (4) Godavari Commerce Pvt. Ltd.; (5) M/s. Pragati Merchant; (6) Success Merchant Pvt. Ltd.; (7) Rolex Merchant Pvt. Ltd.; (8) Shri Govardhan Jain; (9) Mumbadevi Finance and Investment Company Pvt. Ltd.; (10) M/s. Safal Investments; (11) Shri Gaje Singh Chahl and (12) Shri Arun Goyal. from buying, selling and dealing in the securities market for a period of three years for their involvement in price manipulation in the shares of Warner Multimedia Ltd. It was observed that the company had deliberately delayed dematerialisation of shares held by common shareholders with a view to create artificial scarcity and thereby manipulate the price of the shares. The entities also failed to co-operate with the investigation instituted by SEBI in this matter. The order shall come into force with immediate effect. 
 
In a separate order dated February 01, 2006, the Certificate of Registration of Rolex Finvest Pvt. Ltd., a SEBI registered sub-broker, which facilitated such trades, has been suspended for a period on one month. The order shall come into force after 21 days from the date of the order. Further, ABS Consultants Pvt. Ltd., Registrar to an Issue and Share Transfer Agent (RTA) of Warner Multimedia Ltd., has been warned to be more careful in their activities in future.
 
 
Mumbai

February 17, 2006

For full copy of order against ABS CONSULTANT PVT.LTD., click here.

For full copy of order against ARUN GOYAL, click here.

For full copy of order against GAJE SINGH CHAHL, click here.

For full copy of order against GODAWARI COMMERCE PVT.LTD., click here.

For full copy of order against GOVARDHAN JAIN, click here.

For full copy of order against JAGADISH PRASAD PUROHIT, click here.

For full copy of order against KAILASH PRASAD PUROHIT, click here.

For full copy of order against MUMBADEVI FINANCE & INVESTMENT CO.PVT.LTD., click here.

For full copy of order against PRAGATI MERCHANT PVT.LTD., click here.

For full copy of order against ROLEX FINVEST PVT.LTD., click here.

For full copy of order against ROLEX MERCHANTS PVT.LTD., click here.

For full copy of order against SAFAL INVESTMENT LTD., click here.

For full copy of order against SUCCESS MERCHANTS PVT.LTD., click here.

For full copy of order against VAISHNO TRADELINK PVT.LTD., click here.

For full copy of order against WARNER MULTIMEDIA LTD., click here.