October
10, 2008
PR No. 210/2008
Consent order in respect of Shri Sachin Jain in the matter of Atlanta Ltd.
A Panel comprising of Whole Time Members, Dr. T. C. Nair and Shri M. S. Sahoo, has passed consent order dated September 30, 2008, in accordance with SEBI Guidelines dated April 20, 2007 for consent orders, on an application submitted by Shri Sachin Jain who was alleged to be involved in Fraudulent and Unfair Trade Practices relating to securities market.
SEBI had passed an interim Order dated February 22, 2007 under Sections 11(1), 11B and 11(4)(b) of SEBI Act, 1992, pending investigation and passing of final order, directing Shri Sachin Jain, among others, not to buy, sell or deal in securities of Atlanta Ltd. till further directions. Shri Sachin Jain, Company Secretary of Atlanta Ltd., was found to have transferred the shares of Atlanta Ltd. allotted under employees� quota in the IPO of Atlanta Ltd., through off-market transactions to the persons who had provided funds to apply for the shares on their behalf. Shri Sachin Jain had applied for settlement of above proceedings through a consent order.
In terms of consent terms, Shri Sachin Jain has paid Rs.50,000/- (Rupees fifty thousand only) towards settlement charges and submitted an undertaking that he shall not buy, sell or deal in securities for a period of one year.
The order shall come into force with immediate effect.
Mumbai
October 10, 2008
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