January
02, 2009
PR No. 001/2009
Orders against Opee Stock-Link Ltd., Mr. Ashok K. Bagrecha and
Mr. Deepak K. Shantilal Jain in the matter of IPO investigations
In the matter of Initial Public Offering (IPO) investigations, Shri M.S.Sahoo, Whole Time Member, SEBI, has passed final orders on December 31, 2008, against Opee Stock-Link Ltd., a key operator and Mr. Ashok K. Bagrecha, Director of Opee Stock-Link Ltd., a financier and Deepak K. Shantilal Jain, a key operator. The directions passed against these entities are as follows:
DIRECTIONS AGAINST OPEE STOCK-LINK LTD.
a) Opee Stock Link-Ltd. shall disgorge the unlawful gain of Rs.12,02,302/- and interest thereon at the rate of ten percent per annum from the date of listing of the IPO of Jet Airways i.e. March 14, 2005 till the actual date of payment.
b) Opee Stock Link-Ltd. is also restrained from buying, selling or dealing in securities market in any manner whatsoever or accessing the securities market, either directly or indirectly, for a further period of one year from the date of this order. In case the aforesaid amount is not disgorged within the specified time, Opee Stock-Link Ltd. shall be restrained from buying, selling or dealing in securities market in any manner whatsoever or accessing securities market, directly or indirectly, for an additional period of five years without prejudice to the SEBI�s right to enforce disgorgement.
DIRECTIONS AGAINST MR. ASHOK K. BAGRECHA, DIRECTOR OF OPEE STOCK-LINK LTD.
a) Mr. Ashok K. Bagrecha shall disgorge the unlawful gain of Rs.2,24,280/- and interest thereon at the rate of ten percent per annum from the date of listing of the IPO of Jet Airways i.e. March 14, 2005 till the actual date of payment.
b) Mr. Ashok K. Bagrecha is also restrained from buying, selling or dealing in securities market in any manner whatsoever or accessing the securities market, either directly or indirectly, for a further period of two years from the date of the order. In case the aforesaid amount is not disgorged within the specified time, Mr. Ashok K. Bagrecha shall be restrained from buying, selling or dealing in securities market in any manner whatsoever or accessing securities market, directly or indirectly, for an additional period of ten years without prejudice to the SEBI�s right to enforce disgorgement.
DIRECTIONS AGAINST DEEPAK K. SHANTILAL JAIN
a) Shri Deepak K. Shantilal Jain is restrained from buying, selling or dealing in securities market in any manner whatsoever or accessing the securities market, directly or indirectly, for a further period of two years from the date of the order.
b) Shri Deepak K. Shantilal Jain shall disgorge the above unlawful gain of Rs. 54, 76,653 and interest thereon at the rate of ten percent per annum from the date of listing of the IPO of IDFC, i.e., August 12, 2005 till the date of payment. He shall disgorge the amount within 45 days from the date of this order by way of crossed demand draft drawn in favour of Securities and Exchange Board of India and payable at Mumbai. In case the aforesaid amount is not disgorged within the specified time, he shall
be restrained from buying, selling or dealing in securities market in any manner whatsoever or accessing the securities market, directly or indirectly, for an further period of ten years without prejudice to the SEBI�s right to enforce disgorgement.
Mumbai
January 02, 2009
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