July 22, 2009
PR No. 224/2009
Final Order against Mr. Dushyant Natwarlal Dalal and Mrs. Puloma Dushyant Dalal in the matter of IPO irregularities
In the matter of Initial Public Offering (IPO) irregularities, Shri M. S. Sahoo, Whole Time Member, SEBI, has passed final order on July 21, 2009 against Mr. Dushyant Natwarlal Dalal and Mrs. Puloma Dushyant Dalal (collectively �noticees�) who were identified as financiers to Key Operators namely Mr. Purshottam Bhudwani and M/s. Sugandh Estates and Investment Pvt. Ltd. (SEIPL). The directions passed against noticees are as follows:
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The noticees [Mr. Dushyant Natwarlal Dalal and Mrs. Puloma Dushyant Dalal] shall not buy, sell or deal in the securities market in any manner whatsoever or access the securities market, directly or indirectly, for a period 45 days from the date of the order; and
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The noticees shall disgorge the unlawful gain of Rs.4.05 crore (rounded off from Rs.4,05,61,579).
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The noticees shall also pay Rs. 1.95 crore (rounded off from Rs.1,94,69,558), being the simple interest at the rate of 12% per annum for 4 years (2005-09) on the unlawful gain Rs.4,05,61,579.
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The noticees shall pay the above amount of Rs.6 crore (Rupees six crore) within 45 (forty five) days from the date of the order by way of crossed demand draft drawn in favour of �Securities and Exchange Board of India�, payable at Mumbai.
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In case the aforesaid amount Rs.6 crore is not paid within the specified time, the noticees shall be 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 seven years, without prejudice to SEBI�s right to enforce disgorgement.
Mumbai
July 22, 2009
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