PRESS RELEASE - SEBI

 December 04, 2009
PR No. 380/2009

Consent order on the application submitted by Shri Vikram Kumar Devichand Jain in the matter of Atlanta Ltd.

A Panel comprising of Whole Time Members, SEBI Shri M. S. Sahoo and Dr. K.M. Abraham has passed consent order dated November 30, 2009 on the application submitted by Shri Vikram Kumar Devichand Jain in the matter of Atlanta Limited in accordance with SEBI Circular dated April 20, 2007 for consent orders.
 
SEBI had initiated proceedings under Sections 11 B of SEBI Act, 1992 and adjudication proceeding under Chapter VI A of SEBI Act, 1992 against the applicant, among others, who were found to have fraudulently cornered the shares of Atlanta Limited reserved under employee quota in the IPO of Atlanta Ltd (Atlanta). It was found that the applicant had provided funds to one of the employee of Atlanta for subscribing in the IPO shares on his behalf, which upon allotment were transferred by the employee to him by way of off´┐Ż-market transfers at the issue price, though the market price was substantially higher. The above applicant had applied for settlement of above proceedings through a consent order.
 
Above applicant has remitted altogether Rs.13,31,291/- (Rupees thirteen lakh thirty one thousand two hundred ninety one only) towards settlement charges.


Mumbai

December 04, 2009

 


For full copy of order against VIKRAMKUMAR DEVICHAND JAIN, click here.