PRESS RELEASE - SEBI

 January 14, 2010
PR No. 011/2010

Consent order on the application submitted by Pine Tree Consultants Pvt. Ltd. in the matter of Atlanta Ltd.

A Panel consisting of Whole Time Members, SEBI, Shri M. S. Sahoo and Dr. K.M. Abraham has passed consent order dated January 08, 2010 on the application submitted by Pine Tree Consultants Pvt. Ltd. (applicant) 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 Limited (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.12,89,114/- (Rupees twelve lakh eighty nine thousand one hundred and fourteen only) comprising of Rs.9,91,626/- (Rupees nine lakh ninety one thousand six hundred and twenty six only) being disgorgement of unjust profits made and Rs.2,97,488/- (Rupees two lakh ninety seven thousand four hundred and eighty eight only) being 30% of the unjust profits made, towards settlement charges.
 

Mumbai
 
January 14, 2010


 

For full copy of order against PINE TREE CONSULSTANTS PVT LTD. click here.