November 01, 2010
PR No. 243/2010

Final Order in respect of Jayesh P.Khandwala-HUF 

in the matter of IPO irregularities

Shri M. S. Sahoo, Whole Time Member, SEBI, has passed final order on October 26, 2010 in the matter of Initial Public Offering (IPO) irregularities against Jayesh P.Khandwala-HUF, who was identified as financiers to Key Operators namely Ms.Roopalben Panchal, M/s. Sugandh Estates and Investment Pvt. Ltd. (SEIPL) and Biren Kantilal. The directions passed are as follows:

1. Jayesh P.Khandwala-HUF and Mr. Jayesh P.Khandwala 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 three months from the date of this order;
    

2. Jayesh P.Khandwala-HUF shall disgorge the unlawful gain of Rs. 4,04,20,658.
    

3. Jayesh P.Khandwala-HUF shall also pay Rs. 1,21,26,197, being the simple interest at the rate of 6% per annum for 5 years (2005-09) on the unlawful gain Rs. 4,04,20,658.
    

4. Jayesh P.Khandwala-HUF shall pay the above amount of Rs.5,25,46,855 within 45 (forty five) days from the date of this order by way of crossed demand draft drawn in favour of “Securities and Exchange Board of India”, payable at Mumbai.
    

5. In case the aforesaid amount Rs. 5,25,46,855 is not paid within the specified time, Jayesh P.Khandwala-HUF and Mr. Jayesh P.Khandwala 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.
    
   The order has come into force with immeidate effect

Mumbai

November 01, 2010

For full copy of order against JAYESH P.KHANDWALA-HUF click here.