February 07, 2012
PR
No. 019/2012
Order in respect of Mr. Shailesh S. Jhaveri and Ms. Harsha M. Shah in the matter of Ojas
Technochem Products Ltd.
Shri Prashant Saran, Whole Time Member, SEBI, has passed an order dated January 25, 2012 in the matter of
Ojas Technochem Products Ltd., directing as under:
- Mr. Shailesh S. Jhaveri and Ms. Harsha M. Shah shall disgorge the unlawful gain of Rs.60,72,000 each. In
addition to the above, they shall also pay Rs.75,31,111 each, being the simple interest at the rate of 12% per annum
on the unlawful gain of Rs.60,72,000, for the period of January, 2000 to May, 2010.
- Thus, they shall pay a total amount of Rs.2,72,06,222 within 45 days from the date of the order by way of
crossed demand drawn in favour of “Securities and Exchange Board of India”, payable at Mumbai.
- In case the aforesaid amount of Rs.2,72,06,222 is not paid within the specified time, Mr. Shailesh S. Jhaveri and
Ms. Harsha M. Shah shall be restrained from buying, selling or dealing in securities market in any manner
whatsoever or accessing the securities market, directly or indirectly, without prejudice to the SEBI’s right to enforce
disgorgement.
In view of the order of Hon’ble High Court of Gujarat dated March 23, 2010 that “………if any order is passed by the
respondent SEBI, the same will not be implemented on condition the petitioner will furnish the bank guarantee in
pursuance of the order of the SEBI.”, Mr. Shailesh S. Jhaveri and Ms. Harsha M. Shah have been directed to
furnish bank guarantees for an amount of Rs.1,36,03,111 each within the aforesaid period and on doing so the
implementation of this order shall be kept in abeyance, till further orders from the Hon’ble High Court of Gujarat.
Mumbai
February 07, 2012
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