Order in the matter of M/s. Coverage And Consultants Limited in the scrip of M/s. Ojas Technochem Products Limited

1. The Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) noticed substantial increase in the volume and price of the shares of Ojas Technochem Products Limited (hereinafter referred to as ‘OTPL’) at the Bombay Stock Exchange Ltd (BSE), during the period November 1999 to February 2000 (between settlement numbers 37 to 46). It was noticed that the volume of the shares of OTPL had increased from 27,500 shares on November 1, 1999 to 33,13,100 shares on February 9, 2000 and the increase in the price of the shares of OTPL during the corresponding period was from Rs. 3.55/- to Rs. 23.60/-. It was noticed that the price of the shares of OTPL had sharply increased (from Rs. 9/- to Rs.18.85) between settlement numbers 44 and 46 (January 17, 2000 to February 4, 2000). The shares of OTPL were also listed on the Vadodara Stock Exchange Ltd. (VSE), Ahmedabad Stock Exchange Ltd. (ASE). In view of the unusual price/ volume increase as stated above, SEBI conducted investigations to find out as to whether there was any manipulation in respect of the said price/volume increase in the shares of OTPL and look into the role of various entities/persons, if any, including the promoters/ directors of OTPL in respect of the said increase.

2. The investigations alleged that M/s. Coverage and Consultants Limited (herein after referred to as ‘the noticee’ or ‘CCL’) had dealt in the shares of the company during November 1999 to March 2000 in a fraudulent and unfair manner thereby contravening the provisions of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 1995 (herein after referred to as ‘the Regulations’). In view of the allegations against the noticee, it was decided to call upon the noticee to show cause to the allegations leveled against it.

3. Accordingly, a show cause notice dated September 30, 2004 was issued to CCL alleging that by virtue of its fraudulent and unfair trading in the shares of the company, it had violated Regulations 3 and 4 (b) and (d) of the Regulations. The show cause notice had annexed to it the price-volume data of the scrip, entire buy transactions of CCL and all sell transactions of CCL through M/s. Kirtikumar Kantilal Shah. The show cause notice required the noticee to show cause as to why suitable directions including directions debarring it from accessing the capital market and dealing in securities should not be issued to it. It was also mentioned that if they failed to submit any reply within the stipulated period of 21 days, it would be presumed that it had no explanations to offer and that suitable actions that deemed fit would be taken against it in the matter.

4. CCL had replied to the aforesaid show cause notice vide its letter dated October 20, 2004 and interalia submitted as under:

i. the show cause notice dated September 30, 2004 was received by CCL only on October 09, 2004. The summons referred to in the show cause notice have not been received by CCL and therefore they have not been able to respond to the same.

ii. the transactions were carried out during the period November 1999 to March 2000. Proper discharge was given /obtained from the brokers/sub-brokers for the transactions carried out by CCL. Contract notes/bills/confirmation memos were received from the brokers/sub-brokers in respect of the trades in the scrip of OTPL.

iii. CCL is not a registered intermediary with SEBI and hence no privity with SEBI. Thereby, the show cause notice issued is not binding and not maintainable against CCL.

iv. CCL has bought the shares that have been later traded and these are not prohibited activities by SEBI.

v. CCL and the management of OTPL were not related and CCL has not defrauded the market by offloading the shares in the market.

vi. Shares of OTPL were bought and sold through the BOLT system during market hours through M/s. Kirtikumar Kantilal Shah. There was no intention to create heavy demand in the market. BSE had not annulled the transactions implying that the transactions were genuine.

vii. CCL has ceased to have any business connection with Reliable Plastic over last two years.

viii. All the transactions carried out were of normal business nature and there was not even a single case of arbitration against CCL by anyone affected by the trades.

5. On receipt of the reply, an opportunity of personal hearing was granted to CCL on February 16, 2005 vide letter dated January 17, 2005 before the then Whole Time Member. Vide letter dated March 03, 2005, the noticee was advised to appear before the then WTM on April 21, 2005 for a personal hearing as it had not appeared before him on February 16, 2005. I note that when both the letters dated January 17, 2005 and March 03, 2005 returned with an endorsement ‘shifted’, the hearing notice dated July 01, 2005 intimating the date of hearing as August 9, 2005 was served upon the noticee by the Madhya Pradesh Stock Exchange, who in turn had forwarded the proof of service of the notice on the noticee. I note that inspite of receipt of the hearing notice, the noticee did not appear before the then WTM on the aforesaid date. Again, a letter dated January 19, 2006 was served on the noticee through the Madhya Pradesh Stock Exchange, which intimated the noticee that another opportunity for hearing before the then WTM was fixed on February 10, 2006.

Though the notice for hearing was effectively served upon the noticee, I note that the noticee failed to appear before the then WTM inspite of giving so many opportunities of hearings on various dates mentioned above. Since the then WTM demitted the office, the case was put up before me and accordingly a fresh opportunity of hearing was granted to CCL on April 15, 2008 vide letter dated April 4, 2008. Shri Deepak Shah, Advocate attended the hearing on behalf of CCL and made submissions.

6. I have carefully considered the show cause notice issued, its reply, oral submissions and other material/ documents on record. In the instant case, the following issues arise for my consideration:

a. Whether the noticee along with the management of OTPL has defrauded the market by off-loading the shares to the genuine and unsuspecting investors?

b. Whether the actions of CCL had influenced the price of the securities of OTPL?

c. Whether CCL by virtue of its fraudulent and unfair trading in the scrip of OTPL had violated Regulation 3 and Regulation 4 (b) and (d) of the Regulations?

7. I note from the show cause notice that the main charge against the noticee was that the management of OTPL and CCL were related to each other and that they have defrauded the market by offloading shares of OTPL to the unsuspecting investors. In this connection, I note that vide order dated September 27, 2007, the directors of OTPL were found guilty of violating Regulation 3 of the FUTP Regulations for their irregular preferential allotment of shares of OTPL to various allottees made on January 13, 2000 without receiving actual consideration. In view of the above, Shri Jayendra Shukla, Shri Alap Shukla, Shri Vinod Shukla, directors of OTPL were restrained from accessing the securities market and also prohibited them from buying, selling or dealing in securities either directly or indirectly for a period of two years.

8. The following table below shows the details of the transactions done by CCL and the entities acting in concert with them in the scrip of OTPL during November 1999 to March 2000:

Entity through No of Sub Broker Broker whom sold Shares Pivotal Stoxare Ltd. Mafatlal Securities 16,65,700 Equisearch Broking Pvt. Self 23,37,900 Ltd Kirtikumar Self M. P. Vora 4,06,700 Kantilal Shah TOTAL 44,10,300

9. I note that from the details submitted by the members of BSE & ASE, that CCL was a net seller through various brokers. It is observed from the distinctive number of the shares sold in the market by Mafatlal Securities that the shares sold by M/s Pivotal Stoxare Limited were the shares issued at the time of public issue. However, after perusal of the distribution schedule of OTPL, it is observed that nowhere the name of CCL appears, suggesting thereby the involvement of the management of OTPL and CCL to conceal the facts so as to defraud the market later on. I also note that Shri Himanshu Trivedi, Director, M/s Pivotal Stoxare Limited had stated that all the shares sold by them belonged to M/s.

Coverage and Consultants Limited. Therefore, it can be said that a total of 16,65,700 quantity was acquired by CCL. However, I find that no such details were disclosed to the stock exchanges where the shares were listed. There thus arises a suspicion that both the management of OTPL and CCL were related.

10. I further note from the details of clients submitted by M/s Kirtikumar Kantilal Shah that a total buy transaction by CCL to the tune of 3,27,300 shares of OTPL was effected by M/s. M P Vora at an average price of Rs. 12.68 on January 28, 2000 which constituted to about 60% of that day’s transactions on the BSE. These substantial buy orders created heavy demand for the scrip among the traders. The modus operandi used by CCL was to quote the first buy order of the day for Rs. 11.50 and to move the price up and up by smaller tick while still buying and ultimately raising the price upto Rs. 13 during the day.

11. I further note that CCL acquired 44,10,300 shares of OTPL including shares acquired through market purchase. The investigations have alleged that such trading practices were adopted by CCL to ramp up the price of the scrip to enable the promoters/management along with related entities to sell off their stake at a profit.

12. I also note that summons was issued to CCL requiring it to appear before the investigating authority and to furnish the necessary information/documents in the matter. The letter containing summons, however, came back undelivered with the remark, ‘address shifted’ and that made investigation process difficult as it was stated by M/s Pivotal Stoxare Limited that they had obtained the shares on purchase from CCL. The address of CCL as per our records is at 203, Apollo Towers 2, M. G. Road, Indore (M. P) - 452 001. The summons dated March 1, 2004 which was sent to the above address came back undelivered with a remark ‘address shifted’, though I note that in past CCL had accepted letters/summons sent to them at their address given above in another case of Design Auto Systems Limited.

13. I note that CCL had submitted that it had not received the summons issued by SEBI in the mater of OTPL scrip because of which it could not respond to the same and appear before the investigating officer to present its case. From the show cause notice, I have noticed that the summons dated March 1, 2004 was sent to the proper address of the company and that it was the same address which was mentioned on the letter head of CCL while replying to the show cause notice in the present case. Hence I find that the summons were sent to the proper address of CCL. I have also observed that they had received the summons at the same address in the case of Design Auto System Limited. It is very curious to note that despite receiving the summons in the case of Design Auto System Limited, they have not complied with the same. From this, I find that CCL is a habitual non-compliant entity and its submissions that it would have complied with the summons if it would have received them does not hold good in the present case. I also note that the summons was issued at the proper address of CCL and it was their obligation to make arrangements to receive any documents/letters at that address. Therefore, the contention of CCL that they had not appeared before the investigating authority due to non-receipt of summons is not acceptable. This only shows the non-compliant attitude of CCL to the investigation undertaken by SEBI. Therefore, I find that the excuse of the noticee that they were not in receipt of the summons was only to delay the investigation process initiated against them.

14. I further note from the details of preferential allotment made by OTPL as obtained from the Vadodara Stock Exchange, that OTPL had made an allotment of 78,80,000 quantity of shares to Coverage & Consultancy Pvt. Ltd. on August 03, 2000. I find that no company would allot such huge quantity of shares to unknown entities. This creates a strong suspicion that CCL and Bonanza are related and both the entities in turn are related to the management/promoters/directors of the company.

15. I note that after creating a huge demand for shares (by virtue of its substantial buying from the market) at the end of January 2000, CCL did not stop trading, rather it continued with its buying spree whenever sufficient buy orders were not there in the market. Again from February 2, 2000, it started offloading its stake till February 8, 2000 and by then it sold 9,22,000 quantity of OTPL shares. Again from February 9, 2000, CCL started buying and had bought a total quantity of 4,43,400 of OTPL shares.

16. During the above period, it was observed that while CCL was buying on one side, it was selling on the other side till February 14, 2000. On analyzing the details of the sell transactions of CCL, it can be seen that the average price at which the shares have been offloaded by CCL is Rs. 19.90 for the 11,47,000 quantity offloaded by them in the month of February 2000. The details of such selling have been tabulated below:

TRADE DATE TOTAL SOLD 2/2/2000 322000 3/2/2000 200000 4/2/2000 200000 8/2/2000 200000 10/2/2000 125000 14/2/2000 100000 17. With respect to the trades done by CCL through M/s Kirtikumar Kantilal Shah and ultimately through M. P. Vora Shares & Securities Private Ltd., the investigations have observed that:

• On 2nd February 2000, CCL sold 332000 shares whereas the gross market sell was 1016000 shares; in other words CCL contributes 32.70 % of the market sell. • On 3rd February 2000 CCL sold 200000 shares whereas the gross market sell was 1093000 shares, i.e. CCL sells 18.30 % of the gross market sell. • On 4th February 2000 CCL sold 200000 shares while the gross market sell was 729200 shares. In other words CCL contributes 27.43% of the gross market sell of the day. • On 8th February 2000 CCL sold 200000 shares while the gross market sell was 1801100 shares. On this day CCL contributes 11.10 % of the gross market sale. • On 9th February 2000 CCL starts buying and has bought 157100 shares while the gross market buy was 3313100 shares. CCL contributes 4.75 % of the market buy on the day.

• On 11th February 2000 CCL bought 100000 shares while the gross market buy was 1065900 shares. CCL contributes 9.38 % of the gross market buy. • On 14th February 2000 CCL sold 100000 shares while the market gross sell was 2940400 shares. CCL contributes 3.40 % of the gross market sell trades. • On 15th February 2000 CCL bought 111300 shares while the gross market buy was 758600 shares. In other words, CCL contributes 14.67 % of the market. 18. I find that there have been many instances of CCL affecting the price of the scrip of OTPL. For instance, the buying of 3,27,300 shares on a single day ( Jan 28,2000) constituting about 60% of the day’s transactions at BSE. The modus operandi adopted by CCL was that of quoting the first buy order of the day at Rs. 11.50 and then to move the price up and up by smaller tick while still buying and ultimately raising the price upto Rs. 13/ during the day. Many such instances have been brought to the fore by the investigation. The table below would illustrate the above observation :

Trade No Trade Date Trade Time Qty Price Buy Or Member Client Machine Sell Name Name No 2328 28-Jan-00 10:16:55 AM 1000 11.50 B M. P. Vora CCL 14 2329 28-Jan-00 10:16:55 AM 1000 11.50 B M. P. Vora CCL 14 2330 28-Jan-00 10:16:55 AM 1000 11.50 B M. P. Vora CCL 14 2331 28-Jan-00 10:16:55 AM 200 11.75 B M. P. Vora CCL 14 2332 28-Jan-00 10:16:55 AM 1000 11.80 B M. P. Vora CCL 14 2333 28-Jan-00 10:16:55 AM 200 11.85 B M. P. Vora CCL 14 2334 28-Jan-00 10:16:55 AM 1000 11.90 B M. P. Vora CCL 14 2335 28-Jan-00 10:16:55 AM 900 12.00 B M. P. Vora CCL 14 2336 28-Jan-00 10:16:55 AM 1000 12.00 B M. P. Vora CCL 14 2337 28-Jan-00 10:16:55 AM 500 12.00 B M. P. Vora CCL 14 2338 28-Jan-00 10:16:55 AM 500 12.00 B M. P. Vora CCL 14

Trade No Trade Date Trade Time Qty Price Buy Or Member Client Machine Sell Name Name No 2339 28-Jan-00 10:16:55 AM 500 12.00 B M. P. Vora CCL 14 2341 28-Jan-00 10:18:11 AM 1000 12.00 B M. P. Vora CCL 14 2342 28-Jan-00 10:18:55 AM 200 12.00 B M. P. Vora CCL 14 2343 28-Jan-00 10:18:55 AM 4800 12.00 B M. P. Vora CCL 14 2350 28-Jan-00 10:20:44 AM 1400 12.05 B M. P. Vora CCL 14 2354 28-Jan-00 10:22:00 AM 2000 12.00 B M. P. Vora CCL 14 2355 28-Jan-00 10:23:34 AM 2000 12.00 B M. P. Vora CCL 14 2357 28-Jan-00 10:24:25 AM 400 12.00 B M. P. Vora CCL 14 2358 28-Jan-00 10:27:14 AM 500 12.00 B M. P. Vora CCL 14 2365 28-Jan-00 10:30:14 AM 100 12.00 B M. P. Vora CCL 14 2368 28-Jan-00 10:31:13 AM 300 12.00 B M. P. Vora CCL 14 2369 28-Jan-00 10:31:20 AM 500 12.00 B M. P. Vora CCL 14 2370 28-Jan-00 10:32:04 AM 400 12.00 B M. P. Vora CCL 14 2373 28-Jan-00 10:33:09 AM 300 12.00 B M. P. Vora CCL 14 2374 28-Jan-00 10:33:54 AM 200 12.00 B M. P. Vora CCL 14 2375 28-Jan-00 10:33:55 AM 300 12.00 B M. P. Vora CCL 14 2376 28-Jan-00 10:34:55 AM 100 12.00 B M. P. Vora CCL 14 2384 28-Jan-00 10:40:57 AM 2900 12.00 B M. P. Vora CCL 14 2386 28-Jan-00 10:40:57 AM 1700 12.00 B M. P. Vora CCL 14 2387 28-Jan-00 10:41:05 AM 300 12.00 B M. P. Vora CCL 14 2388 28-Jan-00 10:41:46 AM 1000 12.00 B M. P. Vora CCL 14 2389 28-Jan-00 10:43:18 AM 500 12.00 B M. P. Vora CCL 14 2393 28-Jan-00 10:44:13 AM 200 12.00 B M. P. Vora CCL 14 2394 28-Jan-00 10:45:03 AM 500 12.00 B M. P. Vora CCL 14 2395 28-Jan-00 10:45:58 AM 800 12.00 B M. P. Vora CCL 14 2396 28-Jan-00 10:45:58 AM 200 12.00 B M. P. Vora CCL 14 2397 28-Jan-00 10:46:10 AM 4000 12.00 B M. P. Vora CCL 14 2398 28-Jan-00 10:46:16 AM 800 12.00 B M. P. Vora CCL 14 2399 28-Jan-00 10:46:16 AM 200 12.00 B M. P. Vora CCL 14 2400 28-Jan-00 10:46:30 AM 300 12.00 B M. P. Vora CCL 14 2401 28-Jan-00 10:46:35 AM 500 12.00 B M. P. Vora CCL 14 2408 28-Jan-00 10:48:15 AM 300 12.00 B M. P. Vora CCL 14 2409 28-Jan-00 10:48:32 AM 500 12.00 B M. P. Vora CCL 14 2410 28-Jan-00 10:49:38 AM 500 12.00 B M. P. Vora CCL 14 2411 28-Jan-00 10:51:07 AM 2000 12.00 B M. P. Vora CCL 14 2412 28-Jan-00 10:51:24 AM 700 12.00 B M. P. Vora CCL 14 2413 28-Jan-00 10:51:24 AM 4300 12.00 B M. P. Vora CCL 14 2414 28-Jan-00 10:51:35 AM 700 12.00 B M. P. Vora CCL 14 2415 28-Jan-00 10:51:35 AM 300 12.00 B M. P. Vora CCL 14 2416 28-Jan-00 10:51:46 AM 1000 12.00 B M. P. Vora CCL 14 2418 28-Jan-00 10:52:32 AM 500 12.00 B M. P. Vora CCL 14 2419 28-Jan-00 10:52:49 AM 2000 12.00 B M. P. Vora CCL 14 2420 28-Jan-00 10:53:17 AM 500 12.00 B M. P. Vora CCL 14

Trade No Trade Date Trade Time Qty Price Buy Or Member Client Machine Sell Name Name No 2421 28-Jan-00 10:53:29 AM 100 12.00 B M. P. Vora CCL 14 2422 28-Jan-00 10:53:34 AM 200 12.10 B M. P. Vora CCL 14 2423 28-Jan-00 10:54:07 AM 4800 12.10 B M. P. Vora CCL 14 2424 28-Jan-00 10:54:07 AM 200 12.10 B M. P. Vora CCL 14 2425 28-Jan-00 10:55:03 AM 300 12.10 B M. P. Vora CCL 14 2429 28-Jan-00 10:56:09 AM 200 12.10 B M. P. Vora CCL 14 2436 28-Jan-00 10:58:13 AM 4300 12.10 B M. P. Vora CCL 14 2437 28-Jan-00 10:58:13 AM 100 12.10 B M. P. Vora CCL 14 2438 28-Jan-00 10:59:36 AM 2000 12.10 B M. P. Vora CCL 14 2439 28-Jan-00 11:00:08 AM 100 12.10 B M. P. Vora CCL 14 2440 28-Jan-00 11:00:37 AM 1000 12.10 B M. P. Vora CCL 14 2441 28-Jan-00 11:01:11 AM 500 12.10 B M. P. Vora CCL 14 2442 28-Jan-00 11:02:21 AM 500 12.10 B M. P. Vora CCL 14 2443 28-Jan-00 11:02:22 AM 800 12.10 B M. P. Vora CCL 14 2444 28-Jan-00 11:02:22 AM 1200 12.10 B M. P. Vora CCL 14 2445 28-Jan-00 11:03:34 AM 3800 12.10 B M. P. Vora CCL 14 2446 28-Jan-00 11:03:34 AM 200 12.10 B M. P. Vora CCL 14 2447 28-Jan-00 11:03:38 AM 4800 12.10 B M. P. Vora CCL 14 2448 28-Jan-00 11:03:38 AM 200 12.10 B M. P. Vora CCL 14 2449 28-Jan-00 11:04:02 AM 4000 12.10 B M. P. Vora CCL 14 2450 28-Jan-00 11:04:27 AM 500 12.10 B M. P. Vora CCL 14 2451 28-Jan-00 11:04:48 AM 300 12.10 B M. P. Vora CCL 14 2452 28-Jan-00 11:04:48 AM 4700 12.10 B M. P. Vora CCL 14 2453 28-Jan-00 11:04:55 AM 300 12.10 B M. P. Vora CCL 14 2454 28-Jan-00 11:05:51 AM 200 12.10 B M. P. Vora CCL 14 2455 28-Jan-00 11:05:51 AM 200 12.10 B M. P. Vora CCL 14 2456 28-Jan-00 11:05:51 AM 200 12.10 B M. P. Vora CCL 14 2457 28-Jan-00 11:05:51 AM 200 12.10 B M. P. Vora CCL 14 2458 28-Jan-00 11:05:51 AM 200 12.10 B M. P. Vora CCL 14 2459 28-Jan-00 11:05:51 AM 200 12.10 B M. P. Vora CCL 14 2460 28-Jan-00 11:05:51 AM 200 12.10 B M. P. Vora CCL 14 2461 28-Jan-00 11:05:51 AM 200 12.10 B M. P. Vora CCL 14 2462 28-Jan-00 11:05:51 AM 200 12.10 B M. P. Vora CCL 14 2463 28-Jan-00 11:05:51 AM 200 12.10 B M. P. Vora CCL 14 2464 28-Jan-00 11:06:50 AM 3000 12.10 B M. P. Vora CCL 14 2465 28-Jan-00 11:07:07 AM 5000 12.10 B M. P. Vora CCL 14 2466 28-Jan-00 11:07:35 AM 3000 12.10 B M. P. Vora CCL 14 2467 28-Jan-00 11:07:40 AM 200 12.10 B M. P. Vora CCL 14 2468 28-Jan-00 11:08:02 AM 100 12.10 B M. P. Vora CCL 14 2471 28-Jan-00 11:09:06 AM 100 12.10 B M. P. Vora CCL 14 2496 28-Jan-00 11:14:30 AM 500 12.10 B M. P. Vora CCL 14 2501 28-Jan-00 11:15:31 AM 1100 12.10 B M. P. Vora CCL 14 2504 28-Jan-00 11:15:31 AM 600 12.00 B M. P. Vora CCL 14

Trade No Trade Date Trade Time Qty Price Buy Or Member Client Machine Sell Name Name No 2506 28-Jan-00 11:15:31 AM 500 12.00 B M. P. Vora CCL 14 2513 28-Jan-00 11:21:32 AM 2500 12.00 B M. P. Vora CCL 14 2514 28-Jan-00 11:21:39 AM 2000 12.00 B M. P. Vora CCL 14 2515 28-Jan-00 11:21:42 AM 100 12.00 B M. P. Vora CCL 14 2516 28-Jan-00 11:21:44 AM 200 12.00 B M. P. Vora CCL 14 2806 28-Jan-00 12:17:19 PM 300 12.95 B M. P. Vora CCL 14 2807 28-Jan-00 12:17:19 PM 500 12.95 B M. P. Vora CCL 14 2808 28-Jan-00 12:17:19 PM 100 13.00 B M. P. Vora CCL 14 2809 28-Jan-00 12:17:19 PM 300 13.00 B M. P. Vora CCL 14 2810 28-Jan-00 12:17:19 PM 1000 13.00 B M. P. Vora CCL 14 2811 28-Jan-00 12:17:19 PM 2000 13.00 B M. P. Vora CCL 14 2812 28-Jan-00 12:17:19 PM 500 13.00 B M. P. Vora CCL 14 2813 28-Jan-00 12:17:19 PM 200 13.00 B M. P. Vora CCL 14 2814 28-Jan-00 12:17:19 PM 100 13.00 B M. P. Vora CCL 14 2817 28-Jan-00 12:17:45 PM 1900 13.00 B M. P. Vora CCL 14 2818 28-Jan-00 12:17:45 PM 500 13.00 B M. P. Vora CCL 14 2819 28-Jan-00 12:17:45 PM 500 13.00 B M. P. Vora CCL 14 2820 28-Jan-00 12:17:45 PM 800 13.00 B M. P. Vora CCL 14 2821 28-Jan-00 12:17:45 PM 300 13.00 B M. P. Vora CCL 14 2822 28-Jan-00 12:17:45 PM 1000 13.00 B M. P. Vora CCL 14 2823 28-Jan-00 12:17:45 PM 200 13.00 B M. P. Vora CCL 14 2824 28-Jan-00 12:17:45 PM 5000 13.00 B M. P. Vora CCL 14 2825 28-Jan-00 12:17:45 PM 1000 13.00 B M. P. Vora CCL 14 2826 28-Jan-00 12:17:45 PM 200 13.00 B M. P. Vora CCL 14 2827 28-Jan-00 12:17:45 PM 500 13.00 B M. P. Vora CCL 14 2828 28-Jan-00 12:17:45 PM 800 13.00 B M. P. Vora CCL 14 2829 28-Jan-00 12:17:45 PM 1500 13.00 B M. P. Vora CCL 14 2830 28-Jan-00 12:17:45 PM 100 13.00 B M. P. Vora CCL 14 2831 28-Jan-00 12:17:45 PM 100 13.00 B M. P. Vora CCL 14 2832 28-Jan-00 12:17:45 PM 500 13.00 B M. P. Vora CCL 14 2833 28-Jan-00 12:17:45 PM 1500 13.00 B M. P. Vora CCL 14 2834 28-Jan-00 12:17:45 PM 100 13.00 B M. P. Vora CCL 14 2835 28-Jan-00 12:17:45 PM 500 13.00 B M. P. Vora CCL 14 2836 28-Jan-00 12:17:45 PM 400 13.00 B M. P. Vora CCL 14 2837 28-Jan-00 12:17:45 PM 1500 13.00 B M. P. Vora CCL 14 2838 28-Jan-00 12:17:45 PM 400 13.00 B M. P. Vora CCL 14 2839 28-Jan-00 12:17:45 PM 200 13.00 B M. P. Vora CCL 14 2840 28-Jan-00 12:17:45 PM 100 13.00 B M. P. Vora CCL 14 2841 28-Jan-00 12:17:45 PM 500 13.00 B M. P. Vora CCL 14 2842 28-Jan-00 12:17:45 PM 2000 13.00 B M. P. Vora CCL 14 2843 28-Jan-00 12:17:45 PM 200 13.00 B M. P. Vora CCL 14 2844 28-Jan-00 12:17:45 PM 200 13.00 B M. P. Vora CCL 14 2845 28-Jan-00 12:17:45 PM 500 13.00 B M. P. Vora CCL 14

Trade No Trade Date Trade Time Qty Price Buy Or Member Client Machine Sell Name Name No 2846 28-Jan-00 12:17:45 PM 200 13.00 B M. P. Vora CCL 14 2847 28-Jan-00 12:17:45 PM 1500 13.00 B M. P. Vora CCL 14 2848 28-Jan-00 12:17:45 PM 2000 13.00 B M. P. Vora CCL 14 2849 28-Jan-00 12:17:45 PM 1000 13.00 B M. P. Vora CCL 14 2850 28-Jan-00 12:17:45 PM 200 13.00 B M. P. Vora CCL 14 2851 28-Jan-00 12:17:45 PM 1000 13.00 B M. P. Vora CCL 14 2852 28-Jan-00 12:17:45 PM 200 13.00 B M. P. Vora CCL 14 2853 28-Jan-00 12:17:45 PM 1000 13.00 B M. P. Vora CCL 14 2854 28-Jan-00 12:17:45 PM 500 13.00 B M. P. Vora CCL 14 2855 28-Jan-00 12:17:45 PM 1000 13.00 B M. P. Vora CCL 14 2856 28-Jan-00 12:17:45 PM 500 13.00 B M. P. Vora CCL 14 2857 28-Jan-00 12:17:45 PM 400 13.00 B M. P. Vora CCL 14 2858 28-Jan-00 12:17:45 PM 2000 13.00 B M. P. Vora CCL 14 2859 28-Jan-00 12:17:45 PM 500 13.00 B M. P. Vora CCL 14 2860 28-Jan-00 12:17:45 PM 100 13.00 B M. P. Vora CCL 14 2861 28-Jan-00 12:17:45 PM 500 13.00 B M. P. Vora CCL 14 2862 28-Jan-00 12:17:45 PM 1000 13.00 B M. P. Vora CCL 14 2863 28-Jan-00 12:17:45 PM 500 13.00 B M. P. Vora CCL 14 2864 28-Jan-00 12:17:45 PM 100 13.00 B M. P. Vora CCL 14 2865 28-Jan-00 12:17:45 PM 5000 13.00 B M. P. Vora CCL 14 2866 28-Jan-00 12:17:45 PM 2600 13.00 B M. P. Vora CCL 14 2867 28-Jan-00 12:17:45 PM 1700 13.00 B M. P. Vora CCL 14 2868 28-Jan-00 12:17:45 PM 2000 13.00 B M. P. Vora CCL 14 2869 28-Jan-00 12:17:45 PM 200 13.00 B M. P. Vora CCL 14 2870 28-Jan-00 12:17:45 PM 800 13.00 B M. P. Vora CCL 14 2871 28-Jan-00 12:17:45 PM 5000 13.00 B M. P. Vora CCL 14 2872 28-Jan-00 12:17:45 PM 800 13.00 B M. P. Vora CCL 14 2873 28-Jan-00 12:17:45 PM 5000 13.00 B M. P. Vora CCL 14 2874 28-Jan-00 12:17:45 PM 800 13.00 B M. P. Vora CCL 14 2875 28-Jan-00 12:17:45 PM 5000 13.00 B M. P. Vora CCL 14 2876 28-Jan-00 12:17:45 PM 800 13.00 B M. P. Vora CCL 14 2877 28-Jan-00 12:17:45 PM 5000 13.00 B M. P. Vora CCL 14 2878 28-Jan-00 12:17:45 PM 800 13.00 B M. P. Vora CCL 14 2879 28-Jan-00 12:17:45 PM 5000 13.00 B M. P. Vora CCL 14 2880 28-Jan-00 12:17:45 PM 200 13.00 B M. P. Vora CCL 14 2881 28-Jan-00 12:17:45 PM 5000 13.00 B M. P. Vora CCL 14 2882 28-Jan-00 12:17:45 PM 5000 13.00 B M. P. Vora CCL 14 2883 28-Jan-00 12:17:45 PM 5000 13.00 B M. P. Vora CCL 14 2884 28-Jan-00 12:17:45 PM 5000 13.00 B M. P. Vora CCL 14 2885 28-Jan-00 12:17:54 PM 400 13.00 B M. P. Vora CCL 14 2886 28-Jan-00 12:18:02 PM 1000 13.00 B M. P. Vora CCL 14 2887 28-Jan-00 12:18:13 PM 700 13.00 B M. P. Vora CCL 14 2888 28-Jan-00 12:18:13 PM 1300 13.00 B M. P. Vora CCL 14

Trade No Trade Date Trade Time Qty Price Buy Or Member Client Machine Sell Name Name No 2889 28-Jan-00 12:19:32 PM 1000 13.00 B M. P. Vora CCL 14 2890 28-Jan-00 12:20:07 PM 2500 13.00 B M. P. Vora CCL 14 2891 28-Jan-00 12:20:11 PM 500 13.00 B M. P. Vora CCL 14 2892 28-Jan-00 12:21:03 PM 100 13.00 B M. P. Vora CCL 14 2893 28-Jan-00 12:23:09 PM 1000 13.00 B M. P. Vora CCL 14 2894 28-Jan-00 12:24:21 PM 1000 13.00 B M. P. Vora CCL 14 2895 28-Jan-00 12:24:30 PM 200 13.00 B M. P. Vora CCL 14 2896 28-Jan-00 12:25:19 PM 1000 13.00 B M. P. Vora CCL 14 2897 28-Jan-00 12:26:53 PM 1000 13.00 B M. P. Vora CCL 14 2898 28-Jan-00 12:27:58 PM 1000 13.00 B M. P. Vora CCL 14 2899 28-Jan-00 12:28:01 PM 1000 13.00 B M. P. Vora CCL 14 2900 28-Jan-00 12:30:39 PM 500 13.00 B M. P. Vora CCL 14 2901 28-Jan-00 12:32:04 PM 1000 13.00 B M. P. Vora CCL 14 2902 28-Jan-00 12:32:08 PM 200 13.00 B M. P. Vora CCL 14 2903 28-Jan-00 12:32:26 PM 200 13.00 B M. P. Vora CCL 14 2904 28-Jan-00 12:32:29 PM 200 13.00 B M. P. Vora CCL 14 2905 28-Jan-00 12:33:47 PM 200 13.00 B M. P. Vora CCL 14 2906 28-Jan-00 12:33:49 PM 100 13.00 B M. P. Vora CCL 14 2907 28-Jan-00 12:35:53 PM 200 13.00 B M. P. Vora CCL 14 2908 28-Jan-00 12:36:53 PM 3000 13.00 B M. P. Vora CCL 14 2909 28-Jan-00 12:37:55 PM 1500 13.00 B M. P. Vora CCL 14 2910 28-Jan-00 12:38:00 PM 3000 13.00 B M. P. Vora CCL 14 2911 28-Jan-00 12:38:42 PM 2000 13.00 B M. P. Vora CCL 14 2912 28-Jan-00 12:39:18 PM 200 13.00 B M. P. Vora CCL 14 2913 28-Jan-00 12:43:34 PM 32300 13.00 B M. P. Vora CCL 14 2914 28-Jan-00 12:44:30 PM 200 13.00 B M. P. Vora CCL 14 2915 28-Jan-00 12:46:31 PM 300 13.00 B M. P. Vora CCL 14 2916 28-Jan-00 12:47:06 PM 500 13.00 B M. P. Vora CCL 14 2917 28-Jan-00 12:48:04 PM 100 13.00 B M. P. Vora CCL 14 2918 28-Jan-00 12:48:50 PM 500 13.00 B M. P. Vora CCL 14 2919 28-Jan-00 12:52:31 PM 300 13.00 B M. P. Vora CCL 14 2920 28-Jan-00 12:52:56 PM 200 13.00 B M. P. Vora CCL 14 2921 28-Jan-00 12:53:15 PM 500 13.00 B M. P. Vora CCL 14 2922 28-Jan-00 12:53:47 PM 100 13.00 B M. P. Vora CCL 14 2923 28-Jan-00 12:54:07 PM 500 13.00 B M. P. Vora CCL 14 2924 28-Jan-00 12:55:35 PM 1000 13.00 B M. P. Vora CCL 14 2925 28-Jan-00 12:56:20 PM 2000 13.00 B M. P. Vora CCL 14 2926 28-Jan-00 12:58:07 PM 300 13.00 B M. P. Vora CCL 14 2927 28-Jan-00 1:02:59 PM 500 13.00 B M. P. Vora CCL 14 2928 28-Jan-00 1:05:02 PM 500 13.00 B M. P. Vora CCL 14 2929 28-Jan-00 1:06:20 PM 1000 13.00 B M. P. Vora CCL 14 2930 28-Jan-00 1:10:31 PM 300 13.00 B M. P. Vora CCL 14 2931 28-Jan-00 1:11:07 PM 200 13.00 B M. P. Vora CCL 14

Trade No Trade Date Trade Time Qty Price Buy Or Member Client Machine Sell Name Name No 2932 28-Jan-00 1:11:15 PM 1500 13.00 B M. P. Vora CCL 14 2933 28-Jan-00 1:11:41 PM 300 13.00 B M. P. Vora CCL 14 2934 28-Jan-00 1:13:55 PM 700 13.00 B M. P. Vora CCL 14 2935 28-Jan-00 1:14:21 PM 200 13.00 B M. P. Vora CCL 14 2936 28-Jan-00 1:16:28 PM 800 13.00 B M. P. Vora CCL 14 2937 28-Jan-00 1:17:03 PM 4000 13.00 B M. P. Vora CCL 14 2938 28-Jan-00 1:18:03 PM 500 13.00 B M. P. Vora CCL 14 2939 28-Jan-00 1:18:38 PM 100 13.00 B M. P. Vora CCL 14 2940 28-Jan-00 1:19:24 PM 100 13.00 B M. P. Vora CCL 14 2941 28-Jan-00 1:22:44 PM 200 13.00 B M. P. Vora CCL 14 2942 28-Jan-00 1:24:28 PM 1000 13.00 B M. P. Vora CCL 14 2943 28-Jan-00 1:24:40 PM 100 13.00 B M. P. Vora CCL 14 2944 28-Jan-00 1:25:20 PM 200 13.00 B M. P. Vora CCL 14 2945 28-Jan-00 1:25:51 PM 1000 13.00 B M. P. Vora CCL 14 2946 28-Jan-00 1:29:42 PM 200 13.00 B M. P. Vora CCL 14 2947 28-Jan-00 1:30:08 PM 200 13.00 B M. P. Vora CCL 14 2948 28-Jan-00 1:31:14 PM 16400 13.00 B M. P. Vora CCL 14 2949 28-Jan-00 1:35:46 PM 1000 13.00 B M. P. Vora CCL 14 2950 28-Jan-00 1:38:06 PM 500 13.00 B M. P. Vora CCL 14 2951 28-Jan-00 1:38:57 PM 100 13.00 B M. P. Vora CCL 14 2952 28-Jan-00 1:40:28 PM 100 13.00 B M. P. Vora CCL 14 2953 28-Jan-00 1:44:56 PM 300 13.00 B M. P. Vora CCL 14 2954 28-Jan-00 1:50:34 PM 1500 13.00 B M. P. Vora CCL 14 2955 28-Jan-00 2:01:54 PM 100 13.00 B M. P. Vora CCL 14 2956 28-Jan-00 2:12:59 PM 300 13.00 B M. P. Vora CCL 14 2957 28-Jan-00 2:14:17 PM 500 13.00 B M. P. Vora CCL 14 2958 28-Jan-00 2:16:14 PM 100 13.00 B M. P. Vora CCL 14 2959 28-Jan-00 2:17:03 PM 500 13.00 B M. P. Vora CCL 14 2960 28-Jan-00 2:22:02 PM 2000 13.00 B M. P. Vora CCL 14 2961 28-Jan-00 2:28:50 PM 500 13.00 B M. P. Vora CCL 14 2962 28-Jan-00 2:30:38 PM 700 13.00 B M. P. Vora CCL 14 2963 28-Jan-00 2:31:06 PM 100 13.00 B M. P. Vora CCL 14 2964 28-Jan-00 2:31:41 PM 1000 13.00 B M. P. Vora CCL 14 2965 28-Jan-00 2:34:01 PM 100 13.00 B M. P. Vora CCL 14 2966 28-Jan-00 2:37:34 PM 200 13.00 B M. P. Vora CCL 14 2967 28-Jan-00 2:39:01 PM 300 13.00 B M. P. Vora CCL 14 2968 28-Jan-00 2:40:18 PM 500 13.00 B M. P. Vora CCL 14 2969 28-Jan-00 2:48:45 PM 100 13.00 B M. P. Vora CCL 14 2970 28-Jan-00 2:49:27 PM 100 13.00 B M. P. Vora CCL 14 2971 28-Jan-00 2:51:09 PM 100 13.00 B M. P. Vora CCL 14 2972 28-Jan-00 2:54:18 PM 100 13.00 B M. P. Vora CCL 14 2973 28-Jan-00 2:55:03 PM 2500 13.00 B M. P. Vora CCL 14 2974 28-Jan-00 2:59:25 PM 400 13.00 B M. P. Vora CCL 14

Trade No Trade Date Trade Time Qty Price Buy Or Member Client Machine Sell Name Name No 2975 28-Jan-00 3:02:05 PM 300 13.00 B M. P. Vora CCL 14 2976 28-Jan-00 3:02:42 PM 300 13.00 B M. P. Vora CCL 14 2977 28-Jan-00 3:02:50 PM 500 13.00 B M. P. Vora CCL 14 2978 28-Jan-00 3:03:55 PM 100 13.00 B M. P. Vora CCL 14 2979 28-Jan-00 3:10:17 PM 500 13.00 B M. P. Vora CCL 14 2980 28-Jan-00 3:10:19 PM 3000 13.00 B M. P. Vora CCL 14 2981 28-Jan-00 3:10:34 PM 500 13.00 B M. P. Vora CCL 14 2982 28-Jan-00 3:10:58 PM 200 13.00 B M. P. Vora CCL 14 2983 28-Jan-00 3:11:05 PM 500 13.00 B M. P. Vora CCL 14 2984 28-Jan-00 3:11:23 PM 500 13.00 B M. P. Vora CCL 14 2985 28-Jan-00 3:17:27 PM 700 13.00 B M. P. Vora CCL 14 2986 28-Jan-00 3:24:23 PM 1000 13.00 B M. P. Vora CCL 14 2987 28-Jan-00 3:26:18 PM 1000 13.00 B M. P. Vora CCL 14 2988 28-Jan-00 3:26:46 PM 300 13.00 B M. P. Vora CCL 14

19. I find that none of these transactions have been endeavored to be explained by CCL either to the investigation or before me. A mere statement that the transactions were carried out through genuine means would not hold much strength, especially in the light of this non co-operative attitude of CCL. I have noticed the submission of CCL that all the transactions were properly executed with appropriate documentation, though none were produced. Therefore, I am of the view that CCL has in fact played a significant role in influencing the price of OTPL to facilitate the promoters/ directors to offload their holdings at a substantial profit.

20. I, therefore find that by placing buy orders at successively higher prices, the noticee has indeed created an undue interest in the trading in the scrip, thereby attracting the innocent and genuine investors and offloading the shares in this process. In view of the above, I hold CCL guilty of having contravened the provisions of Regulations 4(b) and (d) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices

Relating to Securities Market) Regulations, 1995. Taking into account the role played by M/s. Coverage and Consultants Limited in the scrip of M/s. Ojas Technochem Products Limited, I find it necessary to debar them from dealing in the capital market for an appropriate period of time.

21. Therefore, taking into consideration the facts and circumstances of the case, I, in exercise of the powers conferred upon me under Sections 11 and 11B of Securities and Exchange Board of India Act, 1992 read with Section 19 of the SEBI Act and Regulation 11 of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to the Securities Market) Regulations, 2003 restrain hereby M/s. Coverage & Consultants Ltd. (PAN No. 18-12-CN-9209) from accessing the securities market and also prohibit them from buying, selling or otherwise dealing or associating with the securities market in any manner whatsoever for a period of two years. As M/s. Coverage & Consultants Ltd. was already restrained from accessing the securities market and also prohibited from buying, selling or dealing in securities either directly or indirectly for a period of seven years w.e.f. SEBI order dated October 22, 2007, this order restraining and prohibiting M/s. Coverage & Consultants Ltd. from accessing the securities market for a period of two years will run concurrently.

22. This order shall come into force with immediate effect.

Place : Mumbai T .C. NAIR Date : 07.08.2008 WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA