Order in the matter of Pyramid Saimira Theatre Ltd
- Order No.WTM/KMA/IVD/204/01/2010
Ratio decidendi
The rule this decision rests on
Where persons against whom an ex parte ad interim direction has been issued fail to file objections within the thirty days allowed, the absence of any response is a sufficient basis for confirming that direction under Sections 11, 11B and 11(4) read with Section 19 of the SEBI Act, 1992. The confirmation rests on the circumstances stated in the original ex parte order, which the non-responding persons have not contested.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
1. The Securities and Exchange Board of India (hereinafter referred to as SEBI), vide an ex-parte ad interim order dated April 23, 2009, in the matter of Pyramid Saimira Theatre Limited (hereinafter referred to as PSTL), inter alia directed the following persons/entities not to buy, sell or deal in the securities market including in Initial Public Offerings (IPOs) directly or indirectly, till further directions as they were prima facie found to have played a key role in facilitating Mr. Nirmal Kotecha in carrying out suspicious banking transactions, carrying out and disguising his manipulative intent and gaining advantage from the forgery:
SR NO NAME NAME OF PROPRIETOR/ DIRECTOR 1 ADINO TRADING COMPANY PVT LTD DINESH BAFNA/VINOD BAFNA 2 AMAN ENTERPRISES GANESH JAIN AMAR ENTERPRISES PATEL RAKESH ROHITBHAI 3 4 AMBE SALES CORPORATION OMPRAKAHSAGARMAL JAIN 5 ANAND MARATHE ANAND MARATHE 6 ANKIT ENTERPRISES PARVIN SHAH 7 ANKIT KUMAR PAGARIYA 8 ARIHANT GEMS ANKIT KUMAR PAGARIYA 9 BAGORIA ENTERPRISE AMIT KUMAR BAGORIA 10 BHAIRAV TRADING CO BHIVRAJ B GUJAR 11 BHAKTI TRADING BAFNA VINOD KUMAR 12 BHAVANI TRADING CO CHIRAG PATEL 13 BINAL SHAH BINAL SHAH 14 BOSTON AGENCY MANGALRAM SHAH 15 CHANDU KHIMAVAT CHANDU KHIMAVAT 16 CROWN METAL INDIA SHAH SURESH P 17 D AMIT KUMAR AMIT KUMAR S. SONETHA 18 DADA TRADING CO SANJAY RAI/RAMBHAROS YADAV 19 DARSHANA CORPORATION SHAH MANGLARAM H 20 DEEP ENTERPRISE DEEPAK BHATEVARA
21 DELUX METAL CORPORATION CHAUHAN HASTIMAL P 22 DEVAM IMPEX PVT LTD PIYUSH DAND 23 DOSHI TRADING CO. JAGDISH R DOSHI 24 GENUS COMMU TRADE LIMITED VIRAG PATEL/HITESH PANCHAL 25 HARISH METAL & TUBES HARISH S JAIN 26 IMPEX SALES CORPN MANGLARAM SHAH 27 INDIAN CORPN. JAFARBHAI DANAVALA 28 J P ENTERPRISES PANKAJ KUMAR JAIN 29 JANAK METAL INDIA VISHNOI MANGILAL R 30 JAY AMBE MARBLES SURESH JAIN 31 JYOTI ENTERPRISES RAKESH KUMAR SEN 32 KALYAN KIRTI INTERNATIONAL MANGLARAM SHAH 33 KANCHAN IMPEX SUSHIL MEHTA ASHWINBHAI PATEL/BIPINCHANDRA 34 KASTBHANJANDEV DEVELOPERS BHATT 35 KHUSHI CORPORATION PREM PRAKASH TAILOR 36 KIRTI ENTERPRISES PREM PRAKASH TAILOR 37 KOHINOOR INVESTMENT AMOL ANAND KOKANE DHARMENDRA KOTHARI, CHANDRAMOHAN 38 KOTSONS IMPEX VERMA 39 KRINA GEMS KAMLESH SHAH 40 LANKA DIAM GANPAT P BHADIRKE 41 LOVE KHUSH JODHARAM BISHNOI 42 MANISH ENTERPRISES RAMU PEMA GUJJAR 43 MANN IMPEX BHAGWAN SINGH 44 MANOJ KUMAR 45 MEGHA TRADERS DESHRAJ JAT 46 MILAN GEMS MANOJ KUMAR MEHTA 47 NAVKAR TRADING CO ASHISH JAIN 48 NAVKAR TRADING CO 49 OM CORPORATION CHIRAG PATEL 50 OM CORPORATION SHANTILAL PRAJAPAT 51 RAJESH JAIN 52 RAJESH PAMECHA 53 RAJKAMAL STEEL BAFNA VINOD KUMAR 54 RATAN ENTERPRISES OATMAL PUROHIT 55 RAVI EXPORTS RAVI PRAKASH JAIN 56 S K IMPEX MAHENDRAKUMAR BISHNOI 57 SAGAR TRADING CO SHAH SURESH P 58 SAHARA IMPEX (INDIA) VASTUPAL M. JAIN 59 SAHIL JEWEL POONAM JAIN 60 SANSKAR TRADING CO GANAPAT LAL 61 SHANKESHWAR TRADERS PVT LTD JAVARILAL GAUTAMCHAHD JAIN 62 SHIYON ENTERPRISE CHANDRAKANT PATEL 63 SHREE EARTH MOVERS & LAND DEVELOPERS RAJEMDRA JANARDAN SURVE 64 SHREE RAMDEV METAL OKHARAM RAMSHIJI CHOUDHARY 65 SHUBH TRADING CO LALARAM GUJAR 66 SIDDHAM EXPORTS JAFARBHAI DANAVAL A 67 SIGMA TOURS & TRAVELS KAMAL B THAKUR 68 TARACHAND BHOORCHAND JAIN
69 TRITOP TRADING PVT LTD BHASKAR UBARE RAKHI GAUTAM/DINESH 70 U P MERCANTILE CREDIT SAHAKARI LTD TRIPATHI/VIRENDRA YADAV 71 UMA EXPORT UMAKANT MUDULI 72 UMESH BUNTH UMESH BUNTH 73 UNIVERSAL TRADERS BHAGIRATHI PUHAN 74 YASHRAJ ENTERPRISE SUKHRAJ TARACHAND JAIN 75 VINOD BAFNA
2. Though, the above mentioned entities/persons were given thirty days from the date of the aforesaid order to file objections, if any, they failed to respond. The circumstances which warranted the issuance of the ex-parte order was explained in the said order. As the aforesaid entities have not filed any objections or responded to the order dated April 23, 2009, I do not have any hesitation in confirming the directions passed against the aforesaid entities/persons.
3. In view of the foregoing, in exercise of the powers conferred upon me under Sections 11, 11B and 11(4) of the Securities and Exchange Board of India Act, 1992 read with Section 19 thereof, hereby confirm the ex-parte interim order dated April 23, 2009 in the matter of Pyramid Saimira Theatre Limited, against the persons/entities mentioned in the table at paragraph 1 above.
DR. K. M. ABRAHAM WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA
PLACE: MUMBAI DATE: JANUARY 12, 2010
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