Order in the matter of Pyramid Saimira Theatre Ltd
- Order No.WTM/KMA/86/06/2009
Ratio decidendi
The rule this decision rests on
A person whose name was included in an interim restraining direction through an inadvertent error in a third party's reply, where that error is confirmed by the third party, is not subject to the prohibition, and the direction may be revoked as to that person under the Board's powers. The restraint on other persons named in the same order is unaffected.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
UNDER SECTIONS 11, 11B AND 11(4) OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992, REGARDING SHRI SHASHIKANT P. BIYANI, HAVING PAN NO. AAHPB3652Q IN THE MATTER OF M/s. PYRAMID SAIMIRA THEATRE LTD.
1. Securities and Exchange Board of India (hereinafter referred to as SEBI),vide an ad interim ex-parte order dated April 23, 2009 prohibited a large number of persons/ entities and their proprietors/ partners/ directors who prima facie appeared to have carried out suspicious banking transactions and appeared to have channeled these funds either directly or indirectly in the stock markets, pursuant to investigation in the matter of M/s. Pyramid Saimira Theatre Ltd., from buying, selling or dealing in the securities market including in Initial Public Offerings, in any manner, either directly or indirectly, till further directions.
2. Shri Shashikant P. Biyani, having PAN no. AAHPB3652Q and having account no. 401138671 with ICICI Bank, Nariman Point branch was one of such persons included in the list of persons/ entities, who were directed not to buy, sell or deal in the securities market including in Initial Public Offerings, in any manner, either directly or indirectly, till further directions. However, when Shri Shashikant Biyani appeared for inspection of documents, it was realized that his name has got inadvertently included in the list. Vide letter dated June 16, 2009, ICICI Bank has informed that the name and account details of Shri Shashikant P. Biyani were inadvertently included in their reply and that the same may be ignored.
3. In view of the above, I, in exercise of powers conferred upon me under Section 19 of Securities and Exchange Board of India Act, 1992 read with Sections 11, 11B and 11(4) of Securities and Exchange Board of India Act, 1992, hereby revoke the directions issued against Shri Shashikant Biyani, having PAN no. AAHPB3652Q and having account no. 401138671 with ICICI Bank, Nariman Point branch vide Order dated April 23, 2009 of Securities and Exchange Board of India, prohibiting him from buying, selling or dealing in securities in any manner whatsoever, till further orders.
4. The remaining part of the order dated April 23, 2009 remains unchanged.
5. This order shall come into force with immediate effect.
DR.K.M. ABRAHAM PLACE: MUMBAI WHOLE TIME MEMBER DATE: JUNE 18, 2009 SECURITIES AND EXCHANGE BOARD OF INDIA
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