Order in the matter of Radford Global Limited

Under Sections 11, 11(4) and 11B of the Securities and Exchange Board of India Act, 1992 in the matter of Radford Global Limited.

1. Securities and Exchange Board of India (“SEBI”) conducted a preliminary examination into the dealings in the scrip of Radford Global Limited (“Radford”) during the period from January 28, 2013 to March 24, 2014.

2. Upon preliminary inquiry, SEBI prima facie observed the following:

 Firstly, shares were allotted on preferential basis to entities connected/related directly or indirectly to Radford.  Then, just prior to expiry of lock-in of shares issued on preferential basis, Radford announced a stock-split to make a passage for preferential allottees to exit on expiry of the lock-in since the stock split would reduce the per share price and increase liquidity.  After the expiry of lock-in, it was noted that after the stock split, the preferential allottees sold the shares to entities connected/related, directly or indirectly, to Radford Group/Suspected Entities, thereby raking in huge profits.  It was also noted that the price movement of the scrip was not backed by fundamentals of the company and its financials.

3. It was prima facie found that the Radford Group & Suspected Entities and allottees used the securities market system to artificially increase volume and price of the scrip for making illegal gains to and to convert ill-gotten gains into genuine one. The acts and omissions of Radford Order in the matter of Radford Global Limited

Group & Suspected Entities and allottees were found to be in violation of SEBI Act, 1992 (“Act”) and SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (“PFUTP Regulations”).

4. Accordingly, SEBI passed Ad interim ex-parte orders dated December 19, 2014 and November 9, 2015 (“interim orders”) and restrained 108 and 15 entities respectively from accessing the securities market and buying, selling or dealing in securities, either directly or indirectly, in any manner whatsoever, till further directions.

5. The name of the entities against whom the interim orders were passed are as follows:

Interim Order dated December 19, 2014: Sr. Name PAN No. Company 1 Radford Global Ltd. AABCM5771E Directors of Radford Global Ltd. 2 Prakash Bhawarlal Biyani AJNPB0702E 3 Manish Nareshchandra Shah AELPS8560A 4 Rajesh Kumar Maheshwari ACJPM4653L 5 Nitin Shivratan Murarka AMBPM9321M Promoters of Radford Global Ltd. 6 Radford InvestmentServicesPvtLtd AACCG9982A Director of Radford Investment Services Pvt. Ltd. 7 Roshan Dwarkani ATXPD7040B 8 Suresh Kumar Saini BCXPS0818J Preferential Allottees 9 Achal Chand Balar ABAPB8617M 10 Piyush Kumar Balar AEMPB6394Q 11 Abhishek Kumar Balar AATPB8811B 12 AfsarZaidi AADPZ8571G 13 Amresh Anantrai Mody AACPM4024E 14 Hasumati Anantrai Mody AJSPM7935P 15 Anil Rajat Agarwal & Sons HUF AAFHA0709M 16 Ashok B. Jiwrajka AACPJ3610K Order in the matter of Radford Global Limited

17 Babita Mittal AAIPG4573G 18 Bimal J. Desasi AAKPD3160A 19 Brij Bhushan Singal AEFPS6298M 20 Dalsukh Ujamshi Trevadia ACDPT3428N 21 Dilip B. Jiwrajka AAGPJ8756J 22 Dilip Chotala lMorzaria AADPM9919M 23 G. M. Prasanna Kumar AHEPG0025A 24 G.S. Anith Kumar ADPPK9874N 25 Harikishan Suderlal Vermani AAJPV4754H 26 Hitesh Mangilal Jain AABPJ2835R 27 Hukamsingh B. Rajpurohit AABPR9949J 28 Jyoti Anil Trevadia ABWPT8000C 29 Jyotsna Jitendra Desai AHPPD4223L 30 Kalpita Luniya Suresh AAAPL9611J 31 Kamal Punwani Indur AFFPP5207G 32 G. M. Lingaraju AEYPM5850Q 33 Mayuri Darshan Bhanushali AKJPB8572F 34 Mohan Mittal APFPM0496Q 35 Mohit Aggarwal ADSPA9301K 36 Mukesh Mittal AJGPM2125D 37 Naresh Nemchand Shah ACRPS0182J 38 Neeraj Singal ANRPS7986B 39 Nishit Agarwal Beneficiary Trust AABTN3350K 40 Pinky Agarwal ACGPA7438L 41 Pratik Agarwal Beneficiary Trust AABTP7516K 42 Praveen Kumar Agarwal ACSPA4725A 43 Praveen Kumar Agarwa HUF AAIHP6229C 44 Rajendra Mangilal Jain ACPPJ9853R 45 Renu Aggarwal AAEPA1694C 46 Renu Mittal AGMPM1488Q 47 Ritu Singal ABHPS3711M 48 Santosh Aggarwal ABAPA4548E 49 Shailesh MangilalJ ain AAAPJ6765F 50 Shilpa Aggarwal AEXPA1230M 51 Smt. Ujwala Namdev Mane AAEPM5924H 52 Surendra B. Jiwrajka AACPJ4316L 53 Sushant Investments ACAFS8650G 54 Tanvi Bhavik Trevadia AFAPT5888A 55 Tarun Aggarwal AOQPA9034E Order in the matter of Radford Global Limited

56 Uma Singal ANRPS7987A 57 Yogesh Popatlal Thakkar AAPPT1825P Radford Group Amrit Sales Promotion Private 58 AACCA3220D Limited Amrusha Mercantile Private 59 AALCA0340D Limited 60 Anjali Suppliers Private Limited AAJCA1784D 61 Apex Commotrade Private Limited AAJCA4459K 62 Avlokan Dealcom Private Limited AALCA1583G 63 Bazigar Trading Private Limited AABCB3052B 64 Blue Circle Services Limited AAACB2131L 65 Burlington Finance Limited AABCB2575P Devakantha Trading Private 66 AADCD7044B Limited Devatma Distributors Private 67 AADCD7140G Limited Dhanleela Investments & Trading 68 AAACR1770P Company Limited Dhanraksha Vincom Private 69 AADCD6028P Limited Divyadrishti Traders Private 70 AABCD8146J Limited Divyadrishti Merchants Private 71 AABCD8147K Limited 72 Esquire Enclave Private Limited AACCE7065J Katyani Commodities Private 73 AAECK6244R Limited Kingfisher Properties Private 74 AAECK3394G Limited 75 Ladios Trading Private Limited AACCL3868N Limestone Properties Private 76 AACCL0133G Limited Manimudra Vincom Private 77 AADCM4316K Limited 78 Natural Housing Private Limited AADCN6251G 79 Pine Animation Limited AAECM0267A 80 Pyramid Trading and Finance Ltd AAACP2548R 81 Radison Properties Private Limited AAFCR2818B 82 Rangan Vincom Private Limited AAGCR1715E Order in the matter of Radford Global Limited

83 Ridhi Vincom Private Limited AAECR9858C 84 Runicha Merchants Private Limited AAECR0580M 85 Sanklap Vincom Private Limited AAMCS1711P 86 Scope Vyapar Private Limited AAICS6023N Shelter Sales Agency Private 87 AASCS1797F Limited Shivkhori Construction Private 88 AAPCS7850L Limited 89 Signet Vinimay Private Limited AAMCS1712Q 90 SKM Travels Private Limited AAICS0688K 91 Spice Merchants Private Limited AAPCS7492G 92 Symphony Merchant Pvt Ltd AADCS5411K 93 Topwell Properties Private Limited AADCT8403C 94 Udbal Mercantile Private Limited AABCU2648C 95 Vibgyor Financial Service Pvt Ltd AAACV8378B 96 Winall Vinimay Private Limited AAACW8004B Suspected Entities 97 Jayant Security & Finance Limited AAACJ4848G 98 Trimurthi Finvest Limited AAACT6383N 99 Purvi Finvest Limited AABCP6564C 100 East West Finvest India Limited AAACE6834D 101 East West Finvest India Limited AADCE1236G Others 102 Taran Kumar Rungta ASVPR5947G 103 Prem Lata Nahar AFAPN8764M 104 Manjulaben Sukhdev Pandya ALVPP7764J 105 Rajat Share Broking Private Limited AAACR2695B 106 Rajesh Pravinkumar Jasani ACWPJ4705B 107 Bharat Bagri HUF AADHB8488A 108 Jayesh Narendra Kesharia AAEHJ1610D

Interim order dated November 09, 2015: Sr. Name PAN No. 109 Anup Manilal Shah (HUF) AAKHA8826N 110 Artiben S. Kansara ATWPK6701D 111 Bharatkumar Jayantilal Shah AGSPS5666E 112 Dina Satishkumar Mehta AAYPM2723J 113 Hari Mohan Khandelwal ACLPK9984A Order in the matter of Radford Global Limited

114 Hasumati Ghanshyam Mandlia ANIPM9254B 115 Kanaiyalal Manilal Gandhi ABGPG6544G 116 Manisha Jayesh Shah AOBPS1451C 117 Mansukhbhai Jagabhai Tanti AALPT9962B 118 Pragna Patel AGWPP5778Q 119 Rajeev Garg ACJPG8162C 120 Ramila Gandhi AELPG9023L 121 Rekhaben Lakhabhai Sagparia AFXPS1751C 122 Sunil Mohanlal Kansara ANFPK3652G 123 Veena Mohandas Valbhani AHGPV3775J

6. The directions issued qua Mr. Jayesh Narendra Kesharia vide the interim order were revoked vide SEBI order dated November 10, 2015. Further, SEBI passed order dated August 26, 2016 revoking directions issued vide interim orders qua following 16 entities:

Sr. No. Entities PAN LTP Contributors 1. Rajat Share Broking Pvt. Ltd. AAACR2695B 2. Ms. Manjulaben Sukhdev Pandya ALVPP7764J 3. Mr. Bharat Bagri Bagri AADHB8488A 4. Mr. Rajesh Pravinkumar Jasani ACWPJ4705B Radford Sellers 5. Mr. Rajeev Garg ACJPG8162C 6. Mr. Anup Manilal Shah (Huf) AAKHA8826N Mr. Bharat Kumar Jayantilal 7. AGSPS5666E Shah 8. Ms. Dina Satishkumar Mehta AAYPM2723J 9. Mr. Harimohan Khandelwal ACLPK9984A 10. Ms. Hasumati G. Mandlia ANIPM9254B 11. Mr. Kanaiyalal Manilal Gandhi ABGPG6544G 12. Ms. Ramila Gandhi AELPG9023L 13. Mr. Mansukhbhai Jagabhai Tanti AALPT9962B 14. Ms. Pragna Patel AGWPP5778Q Ms. Rekhaben Lakhaben 15. AFXPS1751C Sagparia 16. Ms. Veena Mohandas Valbhani AHGPV3775J

Order in the matter of Radford Global Limited

7. The directions issued vide interim orders qua the remaining 106 entities were confirmed vide SEBI orders dated October 12, 2015, March 18, 2016 and August 26, 2016.

8. Pursuant to the interim orders, SEBI conducted a detailed investigation of the entire scheme employed in the instant matter, role and connection amongst the concerned entities, funds used for the price manipulation of the scrip of Radford, etc., so as to ascertain the violation of securities laws.

9. Upon completion of investigation by SEBI, investigation did not find any adverse evidence/adverse findings in respect of violation of provisions of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (PFUTP Regulations) in respect of following 82 entities (against whom directions were issued vide the interim orders as confirmed vide the above said confirmatory orders) warranting continuation of action under Section 11B r/w 11(4) of SEBI Act. However, investigation has found adverse findings against Radford which warrants Adjudication Proceedings. The details of the 82 entities are as follows:-

Sr. Sr. PAN Name PAN Name No. No. Radford Global 1. 2. Surendra B. AABCM5771E Limited AACPJ4316L Jiwrajka Prakash Bhawarlal 3. 4. Rajendra Mangilal AJNPB0702E Biyani ACPPJ9853R Jain Manish 5. Nareshchandra 6. AELPS8560A AAEPA1694C Renu Aggarwal Shah Rajesh Kumar 7. 8. ACJPM4653L Maheshwari AGMPM1488Q Renu Mittal Nitin Shivratan 9. 10. AMBPM9321M Murarka ABAPA4548E Santosh Aggarwal

Order in the matter of Radford Global Limited

Radford 11. Investment Services 12. Esquire Enclave AACCG9982A AACCE7065J Pvt. Ltd. Private Limited Kingfisher 13. Roshan Dwarkani 14. ATXPD7040B AAECK3394G Properties Private Limited 15. Suresh Kumar Saini 16. Shailesh MangilalJ BCXPS0818J AAAPJ6765F ain 17. Aachalchand Balar 18. ABAPB8617M AEXPA1230M Shilpa Aggarwal 19. AEFPS6298M Brij Bhushan Singal 20. Sushant ACAFS8650G Investments 21. ANRPS7986B Neeraj Singal 22. Tanvi Bhavik AFAPT5888A Trevadia 23. ABHPS3711M Ritu Singal 24. AOQPA9034E Tarun Aggarwal 25. ANRPS7987A Uma Singal 26. Yogesh Popatlal AAPPT1825P Thakkar Amrit Sales 27. Piyush Kumar Balar 28. AEMPB6394Q AACCA3220D Promotion Private Limited Abhishek Kumar 29. 30. Anjali Suppliers AATPB8811B Balar AAJCA1784D Private Limited 31. Afsar Zaidi 32. Blue Circle Services AADPZ8571G AAACB2131L Limited Amresh Anantrai 33. 34. Burlington Finance AACPM4024E Mody AABCB2575P Limited Hasumati Anantrai Devatma 35. 36. AJSPM7935P Mody AADCD7140G Distributors Private Limited Anil Rajat Agarwal Dhanraksha 37. 38. AAFHA0709M & Sons (HUF) AADCD6028P Vincom Private Limited Divyadrishti 39. Ashok B. Jiwrajka 40. AACPJ3610K AABCD8146J Traders Private Limited Divyadrishti 41. Babita Mittal 42. AAIPG4573G AABCD8147K Merchants Private Limited Order in the matter of Radford Global Limited

Katyani 43. Bimal J. Desasi 44. AAKPD3160A AAECK6244R Commodities Private Limited Dalsukh Ujamshi 45. 46. Ladios Trading ACDPT3428N Trevadia AACCL3868N Private Limited Limestone 47. Dilip B. Jiwrajka 48. AAGPJ8756J AACCL0133G Properties Private Limited Dilip Chotala Manimudra 49. 50. AADPM9919M lMorzaria AADCM4316K Vincom Private Limited G. M. Prasanna 51. 52. Natural Housing AHEPG0025A Kumar AADCN6251G Private Limited 53. G.S. Anith Kumar 54. Radison Properties ADPPK9874N AAFCR2818B Private Limited Harikishan Suderlal 55. 56. Rangan Vincom AAJPV4754H Vermani AAGCR1715E Private Limited Hitesh Mangilal 57. 58. Ridhi Vincom AABPJ2835R Jain AAECR9858C Private Limited Scope Vyapar Private Limited Hukamsingh B. 59. 60. (Presently known AABPR9949J Rajpurohit AAICS6023N as Class Commercial Pvt. Ltd.) Shivkhori 61. Jyoti Anil Trevadia 62. ABWPT8000C AAPCS7850L Construction Private Limited Jyotsna Jitendra 63. 64. Symphony AHPPD4223L Desai AADCS5411K Merchants Pvt Ltd Kalpita Luniya 65. 66. Topwell Properties AAAPL9611J Suresh AADCT8403C Private Limited Kamal Punwani 67. 68. Jayant Security & AFFPP5207G Indur AAACJ4848G Finance Limited 69. G. M. Lingaraju 70. Trimurthi Finvest AEYPM5850Q AAACT6383N Limited Order in the matter of Radford Global Limited

Mayuri Darshan 71. 72. Purvi Finvest AKJPB8572F Bhanushali AABCP6564C Limited 73. Mohan Mittal 74. East West Finvest APFPM0496Q AAACE6834D India Limited 75. Mohit Aggarwal 76. East West Finvest ADSPA9301K AADCE1236G India Limited 77. Mukesh Mittal 78. Taran Kumar AJGPM2125D ASVPR5947G Rungta Naresh Nemchand 79. 80. ACRPS0182J Shah AFAPN8764M Prem Lata Nahar Ujwala Namdev 81. 82. Sunil Mohanlal AAEPM5924H Mane ANFPK3652G Kansara

10. Considering the fact that there are no adverse findings against the aforementioned 82 entities with respect to their role in the manipulation of the scrip of Radford, I am of the considered view that the directions issued against them vide interim orders dated December 19, 2014 and November 9, 2015 which were confirmed vide Orders dated October 12, 2015, March 18, 2016 and August 26, 2016 are liable to be revoked.

11. In view of the foregoing, I, in exercise of the powers conferred upon me under Section 19 of the Securities and Exchange Board of India Act, 1992 read with Sections 11, 11(4) and 11B of the SEBI Act, hereby revoke the Confirmatory Orders dated October 12, 2015, March 18, 2016 and August 26, 2016 qua aforesaid 82 entities (paragraph 9 above) with immediate effect.

12. The revocation of the directions issued vide the abovementioned orders (at paragraph 11) is only in respect of the entities mentioned at paragraph 9 of this order in the matter of Radford Global Limited. As regards remaining entities in the scrip of Radford, violations under SEBI Act, SCRA, PFUTP Regulations, etc., were observed and SEBI shall continue its proceedings against them. Hence, the directions issued vide Orders dated October 12, 2015, March 18, 2016 and August 26, 2016 against the remaining 24 entities shall continue. This revocation order is without prejudice to any other action SEBI may initiate as per law Order in the matter of Radford Global Limited

13. A copy of this Order shall be served on the Stock Exchanges and Depositories, for necessary action.

-Sd-

DATE: SEPTEMBER 20, 2017 MADHABI PURI BUCH PLACE: MUMBAI WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA

Order in the matter of Radford Global Limited