Revocation Order in the matter First Financial Services Ltd and Others

WTM/SR/SEBI/EFD-DRA3/ 71/09/2017 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA, MUMBAI S.RAMAN, WHOLE TIME MEMBER ORDER DIRECTIONS UNDER SECTIONS 11, 11B AND 11(4) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH REGULATION 11(1) OF THE SEBI (PROHIBITION OF FRAUDULENT AND UNFAIR TRADE PRACTICES RELATING TO SECURITIES MARKET) REGULATIONS, 2003, IN THE MATTER OF FIRST FINANCIAL SERVICES LTD. 1. Securities and Exchange Board of India (hereinafter referred to as “SEBI”), vide ad interim ex parte orders dated December 19, 2014 and August 11, 2015 (hereinafter referred to as “interim orders”), inter alia, restrained 152 and 2 entities respectively from accessing the securities market and buying, selling or dealing in securities, either directly or indirectly, in any manner, till further directions. The said interim directions were issued, pending investigation, in the scrip of First Financial Services Ltd (hereinafter collectively referred to as the “FFSL”).

2. The name of the entities against whom the interim orders were passed are as follows: Interim Order dated December 19, 2014: S. n Name Of The Entity PAN COMPANY 1 First Financial Services Ltd AAACF1145J PROMOTERS AND DIRECTORS OF FIRST FINANCIAL 2 Ponuswammy Natarajan AAAPN9499G 3 N Nithya AKWPN5092R 4 N Jayanthi AACPJ1012F 5 S Krishna Rao AGWPR3410R 6 Stanley Gilbert Felix Melkhasingh AAMPF5456D 7 Sambasivaiyer Swaminathan AABPS1434P 8 Nirmal Singh Mertia AKHPM8437G PREFERENTIAL ALLOTTEES 9 Master Commodity Services Ltd AAACE3600M 10 Giriraj Prasad Manihar AAAHG6195E 11 Krishan Kumar Daga AAAHK5685D 12 N K Agarwal &Sons AAAHN5067J

13 Ramesh Kumar Daga AAAHR7973K 14 Naresh Garg AAAPG1524B 15 Sangeeta Garg AAAPG5628E 16 Tushar Dhirajlal Mehta AAAPM8897P 17 Master Trust Ltd. AABCM5833B 18 Hashmukhbhai B Patel Huf AABHH5224A 19 H N Parwal AABHH6685K 20 Sanjay Daga AABHS1744Q 21 Ketan Dhirajlal Kapasi AABPK6452F 22 Drake Properties Private Ltd. AACCD4639H 23 Anil Agrawal Huf AACHA9591E 24 Bitthal Das Parwal AACHB8343P 25 Navratanmal Jeetmal Ganna AACHN5142C 26 Vimal Kumar Mantri AACHV0973P 27 Dhirajlal Maganlal Mehta AACPM3147N 28 Bharat Ramjibhai Manek AACPM3397G 29 Chetan Ramjibhai Manek AACPM3398K 30 Gokul Securities Private Ltd. AADCG7372B 31 Mukesh Atal Mukesh Atal (Huf) AADHM9088H 32 Aashish V Aggarwal AADPA5357P 33 Bal Kishan & Sons Huf AAEFB0727D 34 Amit Hasmukhbhai Patel AAEHA4171N 35 Rajendrakumar Agarwal Huf AAEHR7685G 36 Rajni Atal AAEPA0263F 37 Rajesh Atal AAEPA0264C 38 Syncom Formulations (India) Ltd. AAFCS6794R 39 Jineshnavratanmalganna AAFHJ7950P 40 Vikasnavratanmalganna AAHHV1011R 41 Devshibhai Parshottambhai Dungrani AAIPD7191D 42 Amit Saraf AAJHA6325F 43 Pawan Kumar Bajaj AAKHP1145F 44 Girishbhai Patel Huf AALHP0436L 45 Ritesh Agarwal Huf AAMHR6805C 46 Harjeet Singh Arora AAMPA0474C 47 Sarla Dhirajlal Mehta AANPM7722Q 48 Samir Harshadrai Doshi AAQPD2202F 49 Kamal Khemka AAQPK0916R 50 Kulbir Singh AATPS8757M

51 Bharatbhai Nathabhai Buha AAWPB3665Q 52 Sunder Somani AAWPS1022L 53 Karuna Atal ABHPA0900D 54 Dheeraj Krishna Agarwal ABHPA9593N 55 Rajinder Kumar Singhania ABRPS7928R 56 Parveen Singhania ABRPS7929Q 57 Suresh Kumar Khandelia ABSPK3417A 58 Manju Khandelia ABSPK3421A 59 Prem Jain ABZPJ4150C 60 Harneesh Kaur Arora ACJPA6923B 61 Gaurav Jain ACKPJ4330N 62 Sunita Chaudhary ACLPC7278D 63 Sanjiv Chaudhry ACLPC7284P 64 Gopalbhai Parshotambhai Dungarani ACOPD6501F 65 Nandita Bhavesh Madiyar ACOPM4635R 66 Santosh Manihar ACSPM8149E 67 Vinal Arvind Kapasi ADQPK1014P 68 Suresh Kumar Kalani ADRPK7629M 69 Ashokbhai Nathabhai Buha AECPB5885J 70 Brij Bhushan Singal AEFPS6298M 71 Narayan Prasad Mundhra AENPM3873N 72 Shilpa Agarwal AERPJ3347N 73 Priyanka Ganna AFQPJ7537N 74 Shilpa Ganna AFRPJ6563K 75 Rupal Tushar Mehta AGWPM9589L 76 Manjudevi N Mundra Mundra AHDPM7706M 77 Champakbhai Manubhai Sopariwala AHPPS8032G 78 Bharati Bharat Manek AHTPM1266G 79 Anshul Jain ALGPJ9222L 80 Neeraj Singal ANRPS7986B 81 Uma Singal ANRPS7987A 82 Rajkumar Tejbahadur Singh ANTPS3913J 83 Puneet Singhania AROPS8175R 84 Aamir Nawab Mehjabeen Malik ATAPM4926A 85 Jashanjyot Singh AUPPS9752A 86 Himanshu C Sopariwala AVZPS5235M 87 Harshita Maheshwari AZWPM4747P 88 Anjali Daga BFRPD1515E

FIRST FINANCIAL GROUP 89 Astabhuja Construction Private Ltd. AAKCA4137B 90 Dhanlakshmi Brokers Private Ltd. AAECD4759L 91 Master Securities AAHFM8098F 92 Padma Impex Private Ltd. AAACL4269P 93 Jayine Tradecom Private Ltd. AACCJ8342D 94 Jaihanuman Multi Agencies Private Ltd. AABCJ6667L 95 Hs Tradecom Private Ltd. AACCH8988B 96 Nityadhara Plaza Private Ltd. AADCN9427C 97 Kripa Securities Pvt. Ltd AACCK2399D 98 Prefer Abasan Private Ltd. AAECP2470J 99 Stardox Vinimoy Private Ltd. AAECS0352C 100 Raina Vyapaar Private Ltd AABCR3482R 101 Kalakar Commercial Private Ltd. AADCK9346B 102 Swarna Pushpa Vanijya Private Ltd. AAJCS0597G 103 Surbhika Vyapaar Private Ltd. AAJCS0680C 104 Hari Om Suppliers Pvt. Ltd. AABCH2251E 105 Ranisati Dealer Private Ltd. AADCR7368C 106 Pine Animation Ltd. AAECM0267A 107 Goldstar Tracom Private Ltd. AADCG8045K 108 Swarnapriya Vanijya Private Ltd. AAJCS0595E 109 Bazigar Trading Private Ltd. AABCB3052B 110 Roshan Drolia AAACF4335Q 111 Global Infratech & Finance Ltd. AABCA4255H 112 Life Line Marketing Pvt Ltd. AAACL5973G 113 Shree Sudharshan Castings Pvt Ltd AADCS9429B 114 Bsr Finance & Consultants Private Ltd. AABCB0636K 115 Waltare Investment Pvt Ltd AAACW2314A 116 Bimal Kumar Drolia AABCG9640C 117 Parmanand Drolia AABCC0603M 118 Pride Distillery Private Ltd AACCM6582E 119 R C Suppliers Private Ltd. AABCR2904A 120 Ushita Trading And Agencies Ltd. AAACU3269L 121 Grd Enclave Private Ltd AABCG9641D 122 Linton Consultants Private Ltd AAACL5784F 123 Santosh Kumar Shah ALGPS0859J 124 Madsan Agencies (P) Ltd. AACCM0579K 125 Motorex Finance Pvt. Ltd. AACCM1042R 126 Midnight Agencies Pvt Ltd/Vijay Kumar Shah AABCM6864G 127 East India Securities Ltd. AABCE2412N

128 Value And Worth AAFFV5756K 129 Minimum Shares And Securities Pvt Ltd AAGCM0970Q 130 Rajani Investment Private Ltd. AABCR2457G 131 R K Investment Private Ltd. AABCR2488R 132 D y namic Portfolio Management & Services Ltd AAACD9125E 133 Ritesh Commercial Holdings Limited AABCR1974J 134 Ritesh Projects Private Ltd AADCR6224M 135 Burlington Finance Limited AABCB2575P 136 Blue Circle Services Limited AAACB2131L 137 Manimudra Vincom Private Limited AADCM4316K 138 Amrit Sales Promotion Pvt Limited AACCA3220D 139 Symphony Merchant Pvt Ltd AADCS5411K 140 Forever Flourishing Finance & Investment Pvt Ltd AAACF4311Q 141 Navdurga Investment Consultants Pvt Ltd AACCN9567A 142 Toplight Commercials /Tara Chand Agarwal AABCT1134Q 143 Nirmal Kumar Malhotra AAUPM6284E 144 Kirit Vasudeo Dave AHKPD0543J 145 Veena Mohanlal Chandiramani AAWPC3158M OTHER 146 Comfort Fincap Ltd AABCP4792J 147 Comfort Securities Ltd AABCC9625R 148 Comfort Intech Ltd AAACC5567H 149 Prem Lata Nahar AFAPN8764M 150 Shyam Kanheyalal Vyas ACTPV2787Q 151 Bharat Bagri Bagri AADHB8488A 152 Sumitra Devi Agrawal ABLPA9728M

Interim order dated August 11, 2014 Sn Name PAN 153 Mr. B. P. Jhunjhunwala ACVPJ5021H 154 Mr. B. P. Jhunjhunwala HUF AACHB0680D 3. The directions issued vide interim orders were confirmed vide four orders dated April 20, 2015, June 02, 2016, June 14, 2016 and August 25,2016 against 149 entities. Vide order dated August 25, 2016, the directions against entities mentioned at Sl. no. 3,4,18, 151 and 152 were revoked.

4. Subsequent to the interim orders, an investigation was carried out to look into the role of debarred entities in price manipulation the FFSL scrip. Upon completion of investigation, violation of provisions of SEBI Act, 1992 (SEBI Act) and SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (PFUTP Regulations) are not observed in respect of following 91 entities against whom directions were issued vide the interim orders. The details of the entities against whom the prima facie findings are not observed in the Investigation report are as under:

S Name Of The Entity PAN N 1. Stanley Gilbert Felix Melkhasingh AAMPF5456D 2. Sambasivaiyer Swaminathan AABPS1434P 3. Master Commodity Services Ltd AAACE3600M 4. Krishan Kumar Daga AAAHK5685D 5. Ramesh Kumar Daga AAAHR7973K 6. Naresh Garg AAAPG1524B 7. Sangeeta Garg AAAPG5628E 8. Tushar Dhirajlal Mehta AAAPM8897P 9. Master Trust Ltd. AABCM5833B 10. H N Parwal AABHH6685K 11. Sanjay Daga AABHS1744Q 12. Ketan Dhirajlal Kapasi AABPK6452F 13. Drake Properties Private Ltd. AACCD4639H 14. Bitthal Das Parwal AACHB8343P 15. Navratanmal Jeetmal Ganna AACHN5142C 16. Vimal Kumar Mantri AACHV0973P 17. Dhirajlal Maganlal Mehta AACPM3147N 18. Bharat Ramjibhai Manek AACPM3397G 19. Chetan Ramjibhai Manek AACPM3398K 20. Aashish V Aggarwal AADPA5357P 21. Jineshnavratanmalganna AAFHJ7950P 22. Vikasnavratanmalganna AAHHV1011R 23. Devshibhai Parshottambhai Dungrani AAIPD7191D 24. Amit Saraf AAJHA6325F 25. Pawan Kumar Bajaj AAKHP1145F 26. Girishbhai Patel Huf AALHP0436L 27. Harjeet Singh Arora AAMPA0474C 28. Sarla Dhirajlal Mehta AANPM7722Q 29. Samir Harshadrai Doshi AAQPD2202F 30. Kamal Khemka AAQPK0916R 31. Kulbir Singh AATPS8757M 32. Sunder Somani AAWPS1022L 33. Dheeraj Krishna Agarwal ABHPA9593N 34. Rajinder Kumar Singhania ABRPS7928R 35. Parveen Singhania ABRPS7929Q

36. Prem Jain ABZPJ4150C 37. Harneesh Kaur Arora ACJPA6923B 38. Gaurav Jain ACKPJ4330N 39. Sunita Chaudhary ACLPC7278D 40. Sanjiv Chaudhry ACLPC7284P 41. Gopalbhai Parshotambhai Dungarani ACOPD6501F 42. Nandita Bhavesh Madiyar ACOPM4635R 43. Vinal Arvind Kapasi ADQPK1014P 44. Narayan Prasad Mundhra AENPM3873N 45. Priyanka Ganna AFQPJ7537N 46. Shilpa Ganna AFRPJ6563K 47. Rupal Tushar Mehta AGWPM9589L 48. Manjudevi N Mundra Mundra AHDPM7706M 49. Champakbhai Manubhai Sopariwala AHPPS8032G 50. Bharati Bharat Manek AHTPM1266G 51. Rajkumar Tejbahadur Singh ANTPS3913J 52. Puneet Singhania AROPS8175R 53. Aamir Nawab Mehjabeen Malik ATAPM4926A 54. Jashanjyot Singh AUPPS9752A 55. Himanshu C Sopariwala AVZPS5235M 56. Harshita Maheshwari AZWPM4747P 57. Anjali Daga BFRPD1515E 58. R K Investment Private Limited AABCR2488R 59. Master Securities AAHFM8098F 60. Prefer Abasan Private Ltd. AAECP2470J 61. Kalakar Commercial Private Ltd. AADCK9346B 62. Swarna Pushpa Vanijya Private Ltd. AAJCS0597G 63. Hari Om Suppliers Pvt. Ltd. AABCH2251E 64. Pine Animation Ltd. AAECM0267A 65. Goldstar Tracom Private Ltd. AADCG8045K 66. Swarnapriya Vanijya Private Ltd. AAJCS0595E 67. Falcon Holdings Pvt Ltd AAACF4335Q 68. Shree Sudharshan Castings Pvt Ltd AADCS9429B 69. Waltare Investment Pvt Ltd AAACW2314A 70. Grd Capital Markets Limited AABCG9640C 71. Ushita Trading And Agencies Ltd. AAACU3269L 72. Grd Enclave Private Ltd AABCG9641D 73. Linton Consultants Private Ltd AAACL5784F 74. Santosh Kumar Shah ALGPS0859J 75. Madsan Agencies (P) Ltd. AACCM0579K 76. Motorex Finance Pvt. Ltd. AACCM1042R 77. Midnight Agencies Pvt Ltd/Vijay Kumar Shah AABCM6864G 78. East India Securities Ltd. AABCE2412N 79. Value And Worth AAFFV5756K

80. Minimum Shares And Securities Pvt Ltd AAGCM0970Q 81. Dynamic Portfolio Management & Services Ltd AAACD9125E 82. Ritesh Projects Private Ltd AADCR6224M 83. Burlington Finance Limited AABCB2575P 84. Blue Circle Services Limited AAACB2131L 85. Manimudra Vincom Private Limited AADCM4316K 86. Symphony Merchant Pvt Ltd AADCS5411K 87. Forever Flourishing Finance & Investment Pvt Ltd AAACF4311Q 88. Toplight Commercials /Tara Chand Agarwal AABCT1134Q 89. Nirmal Kumar Malhotra AAUPM6284E 90. Veena Mohanlal Chandiramani AAWPC3158M 91. Shyam Kanheyalal Vyas ACTPV2787Q

5. Since, the prima facie findings are not observed in the Investigation reports in respect to aforementioned 91 entities at paragraph 4 above, the directions issued earlier vide interim orders need not be continued and hence need to be revoked. 6. I, therefore, 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 thereof, hereby revoke the directions issued vide interim orders qua aforesaid 91 entities with immediate effect.

7. The revocation of the directions issued vide the interim orders is only in respect of the entities mentioned at paragraph 4 of this order. As regards remaining entities, violations under SEBI Act, 1992, Securities Contracts (Regulation) Act, 1956, PFUTP Regulations, SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 and Listing Agreement were observed and SEBI shall continue its proceedings against them.

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

DATE: SEPTEMBER 06, 2017 S RAMAN PLACE: MUMBAI WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA