Shreenath Finstock P. Ltd. & Ors. vs Sebi

Date of Decision: 10.5.2023

Appeal No.433 of 2023

Shreenath Finstock P. Ltd. A/120, Gokul Arcade Sahar Road, Vile Parle (East), Mumbai - 400057. ...Appellant

Versus

Securities and Exchange Board of India SEBI Bhawan, Plot No.C-4A, G Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051. ...Respondent Mr. Tomu Francis, Advocate with Mr. Apoorva Upadhyay, Advocate i/b. Khaitan & Co for the Appellant.

With Appeal No.434 of 2023

Anchal Kishore Ostwal 501-A, Shree Krishna Sadan, Paranjpe Scheme, Vile Parle (East), Mumbai - 400057. ...Appellant

Versus

Securities and Exchange Board of India SEBI Bhawan, Plot No.C-4A, G Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051. ...Respondent 2

Mr. Tomu Francis, Advocate with Mr. Apoorva Upadhyay, Advocate i/b. Khaitan & Co for the Appellant.

With Appeal No.435 of 2023

Gedalia Multitrading P. Ltd. 2B/16, Gee Bee Apartment, Sai Baba Road, Borivali (West), Mumbai - 400059. ...Appellant

Versus

Securities and Exchange Board of India SEBI Bhawan, Plot No.C-4A, G Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051. ...Respondent Mr. Arka Saha, Advocate with Mr. Apoorva Upadhyay, Advocate i/b. Khaitan & Co. for the Appellant.

With Appeal No.436 of 2023

Bhavin Sureshbhai Thakkar ...Appellant 2B/16, Gee Bee Apartment, Sai Baba Road, Borivali (West), Mumbai - 400092.

Versus

Securities and Exchange Board of India SEBI Bhawan, Plot No.C-4A, G Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051. ...Respondent Mr. Arka Saha, Advocate with Mr. Apoorva Upadhyay, 3

Advocate i/b. Khaitan & Co. for the Appellant.

CORAM: Justice Tarun Agarwala, Presiding Officer Ms. Meera Swarup, Technical Member

Per: Justice Tarun Agarwala, Presiding Officer (Oral)

1.

Securities and Exchange Board of India (hereinafter

referred to as 'SEBI') conducted an investigation

relating to the trading in the scrip of Nutraplus India

Ltd. for the period 1st January, 2015 to 27th July, 2017

based on which a show cause notice was issued by the

Adjudicating Officer (hereinafter referred to as 'AO')

alleging that the price of the scrip of Nutraplus India

Ltd. was raised through manipulative trading and was

therefore violative of Section 12A of the Securities and

Exchange Board of India Act, 1992 and Regulations 3

and 4 of the Securities and Exchange Board of India

(Prohibition of Fraudulent and Unfair Trade Practices

relating to the Securities Market) Regulations, 2003.

The AO after considering the trades found the

transaction to be manipulative and, accordingly, 4

imposed penalties upon the noticees by an order dated

27th April, 2020.

2. Against the said order of the AO dated 27th April,

2020, Appeal No.186 of 2020 and other companion

appeals Shreenath Finstock P. Ltd. vs. SEBI & Ors.

were filed which were heard together and the same

were dismissed by the judgment dated 22nd March,

2021.

3. For the same investigation period and for the same

cause of action, the Whole Time Member (hereinafter

referred to as 'WTM') initiated proceedings which

culminated into passing of the impugned order dated

28th February, 2023.

4. Having heard the learned counsel for the parties, we

find that the controversy involved in the present

appeals is squarely covered by a decision of this

Tribunal dated 22nd March, 2021 in Appeal no.186 of

2020 and other companion appeals. 5

5. For the reasons stated therein the appeals lacks

merit and are dismissed.

6. This order will be digitally signed by the Private

Secretary on behalf of the bench and all concerned

parties are directed to act on the digitally signed copy

of this order. Certified copy of this order is also

available from the Registry on payment of usual

charges.

Justice Tarun Agarwala Presiding Officer

Ms. Meera Swarup Technical Member

RAJALAK Digitally signed by SHMI RAJALAKSHMI

10.5.2023 HARISH HARISH NAIR NAIR Date: 2023.05.17 11:45:47 +05'30'

RHN