2011 (8) TMI 1289

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... cate with Mr. Anant Upadhyay, Advocate For The Respondent : Mr. Shiraz Rustomjee, Advocate with Mr. Mihir Mody, Advocate Per : Justice N.K. Sodhi, Presiding Officer (Oral) This order will dispose of a group of seven Appeals no. 113 to 119 of 2011 all of which raise common questions of law and are directed against similar but separate orders passed by the adjudicating officer imposing monetary .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... out 20 days mainly during the period from July to August 2003 and that there have not been many trades thereafter. We also find from the record that during the period when the appellants traded, they were the only ones trading in the scrip in the market and that there were no other traders. As already observed, the seven appellants had a common broker and, therefore, the trades executed by them we .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... nd a statement of its representative was recorded. He stated that the buy and sell orders had been placed on the specific instructions of the clients who were the appellants. Having regard to the trading pattern of the appellants and the manner in which the trades had been matched, we are satisfied that the trades executed by them were non genuine which were meant to create artificial volumes in t .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... cer for executing manipulative trades and thereafter, for reasons which are not very clear, he goes on to increase the penalty amount in the cases of Concrete Credit Limited, Morgan Financial Services Private Limited and Astrols Dealcom Private Limited, the appellants in Appeal no. 116, 118 and 119 of 2011. The adjudicating officer has referred to some offer made by these three appellants offering .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... enge the findings of the adjudicating officer in this regard. For the reasons recorded above, we find no merit in these appeals and dismiss the same. However, the penalty on each of the appellants shall be ₹ 3 lacs and in the case of Astrols Dealcom Private Limited it shall be ₹ 4 lacs. The impugned orders shall stand modified accordingly. No costs.
Case laws, Decisions, Judgement .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X