September 23, 2008
PR No. 189/2008
Consent order in respect of Kishore Thakural and Jay Thakural
in the matter of Atlanta Ltd.
A Panel comprising of Dr. T. C. Nair, Whole Time Member, SEBI and Shri M. S. Sahoo, Whole Time Member, SEBI has passed consent order dated September 22, 2008 on application submitted by Shri Kishore Thakural and Shri Jay Thakural in accordance with SEBI Guidelines dated April 20, 2007 for consent orders.
SEBI had initiated proceedings under Sections 11 and 11 B of SEBI Act, 1992 vide interim Order dated February 22, 2007 against Shri Kishore Thakural and Shri Jay Thakural, among others, who were found to have fraudulently cornered the shares of Atlanta Ltd. reserved under employee quota in IPO issue of Atlanta Ltd. It was found that they had provided funds to the employees of the company specifically to apply shares on their behalf, which upon allotment were transferred by the employees to them by way of off�-market transfers at the issue price, though the market price was substantially higher. Interim Order dated February 22, 2007 had directed Shri Kishore Thakural and Shri Jay Thakural not to buy, sell or deal in securities of Atlanta Ltd., directly or indirectly, till further directions in this regard. The above applicants had applied for settlement of above proceedings through a consent order.
Shri Kishore Thakural and Shri Jay Thakural have remitted the entire profit of Rs.9,13,844.00 and Rs.4,88,156.00 respectively which was earned by cornering the shares of Atlanta Ltd. as consent terms in the case.
Mumbai
September 23, 2008
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