November 10, 2008
PR No. 251/2008

SEBI passes two Orders in the matter of IPO investigations

Ms.Himani Patel and Shri Dhaval Mehta, restrained from accessing the securities market, directed to disgorge more than Rs. One crore

Shri M.S.Sahoo, Whole Time Member, SEBI, has passed two final orders dated October 31, 2008 against Ms. Himani N.Patel, a key operator and financier and Shri Dhaval A.Mehta, a key operator, in the matter of Initial Public Offering (IPO) investigations.

1. Ms. Himani N.Patel has been directed to disgorge the unlawful gain of Rs. 33,52,636/- and interest thereon @ 10% from the date of listing (.i.e. October 19, 2005) of the Suzlon IPO till the date of actual disgorgement, within 45 days of passing of the Order. She has also been restrained from buying, selling or dealing in securities market in whatsoever manner or accessing securities market, directly or indirectly, for a further period of three years. In case the amount is not disgorged within the specified time, the Ms. Himani Patel shall be restrained from buying, selling or dealing in securities market in whatsoever manner or accessing securities market, directly or indirectly, for an additional period of four years without prejudice to SEBI�s right to enforce disgorgement. 
   

2. Shri Dhaval A.Mehta has been directed to disgorge the unlawful gain of Rs.72 lakh and interest thereon @ 10% from the date of listing (August 12, 2005) of the IDFC IPO till the date of actual disgorgement, within 45 days of passing of the Order. He has also been restrained from buying, selling or dealing in securities market in whatsoever manner or accessing securities market in any manner, directly or indirectly, for a further period of two years. In case the amount is not disgorged within the specified time, Shri Dhaval A.Mehta shall be restrained from buying, selling or dealing in securities market in whatsoever manner or accessing securities market, directly or indirectly, for an additional period of five years without prejudice to SEBI�s right to enforce disgorgement.

The above two orders shall come into force with immediate effect.

 
Mumbai

November 10, 2008

For full copy of order against Ms. HIMANI N. PATEL click here.
For full copy of order against Mr. DHAVAL A. MEHTA click here.