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August 28, 2003
PR No. 207/2003
ORDERS DEBARRING HARSH PRANAV SECURITIES LTD., NEWFIN FINANCIAL SERVICES LTD., VIVENASRI FINANCIAL SERVICES LTD., HEMENDRA SHAH, CHAIRMAN OF SHALIBHADRA SECURITIES LTD., MS NIMISHA H SHAH, DIRECTOR OF SHALIBHADRA SECURITIES LTD., SHRI RAHUL H SHAH, DIRECTOR OF SHALIBHADRA SECURITIES LTD., FROM BUYING, SELLING AND DEALING IN SECURITIES IN ANY MANNER DIRECTLY OR INDIRECTLY
SEBI had ordered an investigation into the affairs relating to buying, selling and dealings in the shares of M/s. Zodiac Clothing Co. Ltd. for alleged market manipulation. During the course of investigation it was found that the above entities have created a false and misleading appearance of trading in the above scrip in violation of provisions of Sub-regulations (a), (b), (c), & (d) of Regulation 4 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices In The Securities Market) Regulations, 1995.
Chairman, SEBI vide his orders dated August 25, 2003 has debarred the following entities from buying, selling and dealing in securities in any manner directly or indirectly for the period as mentioned against them with immediate effect.
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Harsh Pranav Securities Ltd. for 5 years.
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Newfin Financial Services Ltd. for 5 years.
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Hemendra Shah, Chairman of Shalibhadra Securities Ltd. for 3 years.
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Ms Nimisha H Shah, Director of Shalibhadra Securities Ltd. for 1 year.
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Shri Rahul H Shah, Director of Shalibhadra Securities Ltd. for 1 year.
Chairman, SEBI vide his order dated August 25, 2003 also debarred M/s Vivenasri Financial Services Ltd. from buying, selling and dealing in securities in any manner directly or indirectly for the period as mentioned for 5 years. This order will come into force immediately after 3 weeks from the date of the Order.
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