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January 24, 2006
PR No.
47/2006
Order in the matter of Millennium Cybertech Ltd.
Securities and Exchange Board of India (SEBI) vide order dated January 24, 2006 has issued the following directions in the matter of Millennium Cybertech Ltd.:
a)
That the
company Millennium Cybertech
Ltd. is hereby directed that it shall not issue any equity
shares or any other instrument convertible into equity
shares, in any manner, or shall not alter its capital
structure in any manner, till further directions in this
regard.
b)
That the
promoters of the company Millennium Cybertech
Ltd. viz, CornHill
Trading Company Ltd., Cute Productions Pvt. Ltd. and Stardom
Trading Company Pvt. Ltd. are hereby directed not to buy,
sell or deal in securities of Millennium Cybertech
Ltd. directly or indirectly, till further directions in this
regard.
c)
That the
Private Corporate Bodies, who are the shareholders of the
company Millennium Cybertech
Ltd. viz, Ampu
Traders Pvt. Ltd., Rajput
Textiles Ltd., Jupiter Securities & Properties Pvt. Ltd.
and Camcon Engineers Ltd. are
hereby directed not to buy, sell or deal in securities of
Millennium Cybertech Ltd.
directly or indirectly, till further directions in this
regard.
d)
The clients Amar
Adhav, Umesh
Choukekar, Deepak Todkar,
Deepak Narvekar, New Leader
Trading Co Pvt. Ltd., Fineline
Mercantile Co. Pvt. Ltd., Rightstar
Trading Co. Ltd., Santosh Pawar,
Rajkishore Singh, Sharpline
Trading co. Pvt. Ltd., Interlink Financial Services Ltd., Ritedeal
Trading Co. Pvt. Ltd., Stockholm Mercantile Co. Pvt. Ltd., Sandeep
Kadam and Jayesh
Waghela, in any securities,
directly or indirectly, till further directions in this
regard.
e)
The clients
- Shree Ambey
Textiles Pvt. Ltd. and Goldcity
Exports Pvt. Ltd. are hereby directed not to buy, sell or
deal in securities of Millennium Cybertech
Ltd. directly or indirectly, till further directions in this
regard.
f)
The clients Harish
Sujan, Ghanshyam
Sujan, Neel
Sujan, Ramsudhakaran
Menon, Shantha
Bai, Bernard D�Souza,
Rajendra Adukia
and Abhayraj Rampher
Shukla are hereby directed not
to buy sell or deal in securities of Millennium Cybertech
Ltd. directly or indirectly, till further directions in this
regard.
g)
That the
stock brokers viz. Indiabulls
Securities Ltd., Jaypee Capital
Services Ltd., Fortis Securities
Ltd., Vijay Bhagwandas and
Company, Insight Share Brokers Pvt. Ltd. and Joindre
Capital Services Ltd. are hereby directed not to buy, sell
or deal in securities of Millennium Cybertech
Ltd. directly or indirectly, for the entities mentioned
under para (b), para
(c), para (d), para
(e) and para (f) till further
directions in this regard.
h)
Further, a
separate order has been issued against the stock broker
Galaxy vide order no. WTM/GA/MIRSD/46/1/06 dated
January 24, 2006
for the alleged
involvement in penny stocks as a whole.
i)
The
Depositories, NSDL and CDSL shall not give effect to any
transfer of shares of Millennium Cybertech
Ltd. lying in the beneficial owner accounts of the entities
mentioned in para (b), para
(c), para (d), para
(e) and para (f) till further
directions in this regard.
All the above directions shall take effect immediately and shall be in force until further orders.
The above order has been passed by Shri G.Anantharaman,Whole Time Member, SEBI in the following context:
Millennium is a small cap company whose financial performance has consistently been lacklustre through five quarters ended September 30, 2005. Its share price which was ruling around Rs. 18 and Rs. 23 during the period June 2004 to March 2005 suddenly rose at the level of Rs. 66 during the end of May 2005. The share price suddenly exhibited a spurt which took the price from around Rs. 65 to Rs. 240 between June 1, 2005 and September 30, 2005. The rise in the share price was also accompanied by an increase in the trading volumes. The share prices are currently hovering around Rs. 2.49 (face value of Re 1/-). The sudden transient spurt in the share price, without a backup of commensurate financial performance and absence of any positive corporate announcements makes the rise appear artificial.�
The promoters of the company have offloaded shares during the period of the price rise both through market as well as through a web of off market transactions in a cosy arrangement between a set of interconnected clients. All these clients have also appeared in the orders passed by SEBI in the case of IFSL Ltd, Mega Corporation Ltd. and Karuna Cables Ltd. bringing out their involvement in the trading in such scrips. Clearly there appears to be an elaborate and crafty scheme designed by a set of people, collectively and carefully masterminding the manipulation of shares of low cap companies at the cost of the lay investors. The artifice employed by the promoters in the case of Millennium Cybertech Ltd. appears to have been a standard one followed in the case of several small cap companies viz IFSL Ltd, Mega Corporation Ltd. and Karuna Cables Ltd. against which SEBI has already passed orders. It has all the ingredients of a penny stock manipulation.
Mumbai
January 24, 2006
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For full copy of order against ABHAYRAJ RAMPHER SHUKLA, click here.
For full copy of order against AMAR YUVRAJ ADHAV, click here.
For full copy of order against AMPU TRADERS PVT.LTD., click here.
For full copy of order against BERNARD D’SOUZA, click here.
For full copy of order against CAMCON ENGINEERS LTD., click here.
For full copy of order against CORNHILL TRADING CO.PVT.LTD., click here.
For full copy of order against CUTE PRODUCTIONS PVT.LTD., click here.
For full copy of order against DEEPAK A.NARVEKAR, click here.
For full copy of order against DEEPAK SHANKAR TODKAR, click here.
For full copy of order against FINELINE MERCANTILE CO.PVT.LTD., click here.
For full copy of order against FORTIS SECURITIES LTD., click here.
For full copy of order against GHANSHYAM SUJAN, click here.
For full copy of order against GOLDCITY EXPORTS PVT.LTD., click here.
For full copy of order against HARISH SUJAN, click here.
For full copy of order against INDIABULLS SECURITIES LTD., click here.
For full copy of order against INSIGHT SHARE BROKERS PVT.LTD., click here.
For full copy of order against INTERLINK FINANCIAL SERVICES LTD., click here.
For full copy of order against JAYESH NARESH WAGHELA, click here.
For full copy of order against JAYPEE CAPITAL SERVICES LTD., click here.
For full copy of order against JOINDRE CAPITAL SERVICES LTD., click here.
For full copy of order against JUPITER SECURITIES & PROPERTIES PVT.LTD., click here.
For full copy of order against MILLENNIUM CYBERTECH LTD., click here.
For full copy of order against NEEL SUJAN, click here.
For full copy of order against NEWLEADER TRADING CO.PVT.LTD., click here.
For full copy of order against RAJ KISHOR SINGH, click here.
For full copy of order against RAJENDRA KUMAR ADUKIA, click here.
For full copy of order against RAJPUT TEXTILES PVT.LTD., click here.
For full copy of order against RAMASUDHAKARAN MENON, click here.
For full copy of order against RIGHTSTAR TRADING CO.PVT.LTD., click here.
For full copy of order against RITEDEAL TRADING CO.PVT.LTD., click here.
For full copy of order against SANDEEP BABAJI KADAM, click here.
For full copy of order against SANTOSH KRISHNA PAWAR, click here.
For full copy of order against SHANTHA BAI, click here.
For full copy of order against SHARPLINE TRADING CO.PVT.LTD., click here.
For full copy of order against SHREE AMBEY TEXTILES PVT.LTD., click here.
For full copy of order against STARDOM TRADING CO.PVT.LTD., click here.
For full copy of order against STOCKHOLM MERCANTILE CO.PVT.LTD., click here.
For full copy of order against UMESH B.CHOUKEKAR, click here.
For full copy of order against VIJAY BHAGWANDAS & CO., click here.
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