Case: Baij Krishna and Co. represented by its proprietor Ram Krishna Dudwawala Vs Securities and Exchange Board of India. Securities and Exchange Board of India
Judges | N.K. Sodhi, J. (Presiding Officer) and Samar Ray, Member |
Issue | Company |
Judgement Date | February 08, 2010 |
Court | Securities and Exchange Board of India |
Order:
N.K. Sodhi, J. (Presiding Officer), (Mumbai)
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This order will dispose of two connected Appeals No. 180 and 181 of 2009 both of which involve common questions of law and fact. Learned Counsel for the parties are agreed that the decision in Appeal No. 180 of 2009 will govern the other appeal as well. Since we are remanding the cases back to the adjudicating officer, it is not necessary for us to notice the facts in detail. It is sufficient to note that the appellant in Appeal No. 180 is the sole proprietorship concern of Mr. Ramkrishna Dudwawala who is said to have traded in the scrip of Toplight Commercial Ltd. (for short the company) which is listed on the Calcutta Stock Exchange. He also traded on behalf of his mother Premlata Nathany. The investigation period is from January 1, 2004 to August 3, 2004 and it is not in dispute that the appellant traded in the scrip of the company from April 23, 2004 to June 4, 2004. The appellant traded through a broker by the name of S. Jhunjhunwala & Co. and they only bought the shares during the aforesaid period. It is alleged that the trades executed by the appellant through his broker were synchronized with the counter party and its broker. The charge of manipulation has been established and on that basis the adjudicating officer has imposed a monetary penalty of Rs. 1 lac on Ramkrishna Dudwawala and a sum of Rs. 50,000/- on his mother. Hence these appeals.
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At the outset, the learned Counsel for the respondent...
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