Upload
shyam-sunder
View
219
Download
0
Embed Size (px)
Citation preview
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
1/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 1 of 76
BEFORE THE ADJUDICATING OFFICER
SECURITIES AND EXCHANGE BOARD OF INDIA
[ADJUDICATION ORDER NO. AK/AO- 15-20 /2015]
________________________________________________________________________
UNDER SECTION 15-I OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ
WITH RUE 5 OF SEBI !"ROCEDURE FOR HODING IN#UIR$ AND I%"OSING "ENATIES
B$ ADJUDICATING OFFICER& RUES, 1995
In respect of
S'() *)+ J *( (PAN: ACOPV9937D); %. H) *)+34( *( (PAN:
AFEPV574!); S'() C'6 D7( (PAN A"NPD#79$C); %/. C'6 D7( HUF (PAN:
AAC!C5554P); %. %)6) D'8 (PAN: AD%PD#$3&E); S'() %+')
R':'( S'' (PAN: AE%P%&'97!)
In te *tter of
+,s. %- In/0str1es 211te/
________________________________________________________________________
FACTS OF THE CASE
#. %ec0r1t1es *n/ Ec*ne "o*r/ of In/1* (ere1n*fter referre/ to *s SEBI;) con/0cte/
*n 1n6est1*t1on 1t respect to tr*/1n 1n te scr1p of +,s. %- In/0str1es 211te/
(ere1n*fter referre/ to *s SI; or 6' :
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
2/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 2 of 76
?*esc*n/r* %* (%r1 +*no=
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
3/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 3 of 76
Not1cees. ConseB0ent 0pon tr*nsfer of +s. "*rn*1 +0-er=ee I *s *ppo1nte/ *s
te A/=0/1c*t1n Off1cer 61/e or/er /*te/ A00st &$ 0n/er %ect1on #5I of te
%E"I Act re*/ 1t r0e 3 of %E"I ?0es to 1nB01re 1nto *n/ */=0/e 0n/er %ect1on
#5!A of te %E"I Act for te *ee/ 61o*t1on of PF>P ?e0*t1ons
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
4/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 4 of 76
5. V1/e etter /*te/ A00st +s. +1not1 D**n rep1e/ to te %CN inter alia
s0
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
5/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page of 76
7. +s. +1not1 D**n 61/e etter /*te/ %epte
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
6/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 6 of 76
hus!and solely used to o"erate the said a&&ount+ % &o"y of the !ank &ertifi&ate
dated #e&em!er 24, 2*13 &ertifying that her late hus!and Shri Sandee" la&s
"er day ere de"osited in the said a&&ount on a regular !asis and transferred to
the &urrent a&&ount of ;-s+ #haan In'estment, here ;s+ ;inoti #haan as
a "ro"rietor
(f) % &o"y of a ;emorandum of 9nderstanding (hereinafter referred to as ‘MoU’ )
signed !eteen ;s+ ;inoti #haan herself and her late hus!and on :anuary 1*,
2**1, here!y ;s+ ;inoti #haan had "ur"ortedly authoried her hus!and to
use her name to &arry on the !usiness of transa&ting in shares, mutual funds and
other in'estments as "ro'ided+ % "erusal of the said ;o9 re'ealed that the
said ;o9 inter alia made the late hus!and of ;s+ ;inoti #haan lia!le for any
&i'il or &riminal a&tion initiated !y any "erson at any stage+
$. F0rter to0 te not1ces ere
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
7/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 7 of 76
per1o/ *s *so pro61/e/ to %r1 V1=* Vor* *n/ +s. !1n* Vor* *n/ te s*e *s
/e16ere/ to te s*1/ to not1cee@s *//ress.
9. F0rter to0 te %CNs ere /e16ere/, *ff1e/ te etters of re1n/er *n/
e*r1n Not1ces ere ret0rne/ 0n/e16ere/ fro te *//ress of %r1 Cet*n Dor*
+,s. Cet*n Dor* !>F *n/ %r1 +*no=
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
8/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page > of 76
*on 1t soft cop of te Or/er 2o r*/e 2o *n/ PV *n*s1s of te scr1p *s
sent to %r1 A.. "*ns* +,s. A.. Assoc1*tes A? of %r1 Cet*n Dor*
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
9/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page of 76
(h) That in res"e&t of 62,41 shares "ur&hased off5market from ;s+ ?ina Aora,
"ayments ere duly made in &ourse of time and there ere no syn&hronied
trades
(i) That Shri $hetan #ogra has only done normal !uying and selling as a trader and
the name of ;s+ ;inoti #haan as the other "arty is only in&idental
() That the trades of 34,34* shares and 37, shares are of small uantity and
minis&ule in nature hen &om"ared to the total traded 'olume
(k) Shri $hetan #ogra8s trades for 7,2*2 shares are small, meager, insignifi&ant
trades and ere ust normal trades of small traders- in'estors in sto&k market
and none of the trades ere syn&hronised
(l) That in res"e&t of syn&hronied trades for 3,23 shares and self trades for 1,4*
shares, it as unintentional and &ould ha'e !een done !y mistake in a hurry
(m) That as regards the shares "ur&hased off market and "ayments duly made for
them, there as no rong doing
(n) That Shri $hetan #ogra and ;-s+ $hetan #ogra ?9@ ha'e nothing to do ith
Shri ;ano!hai Shah, ho is not knon to them either !y name- fa&e or
otherise and ha'e ne'er done any trade- !usiness ith them
(o) That "er&entage to "ositi'e and negati'e LTP of Shri $hetan #ogra !eing 1+21.
and *+76. res"e&ti'ely and that of ;-s+ $hetan #ogra ?9@ !eing *+6>. and
*+. res"e&ti'ely are 'ery small, insignifi&ant and meager in uantity and any
allegation regarding a&ting in grou" is su"erfi&ial
(") That Shri $hetan #ogra and ;-s+ $hetan #ogra ?9@ are not &onne&ted ith the
&om"any in any manner and are not res"onsi!le for their fun&tioning
() That trades of Shri $hetan #ogra and ;-s+ $hetan #ogra ?9@ ere of small
uantity and &an &ertainly not !e treated as ha'ing done in a grou" ith any
fraudulent intent
(r) That Shri $hetan #ogra and ;-s+ $hetan #ogra ?9@ ne'er a&ted in &on&ert ith
any grou"+
Brought to you by http://StockViz.biz
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
10/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 1* of 76
##. F0rter 1t respect to te person* e*r1n sce/0e/ for 8*n0*r #& te A?
of %r1 Cet*n Dor* 61/e etter /*te/ 8*n0*r &$ once **1n reB0este/ for *n
*/=o0rnent *n/ te s*e *s r*nte/.
#.
No rep oe6er *s rece16e/ fro %r1 +*no=
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
11/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 11 of 76
procee/ 1n te *tter **1nst %r1 Cet*n Dor* *n/ +,s. Cet*n Dor* !>F on te
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
12/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 12 of 76
(a) That Shri ;ano!hai Shah had to re&ei'e some amount from ;r+ Shri Aiay Aora
for "ast ser'i&es rendered and as he &ould not "ay the same, Shri Aiay Aora
transferred euity shares of different uantities of a!out thirty fi'e &om"anies in
demat mode from his demat a&&ount to Shri ;ano!hai Shah8s demat a&&ount
on @e!ruary *6, 2** in off5market transa&tion+ These shares in&luded transfer
of 1,6*,3*6 shares of SIL
(!) That a"art from the a!o'e transa&tion Shri ;ano!hai Shah had no other
dealing, relationshi" or &onne&tion ith Shri Aiay Aora+ Shri Aiay Aora is not his
relati'e, nor, does he kno Shri Aiay AoraBs ife ;s+ ?ina Aora and has ne'er
met her
(&) That Shri ;ano!hai Shah is not a "romoter or dire&tor of SIL and had re&ei'ed
shares of SIL for first time in his demat a&&ount
(d) That the "ro&eedings suffer from great delay hi&h delay is not e'en e/"lained
(e) That Shri ;ano!hai Shah had not !ought a single share of SIL during
in'estigation "eriod and that his sales ere hundred "er&ent deli'ery !ased
(f) That Shri ;ano!hai Shah has !een rongly !un&hed, lum"ed, &lu!!ed, in&luded
and tied to the oti&ees as his only sales of 1,34,** SIL shares on 1> days
s"read o'er si/ months as inde"endent, se"arate, distin&t and stand alone as
"er his funds reuirement
(g) That e/&e"t one stray off5market dealing, no other material is shon to &onne&t
Shri ;ano!hai Shah ith Shri Aiay Aora+ @urther that nothing is shon to relate
Shri ;ano!hai Shah to Shri Aiay Aora8s ife ;s+ ?ina Aora, Shri $hetan #ogra
and ;s+ ;inoti #haan
(h) That Shri ;ano!hai Shah8s deli'ery !ased sales of shares on a fe days
intermittently in tran&hes &annot !e &onsidered as fraudulent
(i) That after Shri Aiay Aora transferred 1,6*,3*6 shares of SIL to the demat
a&&ount of Shri ;ano!hai Shah in off5market, he started selling shares of SIL
(and of other s&ri"s) from @e!ruary 24, 2** through his !roker on 0S, sin&e he
as in need of funds
Brought to you by http://StockViz.biz
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
13/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 13 of 76
() That Shri ;ano!hai Shah8s sales of 1,34,** shares hi&h ere !a&ked !y
deli'eries (and there as no !uying, no intra5day trading) took "la&e during the
in'estigation "eriod as follosC 27,** shares in @e!ruary 2** 3,*** shares in
;ay 2** 3,*** shares in :une 2** 6,*** shares in %ugust 2** 6,***
shares in Se"tem!er 2** and 2,*** shares in :anuary 2*1*
(k) That Shri ;ano!hai Shah had not sold SIL shares e'ery day- e'ery month and
that his sales ere deli'ery !ased and that he had tendered deli'ery from his
"re5e/isting sto&k in his demat a&&ount
(l) That Shri ;ano!hai Shah had sold other s&ri"s also during the in'estigation
"eriod hi&h ere re&ei'ed in off5market from Shri Aiay Aora
(m) %ssuming !ut ithout admitting, that Shri ;ano!hai Shah8s 'olume as
syn&hronied, e'en then Shri Aiay AoraBs "ur&hases of shares from Shri
;ano!hai Shah amounted to a meagre 2+71. of his gross 'olume and that of
;s+ ?ina Aora amounted to +61. of her gross 'olume+ o one &an &on&lude,
&onni'e and &ons"ire of su&h a minis&ule uantity of shares s"read o'er a!out 12
months - 17 months
(n)
That su&h syn&hronised orders in the nature of negotiated deals at ruling market
"ri&es for deli'ery !a&ked sales is "ermissi!le in terms of S0I8s &ir&ular dated
Se"tem!er 14, 1+ In the &onte/t ?onB!le S%TBs Drder dated %ugust *, 2*1*
in %""eal no+164-2** 5 Pore&ha Elo!al Se&urities P't+ Ltd+ '-s S0I has !een
&ited
(o) That Shri Aiay Aora- ;s+ ?ina Aora ha'e traded on days- months on hi&h Shri
;ano!hai Shah did not do any trading, hereas Shri ;ano!hai Shah8s only
sales of shares as on 1> days s"read o'er 6 months and out of 17 months of
in'estigation "eriod
(") That deli'ery !ased 'olume &an !y no stret&h of imagination !e treated as
artifi&ial+ Dther 'olume in the market F "re and "ost Shri ;ano!hai Shah8s
'olume on @e!ruary 24, 2** F too as deli'ery !ased+ 0alan&e 'olume (market
'olume less Shri ;ano!hai Shah8s 'olume) of trading if it got attra&ted on
a&&ount of his 'olume if at all, resulted into deli'eries only F &onseuently
Brought to you by http://StockViz.biz
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
14/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 14 of 76
market 'olume as 1**. deli'ery !ased+ That in the s&enario, there is no
uestion of Shri ;ano!hai Shah8s 'olume- market 'olume !eing treated as
artifi&ial and &onseuently fraudulent attra&ting @9TP =egulations
() That no role, in'ol'ement or "arti&i"ation is shon in huge 'olume of Shri Aiay
Aora and ;s+ ?ina Aora+ @urther no role of Shri ;ano!hai Shah in trading
'olume of alleged grou" entities F Shri $hetan #ogra and ;s+ ;inoti #haan
has !een shon
(r) That &onne&ting Shri ;ano!hai Shah ith Shri Aiay Aora - ;s+ ?ina Aora on the
!asis of some trade data is not &orre&t, sin&e in the s&reen !ased trading
&ounter"arty is not re'ealed, as order get mat&hed on "ri&e and time "riority
&riterion+ If in the market "la&e, there ere fe interested !uyers and fe sellers
in the s&ri", the orders ere !ound to get mat&hed amongst these entities only+
Su&h mat&hing "er se did not amount to any fraudulent trading
(s) That ith regard to "ri&e on @e!ruary 24, 2**, it is o!ser'ed that the same as
in line ith the "re'ailing "attern of "ri&es of "re'ious days and "ri&es of
su!seuent days
(t)
That in hindsight, it a""ears that the SIL s&ri" as thinly traded and Shri Aiay
Aora- ;s+ ?ina Aora had interest in the said s&ri"
(u) That off market trades do not "ass through &learing and settlement me&hanism
of 0S and hen&e do not &ome ithin the am!it, "ur'ie, &om"ass and
regulatory urisdi&tion of 0S- S0I
(') That not a single trade of Shri ;ano!hai Shah has !een &onsidered as
syn&hronied one+ ot a single trade of Shri ;ano!hai Shah has resulted in self
trade or re'ersal trade and not a single trade of Shri ;ano!hai Shah on market
is mani"ulati'e- o!e&tiona!le and did not affe&t or &ontri!ute to any "ri&e rise
in SIL s&ri"
() That details and data gathered- &a"tured of e'ery order- trade are under 1
heads- &olumns, hereas in the anne/ure of su""lementary S$ only fe details
on G"i&k and &hoose8 !asis of o!e&tiona!le alleged order- trade has !een
furnished+ % statement of heads of trade - order logs under hi&h details are
Brought to you by http://StockViz.biz
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
15/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 1 of 76
gathered - a'aila!le ith S0I has not !een furnished in res"e&t of the alleged
syn&hronied trades+
#7. e A?s on >2 at 13C44C1* for 1*,** shares ith re'ealed uantity of
1,** shares on the trading s&reen+ @urther, ;s+ ?ina AoraBs !roker had in"ut
the !uy orders as underC
Brought to you by http://StockViz.biz
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
16/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 16 of 76
1e Or/er No Jt ?e6e*e/ Jt ?*te ?s.
#3:44:3& &544 #&&& 9&.9&
#3:44:5 &545 #&&& 9&.9&
#3:47:44 &55 5&&& 9&.9&
#3:47:5' &553 #&& 9&.9&
T6@ 100
Trades "arti&ulars of the a!o'e to
1e Jt ?*te ?s.
#3:44:3# #&&& 9&.9&
#3:44:53 #&&& 9&.9&
#3:47:45 5&&& 9&.9&
#3:47:5' #&& 9&.9&
T6@ 100
?en&e, against one sale order of 1*,** shares of Shri ;ano!hai Shah, ;s+ ?ina
AoraBs !rokerBs four !uy orders totalling to 7,1** shares got e/e&uted in the
&ourse of ne/t 46 se&onds+ @rom the order in"ut "attern, different uantities of
!uy-sell orders, sell orderBs uantity not mat&hing ith total !uy uantity (of 4
!uy orders - trades) sho there as no "rior meeting of minds+ ?ad there !een
"rior meeting of minds, there ould ha'e !een one trade only ith all
&om"onents 5 time, uantity, "ri&e, re'ealed uantity, order ty"e et&+ 5 !eing
same of !uy order as ell as sell order+ @urther against the sale order of Shri
;ano!hai Shah, !uy orders of the inter'ening "arties too got e/e&uted at the
same rate i+e+ =s+*+*+ Thus the seuen&e of mat&hing ith different !uy orders
of different "arties, different uantities rule out of any meeting of minds
() That against sell orders of a larger uantity of Shri ;ano!hai Shah, many !uy
orders of small uantities got mat&hed and resulted into trades of su&h small
uantities also, thus, there as no "rior meeting of minds and syn&hronisation of
orders
(k)
That if one ants a definite e/it, then a seller ith a larger uantity to sell ould
"ut slightly loer rate than the ruling market "ri&e so as to ensure that his sale
order results into sale trade
(l) That Shri ;ano!hai Shah8s one sale order no+ 363>>4 for 1*,*** shares at
=s+*+* at 13CC44 got e/e&uted !eteen 13CC*> to 14C12C27 in a!out 3*
trades against 4 &ounter !rokers for ;s+ ?ina Aora (7,3* shares) and Shri Aiay
Brought to you by http://StockViz.biz
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
17/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 17 of 76
Aora (2,6* shares), hi&h all !uy orders ere su!seuent to sale order+ ?ad
there !een a "rior meeting of minds, the sale order ould not ha'e remained
dis"layed for su&h a long time of 16 minutes and there ould ha'e !een no need
for 3* !uy trades to ha""en against one sale order of the oti&ee
(m)
That Shri ;ano!hai ShahBs one sale order of ,** shares at 14C1C*6 at
=s+1+>* got mat&hed against > !uy orders of &ounter "arties from 14C16C4> to
14C3C*2 hi&h shos that !uyers ere la&king in the said SIL s&ri", e'en after
redu&tion of 1* "aise in the rate !y the oti&ee (seller)+ Shri Aiay Aora !ought
3,1** shares hile ;s+ ?ina Aora !ought 2,2** shares, 2** shares !eing !ought
!y inter'ening third "arty+ 0uy orders uantity of shares of &ounter "arties ere
different and !uyers !ought after seeing sale order on the s&reen
(n)
Hith regard to Shri ;ano!hai ShahBs sale trade at 14C34C*4 for 1,** shares at
=s+1+>*, it a""ears that this order got mat&hed at 14C3C*2 against ;s ?ina
AoraBs !uy order of 2,*** shares at =s+2+ Trade took "la&e for 1,** shares at
=s+1+>* (and not at =s+2 as rongly stated) as the sellerBs order hi&h as first
in "oint of time got "riority for mat&hing against !uy order hi&h as later in
"oint of time
(o) @urther ;s+ ?ina AoraBs 3 different orders at different times totalling to 4,***
shares and Shri Aiay AoraBs 4 different orders at different times totalling to
31,*** shares and all 7 !uy orders resulting into 7 trades of ,3** shares (2**
shares mat&hing ith another &ounter "arty) against Shri ;ano!hai ShahBs one
sale order of ,** shares at 14C1C*6 sho that the minds of Shri ;ano!hai
Shah - Shri ;ano!hai ShahBs !roker on the one hand and the minds of &ounter
!rokers - end !uyers on the other did not meet and ere not on the same a'e
length and there as, thus, no "rior meeting of minds to syn&hronie orders
(") That it is denied that Shri ;ano!hai Shah "la&ed sell orders at loer "ri&es as
alleged or otherise+ %ssuming, !ut, ithout admitting the alleged sale "ri&e
ere loer, they ere hoe'er in syn& ith the ruling market "ri&e, ithin
"ermissi!le range and then the differen&e as insignifi&ant+ Looking to the
s&ri"Bs mo'ement 5 'olume, "ri&e, "u!li& interest et&+ the seller had to take a &all
Brought to you by http://StockViz.biz
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
18/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 1> of 76
of a fe "aise differen&e if he really anted to e/it the s&ri"+ There as
therefore nothing "er se illegal in the trading "attern of Shri ;ano!hai Shah
hi&h as 1**. deli'ery !ased and real+ Shri ;ano!hai Shah sold shares for
&onsideration through market me&hanism and deli'ered sold shares toards his
settlement o!ligation to 0S and has not Btransferred !a&k to Shri Aiay Aora-
(?ina Aora)8 as rongly inferred - &on&luded - alleged
() That Shri ;ano!hai ShahBs 'olume &ould not - did not result into artifi&ial
'olume in the s&ri" as it as 1**. deli'ery !ased on all days he traded in the
market
(r) %=s ha'e further referred to the folloing ordersC
2**> 11 S$$ 617 0haratiya Steel Industries A-s+ $ommissioner, Sales Ta/,
9ttar Pradesh to state that Para 21 and 22 of the udgement &larifies S0I
A-s+ Shriram ;utual @und, the earlier order of the ?on8!le Su"reme $ourt
?on8!le Se&urities %""ellate Tri!unal (S%T) Drder in %""eal o+ of 2*13
herein it as held that ++++e reiterate on&e again that hen it &omes to
syn&hronised trading, it is an a&&e"ted and !y no ell settled "osition that
su&h trading in itself ould not tantamount to any rongdoing+ It is
o!e&tiona!le only if it is illegitimate and is the out&ome of a mis&hie'ous
meeting of minds among &ertain "arties hi&h may ith or ithout an
element of mens rea as su&hJ
#$. F0rter once **1n to0 te %0ppeent*r %CN *s /e16ere/ to %r1 V1=* Vor*
*n/ +s. !1n* Vor* no rep *s rece16e/ fro te. o0 te %CN
%0ppeent*r %CN etter of re1n/er not1ces of e*r1n */
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
19/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 1 of 76
A00st ## *s /e16ere/ to %r1 V1=* Vor* *n/ +s. !1n* Vor* *n/ te
re1stere/ post Ac-noe/eent c*r/ 1s *6*1*
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
20/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 2* of 76
c) Keter %r1 V1=* Vor* *n/ +s. !1n* Vor*
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
21/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 21 of 76
(d) engage in any a&t, "ra&ti&e, &ourse of !usiness hi&h o"erates or ould
o"erate as fraud or de&eit u"on any "erson in &onne&tion ith any dealing in or
issue of se&urities hi&h are listed or "ro"osed to !e listed on a re&ognied sto&k
e/&hange in &ontra'ention of the "ro'isions of the %&t or the rules and the
regulations made thereunder+
4+ Prohi!ition of mani"ulati'e, fraudulent and unfair trade "ra&ti&es
(1) Hithout "reudi&e to the "ro'isions of regulation 3, no "erson shall indulge in
a fraudulent or an unfair trade "ra&ti&e in se&urities+
(2) #ealing in se&urities shall !e deemed to !e a fraudulent or an unfair trade
"ra&ti&e if it in'ol'es fraud and may in&lude all or any of the folloing,
namelyCK
(a) indulging in an a&t hi&h &reates false or misleading a""earan&e of trading in
the se&urities market
(!) dealing in a se&urity not intended to effe&t transfer of !enefi&ial onershi"
!ut intended to o"erate only as a de'i&e to inflate, de"ress or &ause
flu&tuations in the "ri&e of su&h se&urity for rongful gain or a'oidan&e ofloss
(d) "aying, offering or agreeing to "ay or offer, dire&tly or indire&tly, to any
"erson any money or money8s orth for indu&ing su&h "erson for dealing in
any se&urity ith the o!e&t of inflating, de"ressing, maintaining or &ausing
flu&tuation in the "ri&e of su&h se&urity
(e) any a&t or omission amounting to mani"ulation of the "ri&e of a se&urity
(g) entering into a transa&tion in se&urities ithout intention of "erforming it or
ithout intention of &hange of onershi" of su&h se&urity
T3=( R74@6), 199 Acquisition of 5 per cent and more shares or voting rights of a company.
7 (1) %ny a&uirer, ho a&uires shares or 'oting rights hi&h (taken together ith
shares or 'oting rights, if any, held !y him) ould entitle him to more than fi'e
"er &ent or ten "er &ent or fourteen "er &ent or fifty four "er &ent or se'enty four
"er &ent shares or 'oting rights in a &om"any, in any manner hatsoe'er, shall
dis&lose at e'ery stage the aggregate of his shareholding or 'oting rights in that
&om"any to the &om"any and to the sto&k e/&hanges here shares of the target
&om"any are listed+
T3=( R74@6), 2011
epeal and !avings.
3+(1)M
(2) otithstanding su&h re"eal,K
(a) anything done or any a&tion taken or "ur"orted to ha'e !een done or taken
in&luding &omments on any letter of offer, e/em"tion granted !y the 0oard, fees
&olle&ted, any adudi&ation, enuiry or in'estigation &ommen&ed or sho5&ause
noti&e issued under the re"ealed regulations, "rior to su&h re"eal, shall !e
Brought to you by http://StockViz.biz
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
22/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 22 of 76
deemed to ha'e !een done or taken under the &orres"onding "ro'isions of these
regulations
(!) the "re'ious o"eration of the re"ealed regulations or anything duly done or
suffered thereunder, any right, "ri'ilege, o!ligation or lia!ility a&uired, a&&rued
or in&urred under the re"ealed regulations, any "enalty, forfeiture or
"unishment in&urred in res"e&t of any offen&e &ommitted against the re"ealed
regulations, or any in'estigation, legal "ro&eeding or remedy in res"e&t of anysu&h right, "ri'ilege, o!ligation, lia!ility, "enalty, forfeiture or "unishment as
aforesaid, shall remain unaffe&ted as if the re"ealed regulations has ne'er !een
re"ealed
(&) any o"en offer for hi&h a "u!li& announ&ement has !een made under the
re"ealed regulations shall !e reuired to !e &ontinued and &om"leted under the
re"ealed regulations+
"IT R74@6)
"3
#ontinual disclosure(3) %ny "erson ho holds more than . shares for 'oting rights in any listed
&om"any shall dis&lose to the &om"any 1Nin @orm $ the num!er of shares or
'oting rights held and &hange in shareholding or 'oting rights, e'en if su&h
&hange results in shareholding falling !elo ., if there has !een &hange in su&h
holdings from the last dis&losure made under su!5regulation (1) or under this
su!5regulation and su&h &hange e/&eeds 2. of total shareholding or 'oting
rights in the &om"any+
FINDINGS
*)@6) "FUT" R74@6)
. >pon c*ref0 per0s* of te *ter1* *6*1*
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
23/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 23 of 76
PF>P ?e0*t1ons. >pon c*ref0 per0s* of te *ter1* *6*1*
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
24/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 24 of 76
In6est1*t1on Per1o/ r*/1n 1n %I2 %cr1p On+*r-et
Ent1t "0 . of
total
mkt+ 'ol+
%e . of
total
mkt+ 'ol+
?e*t1ons1p
%r1 V1=*
Vor*
##5&3$3 2+76. 97&#$4 21+73.
Coon A//ress: 2*, Aatsalya
0ldg+, >-1*, T+E+ =oad, D""+ Pai
?os"ital, ;um!ai F 4** **4; +s. !1n* Vor* 1s te 1fe of %r1
V1=* Vor*
+s. !1n*
Vor* 4#4&43 +27. 3$5 >+62.
%r1 Cet*n
Dor* 7&$ 1+7. #&77#9 2+41.
Off +*r-et r*nsfers *re o
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
25/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 2 of 76
D. R=(@ 6(/ S:'() T(/ S@ T( Fro te tr*/1n /et*1s 1t
*s o
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
26/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 26 of 76
S'() *)+ *(
r*/e D*te
ot*
%cr1p
Vo0e
for te
/*
ot*
"0
Vo0e
of %r1
V1=*
Vor*
O0t of "
"0
fro +s.
!1n*
Vor*
C
6
B
C
6
A
ot*
%e
Vo0e
of %r1
V1=*
Vor*
O0t of
D %e
to +s.
!1n*
Vor*
E
6
D
E
6
A
%r1
V1=*
Vor*Hs
%ef
r*/es
%r1
V1=*
Vor*
*n/
+s.
!1n*
Vor*
?e6ers
* of
r*/es
%r1
V1=*
Vor*
*n/
+s.
!1n*
Vor*
?e6ers
* *n/
%ef
r*/es
% of
, to -
% of
, to
% of
, to A
A " C D E F !F
3&80&9 ##4#' 4& 4#&& 9 '&94 '&&& 9 5 4#&& 4#&& /& '& 3'
7A0&9 373 #4'& #&&& 2 #9 #4# #&&& #&&& '$ 50 0&
#4%ep&9 &43' 4#9# 4 5 1 5'' #&&& 1 5 4 4 5 1 "
4%ep&9 $9' 4&&4 449 11 5 #5&7 345 2 345 345 / 03 1
3&Dec&9 #$'7 #&$ ###& 92 4' #&4& 2 #&4& #&4& $' 03 '
#Apr#& 4577$ 3# &&&& &&5# #&&&& 50 22 5375 #&&&& #5375 5" && 31
#Apr#& 3#5'5 #&##& 49$ 9 1 57#5 ##&&& 5 49#& 49$ 9$9 /$ 3$ 3"
'Apr#& 3'3' 75# 4'5 11 ##&3# '&&& 5 1 9 4'5 53'' 01 1/ "5
7Apr#& #7$75 4'&5 #&3& 22 575& 97& 1 5 97& 97& 0" "& 5
$Apr#& #&&5 $7'& 4&&& 19 ##'5& #&&& 9 5 #&&& #&&& "" / 5
4+*#& 44& 3#55 #&&& 2 2 #&5 95 90 2 5 95 #&& 3 /5 0
7+*#& 39& 39& #& 0 &&& &&& 100 51 #& #& 3 " 2
A cop*r1son of s*e /* re6ers* of tr*/es
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
27/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 27 of 76
%. H) *(
r*/e D*te
ot*
%cr1pVo0e
for te
/*
ot*
"0Vo0e
of !1n*
Vor*
O0t of
" "0fro
V1=*
Vor*
M of
C to "
M of
C to
A
ot %eVo0e
of !1n*
Vor*
O0t ofD %e
to V1=*
Vor*
M of
E to
D
M of
E to A
V1=*
Vor*
*n/
!1n*
Vor*?e6ers*
of
r*/es
M
?e6ers*
to !1n*Vor*@s
"0
Vo0e
M
?e6ers*
to !1n*Vor*@s
%e
Vo0e
M?e6ers*
to tot*
6o0e
A B C D E F % to - % to % to A
3&80&9 ##4#' '&&& '&&& 100 5 5&&& 4#&& 2 4#&& '$ $0 3'
7A0&9 373 #5&& #4# 9 #&&& #&&& 100 2 #&&& '& "22 0&
#4%ep&9 &43' 39 #&&& 5 5 5# 4 9 1 4 "2 $/ "
4%ep&9 $9' #93' 345 1 '9& 449 5 5 345 "$ 52 1
3&Dec&9 #$'7 ##& #&4& 4$$3 ###& 2 #&4& $' 0" '
#Apr#& 4577$ #&& #&&&& 100 22 &&&& &&&& 100 #&&&& "22 52 00
#Apr#& 3#5'5 ##&&5 ##&&& 100 5 49$ 49$ 100 1 49$ 15 "22 "'
'Apr#& 3'3' '55& '&&& 92 1 33&9 4'5 4'5 3$ &1 &
7Apr#& #7$75 #&&& 97& 9 5 45& #&3& 2 97& /& 03 5
$Apr#& #&&5 #&&& #&&& 100 5 455& 4&&& 19 #&&& "22 00 5
4+*#& 44& 5&& 95 19 2 #&&& #&&& 100 2 95 "/ "2 0
7+*#& 39& &&& &&& 100 51 '5 #& 2 0 #& " 0 2
A cop*r1son of s*e /* re6ers* of tr*/es
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
28/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 2> of 76
#. etailed Analysis of eversal of (rades on one of the aforesaid dates4 e
re6ers* of tr*/es
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
29/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 2 of 76
eec0te/ *t ?s. 74.&5 *t #4.5.4.&&&&&&. Desp1te te s*e 1t 1s o
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
30/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 3* of 76
t*t %r1 V1=* Vor* *n/ +s. !1n* Vor* ere p*c1n
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
31/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 31 of 76
TRADE
DATE
?ADE
?AE
TRA
DE
QTY
BUY CLIENT
NAME
BUY ORDER
TIME
BUY
ORDE
R
RATE
BUY
ORDER
QTY
SELL
CLIENT
NAME
SELL ORDER
TIME
SELL
ORDER
RATE
SELL
ORDE
R QTY
16-02-2010 122.9 35 VIJAY VORA 11:16:8.0720 125 500 VIJAY VORA 11:0:35.995771 122.9 355
16-02-2010 122.8 100 VIJAY VORA 11:16:8.0720 125 500 VIJAY VORA 11:05:30.769885 122.8 100
18-02-2010 91 609 VIJAY VORA 10:55:07.559213 91.2 1228 VIJAY VORA 13:0:38.609997 91 5000
18-02-2010 91.15 50 VIJAY VORA 11:31:9.150096 91.2 50 VIJAY VORA 13:0:38.609997 91 5000
18-02-2010 91.2 100 VIJAY VORA 11:32:03.351553 91.2 100 VIJAY VORA 13:0:38.609997 91 5000
18-02-2010 91.25 79 VIJAY VORA 11:32:21.99828 91.3 100 VIJAY VORA 13:0:38.609997 91 5000
18-02-2010 9 1 VIJAY VORA 09:05:3.572995 9 100 VIJAY VORA 09:16:26.616873 9 1
18-03-2010 95 10 VIJAY VORA 11:55:06.553303 95 10 VIJAY VORA 11:36:35.87352 95 10
25-03-2010 97 25 VIJAY VORA 12:50:53.990937 97 25 VIJAY VORA 10:51:52.878826 10.75 38000
26-03-2010 91.65 25 VIJAY VORA 15:11:15.90336 91.7 25 VIJAY VORA 15:10:28.720751 91.65 100
26-03-2010 91.65 25 VIJAY VORA 15:11:0.3675 91.7 25 VIJAY VORA 15:10:28.720751 91.65 100
12-0-2010 100 532 VIJAY VORA 12:58:25.898538 101 6000 VIJAY VORA 12:31:28.900 100 10000
12-0-2010 99.9 51 VIJAY VORA 12:30:25.356679 99.9 100 VIJAY VORA 12:31:11.6983 99.9 51
21-0-2010 96.9 10 VIJAY VORA 13:51:07.53392 96.9 10 VIJAY VORA 13:1:16.995595 96.9 5000
21-0-2010 96.9 900 VIJAY VORA 13:50:8.188502 97 5000 VIJAY VORA 13:1:16.995595 96.9 5000
26-0-2010 105.1 2900 VIJAY VORA 15:18:57.58633 105 3000 VIJAY VORA 1:38:35.618327 105.3 10000
26-0-2010 101.3 1 VIJAY VORA 10:19:52.09377 101 1 VIJAY VORA 09:07:0.82392 101.3 1000
0-05-2010 113 5 VIJAY VORA 10:5:23.70557 113 210 VIJAY VORA 09:13:52.300256 113 1000
10-05-2010 110.75 12 VIJAY VORA 11:16:18.70695 111 50 VIJAY VORA 10:26:01.217691 110.75 2000
. F0rter 1n or/er to /eonstr*te t*t te sef tr*/es eec0te/
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
32/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 32 of 76
..#. In
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
33/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 33 of 76
##5&4 s*res */ ot eec0te/ 1n te pr1ce r*ne
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
34/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 34 of 76
one &annot !uy and sell shares from himself+ Su&h transa&tions are o!'iously
fi&titious and meant only to &reate false 'olumes on the trading s&reen of the
e/&hangeJ+
...'
In 61e of te * O?DE?
I+E
">
O?DE?
?AE
">
O?DE?
J %E22 C2IEN NA+E
%E22 O?DE?
I+E
%E22
O?DE?
?AE
%E22
O?DE?
J
4&&&9 55& 9#.$ VI8A VO?A #4:#$:3$.9'93'4 9#.$ 55& +ANO8"!AI %!A! #4:#5:&'.#&7957 9#.$ 55&&
4&&&9 55& 9#.$ VI8A VO?A #4:#$:&.753#7 9#.$ 55& +ANO8"!AI %!A! #4:#5:&'.#&7957 9#.$ 55&&
4&&&9 #&&& 9#.$ VI8A VO?A #4:#7:55.5'#44$ 9#.$ #&&& +ANO8"!AI %!A! #4:#5:&'.#&7957 9#.$ 55&&
4&&&9 #&&& 9#.$ VI8A VO?A #4:#':4$.37$7&' 9#.$ #&&& +ANO8"!AI %!A! #4:#5:&'.#&7957 9#.$ 55&&
4&&&9 #&& 9&.9 VI8A VO?A #4:&5:5#.4&5773 9&.9 #&& +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 5& 9&.9 VI8A VO?A #4:&4:55.447$#$ 9&.9 5& +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 #5&& 9&.9 VI8A VO?A #4:&&:5'.94''# 9# #5&& +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 #&&& 9&.9 VI8A VO?A #3:59:&$.9&49' 9&.9 #&&& +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 #45& 9&.9 VI8A VO?A #3:53:35.47&5#5 9# #5&& +ANO8"!AI %!A! #3:44:#&.5543& 9&.9 #&&5&
4&&&9 #5&& 9#.$ !INA VO?A #4:35:&.75743$ 9 &&& +ANO8"!AI %!A! #4:34:&4.$7&5 9#.$ #5&&
4&&&9 && 9#.$ !INA VO?A #4:35:&.75743$ 9 &&& +ANO8"!AI %!A! #4:#5:&'.#&7957 9#.$ 55&&
4&&&9 #5&& 9#.$ !INA VO?A #4:#7:$.$394' 9#.$ #5&& +ANO8"!AI %!A! #4:#5:&'.#&7957 9#.$ 55&&
4&&&9 5&& 9#.$ !INA VO?A #4:#7:&7.'4979 9#.$ 5&& +ANO8"!AI %!A! #4:#5:&'.#&7957 9#.$ 55&&
4&&&9 '&& 9&.9 !INA VO?A #4:#:7.4'54 9&.9 '&& +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 '5 9&.9 !INA VO?A #4:#:#'.''#$ 9&.9 '5 +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 35 9&.9 !INA VO?A #4:#:##.'&3 9&.9 35 +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 4& 9&.9 !INA VO?A #4:##:47.599& 9&.9 4& +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
Brought to you by http://StockViz.biz
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
35/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 3 of 76
?ADE
DAE
?ADE
J
?ADE
?AE
"> C2IEN
NA+E
"> O?DE?
I+E
">
O?DE?
?AE
">
O?DE?
J %E22 C2IEN NA+E
%E22 O?DE?
I+E
%E22
O?DE?
?AE
%E22
O?DE?
J
4&&&9 3& 9&.9 !INA VO?A #4:##:37.#5#3'5 9&.9 3& +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 & 9&.9 !INA VO?A #4:##:$.99&34 9&.9 & +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 #& 9&.9 !INA VO?A #4:##:#3.5##'$ 9&.9 #& +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 #5 9&.9 !INA VO?A #4:##:&3.9'$53& 9&.9 #5 +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 35 9&.9 !INA VO?A #4:#&:59.&&34&' 9&.9 35 +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 5& 9&.9 !INA VO?A #4:#&:45.'&74 9&.9 5& +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 #& 9&.9 !INA VO?A #4:#&:#5.44'#4 9&.9 #& +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 35 9&.9 !INA VO?A #4:#&:#&.$$'$ 9&.9 35 +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 45 9&.9 !INA VO?A #4:&9:5$.$37#7 9&.9 45 +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 35 9&.9 !INA VO?A #4:&9:49.74944 9&.9 35 +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 5 9&.9 !INA VO?A #4:&9:4.#7$'5# 9&.9 5 +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 & 9&.9 !INA VO?A #4:&9:#'.$'#' 9&.9 & +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 45 9&.9 !INA VO?A #4:&9:&9.$5 9&.9 45 +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 35 9&.9 !INA VO?A #4:&9:&3.4$34 9&.9 35 +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 5 9&.9 !INA VO?A #4:&$:&9.3&5$53 9&.9 5 +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 5& 9&.9 !INA VO?A #4:&7:57.3$557' 9&.9 5& +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 75 9&.9 !INA VO?A #4:&7:49.9#45 9&.9 75 +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 #5& 9&.9 !INA VO?A #4:&7:3.4&33# 9&.9 #5& +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 #&& 9&.9 !INA VO?A #4:&':47.4 9&.9 #&& +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 5&& 9&.9 !INA VO?A #4:&':4&.3#779& 9&.9 5&& +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 #&& 9&.9 !INA VO?A #3:59:3#.5$4$34 9&.9 #&& +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 5&&& 9&.9 !INA VO?A #3:59:3.77933 9&.9 5&&& +ANO8"!AI %!A! #3:55:44.53&4'& 9&.9 #&&&&
4&&&9 #&& 9&.9 !INA VO?A #3:47:5'.&9$#4 9&.9 #&& +ANO8"!AI %!A! #3:44:#&.5543& 9&.9 #&&5&
4&&&9 5&&& 9&.9 !INA VO?A #3:47:44.'&$349 9&.9 5&&& +ANO8"!AI %!A! #3:44:#&.5543& 9&.9 #&&5&
4&&&9 #&&& 9&.9 !INA VO?A #3:44:5.494#5& 9&.9 #&&& +ANO8"!AI %!A! #3:44:#&.5543& 9&.9 #&&5&
4&&&9 #&&& 9&.9 !INA VO?A #3:44:3&.39#474 9&.9 #&&& +ANO8"!AI %!A! #3:44:#&.5543& 9&.9 #&&5&
#&5&&9 3 59 VI8A VO?A #5:#3:.4$#7&9 59 3 +ANO8"!AI %!A! #&:9:59.7'$$ 59 #&&&&
#&5&&9 5&& 59 VI8A VO?A #5:#:4'.494$3 59 5&& +ANO8"!AI %!A! #&:9:59.7'$$ 59 #&&&&
#&5&&9 45&& 59 VI8A VO?A #&:4&:&3.#9&&43 59 45&& +ANO8"!AI %!A! #&:9:59.7'$$ 59 #&&&&
#&5&&9 #&&& 59 VI8A VO?A #&:3':9.747574 59 #&&& +ANO8"!AI %!A! #&:9:59.7'$$ 59 #&&&&
#&5&&9 5&& 59 !INA VO?A #&:5:#5.'435' 59 5&& +ANO8"!AI %!A! #&:9:59.7'$$ 59 #&&&&
&5&&9 #&& '# VI8A VO?A #4:5#:#.$5#3&' '# #&& +ANO8"!AI %!A! #&:4#:#7.#'&7$4 '# #&&&&
&5&&9 &&& '# VI8A VO?A #4:5#:&.$5574 '#.95 &&& +ANO8"!AI %!A! #&:4#:#7.#'&7$4 '# #&&&&
&5&&9 9# '# VI8A VO?A ##:3#:$.3349'9 '# 9# +ANO8"!AI %!A! #&:4#:#7.#'&7$4 '# #&&&&
&5&&9 '# '# VI8A VO?A ##:3#:&'.#3 '# 7&&& +ANO8"!AI %!A! #&:4#:#7.#'&7$4 '# #&&&&
5&5&&9 5&& '4 VI8A VO?A #4:55:5&.394#43 '4 5&& +ANO8"!AI %!A! #&:34:&$.$&55&' '4 #&&&&
5&5&&9 5&&& '4 VI8A VO?A #4:55:3$.&$9&5 '4 5&&& +ANO8"!AI %!A! #&:34:&$.$&55&' '4 #&&&&
5&5&&9 #47 '4 !INA VO?A #5:&9:54.477''# '4 && +ANO8"!AI %!A! #&:34:&$.$&55&' '4 #&&&&
5&5&&9 && '4 !INA VO?A #5:&:4&.9#7'7 '4.&5 && +ANO8"!AI %!A! #&:34:&$.$&55&' '4 #&&&&
5&5&&9 5&& '4 !INA VO?A ##:&:3$.$33753 '4 5&& +ANO8"!AI %!A! #&:34:&$.$&55&' '4 #&&&&
$&5&&9 #57# '7 VI8A VO?A #4:&4:#3.53377 '7 &&& +ANO8"!AI %!A! ##:#&:7.#'553 '7 5&&&
$&5&&9 $35 '7 VI8A VO?A #:#3:49.33'543 '7 #&&& +ANO8"!AI %!A! ##:#&:7.#'553 '7 5&&&
$&5&&9 #&& '7 !INA VO?A ##:#:$.7#5$$ '7 #&& +ANO8"!AI %!A! ##:#&:7.#'553 '7 5&&&
$&5&&9 &&& '7 !INA VO?A ##:#:3.&$&9'& '7 &&& +ANO8"!AI %!A! ##:#&:7.#'553 '7 5&&&
&'&&9 #4 7 VI8A VO?A #5:#':3$.3795 73 #5& +ANO8"!AI %!A! #&:55:&3.'#7'#& 7 5&&&
&'&&9 5&& 7 VI8A VO?A #5:#5:#&.'$##$ 73 5&& +ANO8"!AI %!A! #&:55:&3.'#7'#& 7 5&&&
&'&&9 5&& 7 VI8A VO?A #5:#4:5'.#479 73 5&& +ANO8"!AI %!A! #&:55:&3.'#7'#& 7 5&&&
&'&&9 5&& 7 VI8A VO?A #5:&:39.344#4 7 5&& +ANO8"!AI %!A! #&:55:&3.'#7'#& 7 5&&&
&'&&9 && 7 !INA VO?A #5:#&:39.&&''' 73 && +ANO8"!AI %!A! #&:55:&3.'#7'#& 7 5&&&
&'&&9 &&& 7 !INA VO?A #5:#&:34.$#473 73 &&& +ANO8"!AI %!A! #&:55:&3.'#7'#& 7 5&&&
&'&&9 && 7 !INA VO?A #4:4':3.&375'3 7 && +ANO8"!AI %!A! #&:55:&3.'#7'#& 7 5&&&
&'&&9 95$ 7 !INA VO?A #4:4':#7.3#73$ 7 &&& +ANO8"!AI %!A! #&:55:&3.'#7'#& 7 5&&&
&9&'&&9 #5' 74.5 VI8A VO?A #5:#:4#.&5&' 74.3 #&&& +ANO8"!AI %!A! #&:35:#7.45754 74.5 5&&&
&9&'&&9 4&& 74.5 VI8A VO?A #5:#9:&$.5$597$ 74.5 5&& +ANO8"!AI %!A! #&:35:#7.45754 74.5 5&&&
Brought to you by http://StockViz.biz
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
36/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 36 of 76
?ADE
DAE
?ADE
J
?ADE
?AE
"> C2IEN
NA+E
"> O?DE?
I+E
">
O?DE?
?AE
">
O?DE?
J %E22 C2IEN NA+E
%E22 O?DE?
I+E
%E22
O?DE?
?AE
%E22
O?DE?
J
&9&'&&9 5& 74.5 VI8A VO?A #4:44:&3.'334' 74.5 5& +ANO8"!AI %!A! #&:35:#7.45754 74.5 5&&&
&9&'&&9 5& 74.5 VI8A VO?A #4:':&'.4&5757 74.5 5& +ANO8"!AI %!A! #&:35:#7.45754 74.5 5&&&
&9&'&&9 &&& 74.5 VI8A VO?A #4:5:4#.$3994 74.5 &&& +ANO8"!AI %!A! #&:35:#7.45754 74.5 5&&&
&9&'&&9 54 74.5 VI8A VO?A #4:4:4$.'#544& 74.5 #&& +ANO8"!AI %!A! #&:35:#7.45754 74.5 5&&&
&9&'&&9 95& 74.5 !INA VO?A #4:43:4.3&3& 74.5 #&&& +ANO8"!AI %!A! #&:35:#7.45754 74.5 5&&&
#&&'&&9 &&& 73.5 VI8A VO?A #4:5#:&4.5#&547 73.5 &&& +ANO8"!AI %!A! #4:47:57.#59#7# 73.5 5&&&
#&&'&&9 5& 73.5 !INA VO?A #4:5:3'.#7#55' 73.5 5& +ANO8"!AI %!A! #4:47:57.#59#7# 73.5 5&&&
#&&'&&9 && 73.5 !INA VO?A #4:5:3&.7974&4 73.5 && +ANO8"!AI %!A! #4:47:57.#59#7# 73.5 5&&&
#&&'&&9 3&& 73.5 !INA VO?A #4:5:&.7#&3'$ 73.5 3&& +ANO8"!AI %!A! #4:47:57.#59#7# 73.5 5&&&
#&&'&&9 #5& 73.5 !INA VO?A #4:5:#&.537& 73.5 #5& +ANO8"!AI %!A! #4:47:57.#59#7# 73.5 5&&&
#&&'&&9 #&& 73.5 !INA VO?A #4:5:&4.#'4543 73.5 #&& +ANO8"!AI %!A! #4:47:57.#59#7# 73.5 5&&&
#&&'&&9 && 73.5 !INA VO?A #4:5#:57.$9'9#$ 73.5 && +ANO8"!AI %!A! #4:47:57.#59#7# 73.5 5&&&
#&&'&&9 &&& 73.5 !INA VO?A #4:5&:9.'$ 73.5 &&& +ANO8"!AI %!A! #4:47:57.#59#7# 73.5 5&&&
##&'&&9 5&&& 7# VI8A VO?A #4:4&:57.7'4&7# 7# 5&&& +ANO8"!AI %!A! #4:39:#4.#4#4$7 7# 5&&&
#&'&&9 #&&& 7& VI8A VO?A #5:#&:33.55# 7& #&&& +ANO8"!AI %!A! #5:&5:3.#545&5 7& 5&&&
#&'&&9 &&& 7& VI8A VO?A #5:&$:&&.5&3'3 7& &&& +ANO8"!AI %!A! #5:&5:3.#545&5 7& 5&&&
#&'&&9 &&& 7& !INA VO?A #5:&7:47.54937 7& &&& +ANO8"!AI %!A! #5:&5:3.#545&5 7& 5&&&
#'&'&&9 '4 7 VI8A VO?A #5:#9:#&.94$#$ 74.55 #&&& +ANO8"!AI %!A! #5:#:&9.#99#9 7 5&&&
#'&'&&9 && 7 VI8A VO?A #5:#7:4'.4#33 7 && +ANO8"!AI %!A! #5:#:&9.#99#9 7 5&&&
#'&'&&9 5$ 7.9 VI8A VO?A #5:#:&5.#&&'5& 7.9 && +ANO8"!AI %!A! #5:#:&9.#99#9 7 5&&&
#'&'&&9 &&& 7 !INA VO?A #5:#':5&.'535&9 7 &&& +ANO8"!AI %!A! #5:#:&9.#99#9 7 5&&&
7&$&&9 5&& 7$.#5 !INA VO?A #4:5:4'.944$$# 7$.#5 5&& +ANO8"!AI %!A! #5:#9:&.5'7947 7$ &&&
7&$&&9 5&& 7$. !INA VO?A #4:5:54.5#& 7$. 5&& +ANO8"!AI %!A! #5:#9:&.5'7947 7$ &&&
7&$&&9 && 7$. !INA VO?A #4:3':#.&7394$ 7$. && +ANO8"!AI %!A! #4:4$:3.##'499 7$ &&&
7&$&&9 5&& 7$.5 !INA VO?A #4:4':#.$493'5 7$.5 5&& +ANO8"!AI %!A! #4:4$:3.##'499 7$ &&&
&4&9&&9 9$& 99.9 VI8A VO?A #:5:35.9'&3 99.9 #&&& +ANO8"!AI %!A! ##:7:3&.#7$3&$ 99.9 &&&
&4&9&&9 #&&& 99.9 VI8A VO?A #:5:$.'7#44 99.9 #&&& +ANO8"!AI %!A! ##:7:3&.#7$3&$ 99.9 &&&
&4&9&&9 5&& 97.# VI8A VO?A #&:5&:#3.59#57 97.# 5&& +ANO8"!AI %!A! ##:$:##.'5&94' 97 &&&
&4&9&&9 4& 99.5 !INA VO?A #:&:5.&555$ 99.5 5& +ANO8"!AI %!A! ##:$:##.'5&94' 97 &&&
&4&9&&9 #&&& 99.5 !INA VO?A ##:3&:37.$5'93 99.5 #&&& +ANO8"!AI %!A! ##:$:##.'5&94' 97 &&&
&4&9&&9 #5& 99.5 !INA VO?A ##:3&:#'.#455' 99.5 #5& +ANO8"!AI %!A! ##:$:##.'5&94' 97 &&&
#3& &99 $5 VI8A VO?A #5::&3.55547 $5 5&&& +ANO8"!AI %!A! #5:&':#4.45#$$' $5 5&&&
#3& #&& $5.5 VI8A VO?A #&:43:35.447&54 $5.5 #&& +ANO8"!AI %!A! #5:&':#4.45#$$' $5 5&&&
#3& #&& $' VI8A VO?A #&:43:'.9454& $7 5&& +ANO8"!AI %!A! #5:&':#4.45#$$' $5 5&&&
#3& #&& $'.7 VI8A VO?A #:&9:34.49999 $'.7 #&& +ANO8"!AI %!A! #5:&':#4.45#$$' $5 5&&&
#3& 5&& $'.75 VI8A VO?A #:43:33.7#'5& $'.75 5&& +ANO8"!AI %!A! #5:&':#4.45#$$' $5 5&&&
#4& 5&&& $5 VI8A VO?A #3:#:&.993'$& $5 5&&& +ANO8"!AI %!A! #3:3:33.59&'9 $5 &&&&
#4& 5&& $5.5 VI8A VO?A &9:#9:37.3&43& $5.5 5&& +ANO8"!AI %!A! #3:3:33.59&'9 $5 &&&&
#4& 5&&& $5 !INA VO?A #3:#:'.3&+ $5 5&&& +ANO8"!AI %!A! #3:3:33.59&'9 $5 &&&&
#4& 5&& $5 !INA VO?A &9:&7:5'.$4$73 $5 5&& +ANO8"!AI %!A! #3:3:33.59&'9 $5 &&&&
#. o
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
37/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 37 of 76
s*res (93.'M). %11*r !1n* Vor* (#$'&& s*res) *n/ %r1 V1=* Vor* (75&
s*res) ere on te
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
38/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 3> of 76
#3.44.3#.#37&3 *n/ #3.44.53.&44&9. It 1s t0s o
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
39/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 3 of 76
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
40/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 4* of 76
"es1/es e6en te *r1n* /1fference 1n r*tes 1.e. * fe
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
41/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 41 of 76
&& s*res && s*res
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
42/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 42 of 76
#..#4 Fro te *
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
43/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 43 of 76
SHRI %ANOJBHAI SHAH?S SE TRADES WITH SHRI *IJA$ *ORA/ %S. HINA *ORA 15 TRADE DA$S
AFTER RECEI*ING 1,0,0 SHARES IN OFF-%ARKET FRO% SHRI *IJA$ *ORA
r*/e D*te
ot*
%cr1pVo0e
for te
/*
ot* %eVo0e of
+*no=
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
44/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 44 of 76
scr1p *s 1t *s #&&M /e16er
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
45/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 4 of 76
tantamount to any rongdoing+ It is o!e&tiona!le only if it is illegitimate and is
the out&ome of a mis&hie'ous meeting of minds among &ertain "arties hi&h
may ith or ithout an element of mens rea as su&hJ+
%r1 +*no=
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
46/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 46 of 76
#..& I f0rter note t*t A?s on
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
47/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 47 of 76
pro/0ce *n /oc0ents to so t*t %r1 %0n1 oe */ *ppro*ce/ te
pet1t1oner *s n/er te c1rc0st*nces %E"I */ /ec1ne/ to entert*1n
te cop*1nt st*t1n t*t te tr*ns*ct1ons c*rr1e/ o0t off *r-et *ppe*re/ to
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
48/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 4> of 76
III. %. %)6) D'8 S'() *)+ *(/ %. H) *(
%r1 V1=* Vor* so/ 599 s*res to +s. +1not1 D**n *n/
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
49/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 4 of 76
#. I note ere t*t +s. +1not1 D**n *s s0
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
50/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page * of 76
+s. +1not1 D**n */ *oe/ er n*e to
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
51/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 1 of 76
se c*nnot pe*/ 1nor*nce *
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
52/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 2 of 76
s*res ere fo0n/ to O?DE?
I+E
">
O?DE?
?AE
">
O?DE?
J
%e C1ent
N*e
%E22 O?DE?
I+E
%E22
O?DE?
?AE
&3&&&9 #&.#$.#4.&''3$3 Cet*n Dor* 9&& $& #&:#$:#3.5#&73$ $&.$5 #&&&
Cet*n
Dor* #&:#$:&9.499#97 $&
&5&&&9 ##.&'.4#.3&$$$7 Cet*n Dor* 4$ $5.5 ##:&':4&.'754# $5.5 #&&
Cet*n
Dor* ##:&&:44.#4535& $5.5
&5&&&9 ##.&'.3.9#&9$ Cet*n Dor* 5 $5.5 ##:&':##.&$'973 $5.45 &&
Cet*n
Dor* ##:&&:44.#4535& $5.5
&5&&&9 #&.5.44.4$4$$ Cet*n Dor* 5& $5.5 #&:5:44.&7'&9 $5.5 3&&&
Cet*n
Dor* #&:49:3$.4$#75 $5.5
&'&&&9 #&.54.3'.#&7$3& Cet*n Dor* 5& $$.75 #&:54:'.$&5$4& $$.7 5&
Cet*n
Dor* #&:5&:#3.79'&3$ $$.75
&'&&&9 #&.53.54.9$4''$ Cet*n Dor* '5# $$.75 #&:53:54.$#35#$ $9 #5&&
Cet*n
Dor* #&:5&:#3.79'&3$ $$.75
&'&&&9 #&.45.&'.&39555 Cet*n Dor* 53 $$.35 #&:45:&5.'93#$ $$.35 '&
Cet*n
Dor* #&:#:49.'&9344 $$.35
&'&&&9 #&.44.49.&94# Cet*n Dor* #&& $$.35 #&:44:49.&9'955 $$.35 #&&
Cet*n
Dor* #&:#:49.'&9344 $$.35
Brought to you by http://StockViz.biz
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
53/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 3 of 76
?ADE
DAE ?ADE I+E
"> C2IEN
NA+E
">
?ADE
J
">
?ADE
?AE
"> O?DE?
I+E
">
O?DE?
?AE
">
O?DE?
J
%e C1ent
N*e
%E22 O?DE?
I+E
%E22
O?DE?
?AE
%
O
J
&'&&&9 #&.44.#&.ť& Cet*n Dor* $47 $$.35 #&:44:&.47$955 $$ #&&&
Cet*n
Dor* #&:#:49.'&9344 $$.35
&'&&&9 #&.44.#&.&3' Cet*n Dor* ## $$.5 #&:44:&.47$955 $$ #&&&
Cet*n
Dor* #&:##:4'.#&33&' $7.'
&'&&&9 #&.##.4'.''''' Cet*n Dor* #'3$ $7.75 #&:&9:&'.443$5 $7.75 5&&Cet*nDor* #&:##:4'.#&33&' $7.'
#$&&&9 #.7.'.57734 Cet*n Dor* 3&& 9$ #:':&&.&'&'# 9$ 3&&
Cet*n
Dor* #:7:'.'7$&5 9'
#$&&&9 #.7.'.57457 Cet*n Dor* && 9$.5 #:':&.#'#75 9$.5 7&&
Cet*n
Dor* #:7:'.'7$&5 9'
#9&5&&9 #&.&&.&'.#$9#$ Cet*n Dor* # 53.$ &9:55:&4.'9799$ 53.$ #
Cet*n
Dor* #&:&&:&'.&977& 53.$
. In or/er to /eonstr*te t*t te sef tr*/es eec0te/
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
54/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 4 of 76
..3 F0rter te *n*s1s
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
55/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page of 76
?ADE DAE ?ADE I+E "> C2IEN
NA+E
">
?ADE
J
">
?ADE
?AE
"> O?DE? I+E ">
O?DE?
?AE
">
O?DE?
J
%E22
C2IEN NA+E
%E22
O?DE? I+E
%E22
O?DE?
?AE
%E22
Or/er
J
&5&&&9 #5.&.#5.&$54&&
C!EAN
DO?A !>F $97 $5.45 #5:#9:4#.5#59$ $5.45 #5&&
C!EAN
DO?A #5:&:#4.5'7'9' $5.45 #&&&
&9&&&9 #&.9..'4$'
C!EAN
DO?A 495 93. #&:9:#.9&9 93. &&&
C!EAN
DO?A !>F #&:&&:&9.&5$'54 93. &&
#&&&9 #5.#'.53.43$&9
C!EAN
DO?A 9&& 99.9 #5:#':49.4#5' 99.9 9&&
C!EAN
DO?A !>F #5:#':5.944& 99.9 #&&&
#7&&&9 #4.4'.5'.4#4'#'
C!EAN
DO?A !>F #4&& 9$.95 #4:4':5'.$&5# 99 #5&&
C!EAN
DO?A !>F &9:5':#5.5994 #&.5 #4&&
'&&&9 #.33.3'.''$$#4
C!EAN
DO?A !>F #&&& 9# #:33:#7.$4397 9# #&&&
C!EAN
DO?A #:33:3'.333&77 9# #&&&
&5&3&&9 #.#&.#.59##9$
C!EAN
DO?A # $' #:#&:#.#3&$9 $' #
C!EAN
DO?A !>F &9:59:#5.597&44 $9 '&&
3&3&&9 #5.#7.53.4$99#7
C!EAN
DO?A !>F 5 $3 ##:#3:4&.9'#&$# $3 5
C!EAN
DO?A !>F #5:#7:53.9$94$ $3 5&&
3.3 In or/er to /eonstr*te t*t te sef tr*/es eec0te/ F
*n/ sncron1e/, str0ct0re/ tr*/es /one F 1t %r1
Cet*n Dor* ere 1t te 1ntent1on to c*0se *rt1f1c1* tr*/es 1n te scr1p of %I2
te *nner of p*c1n te or/ers on one of te /*tes en sef tr*/e *s
eec0te/ 61. #7.&.&&9 1c res0te/ 1n sef tr*/e for #4&& s*res *n/ one of
te /*tes en sncron1e/ tr*/es ere /one F 1t %r1
Cet*n Dor* 61. '.&.&&9 1s ep*1ne/ F tro0
Centr0 "ro-1n P6t. 2t/. p*ce/ * %e Or/er for #4&& s*res *t ?s. #&.5& *t
&9:5':#5.5994. On #7.&.&&9 te ent1re /* tr*/e r*te o6ere/ F
tro0 Centr0 "ro-1n P6t. 2t/. p*ce/ * "0 Or/er for #&&& s*res *t ?s.9#
Brought to you by http://StockViz.biz
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
56/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 6 of 76
*t #:33:#7.$4397. Ie/1*te tere*fter *t #:33:3'.333&77 %r1 Cet*n
Dor* tro0 eo=1t "NP P*r1F on to () tr*/e /*tes en te sef tr*/es ere eec0te/
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
57/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 7 of 76
3.3.' In te *tter I f1n/ 1t necess*r to B0ote te or/er of ,on?ble !ecurities
Appellate (ribunal 7!A(8 in #hirag (anna vs. (he Ad+udicating fficer dated
6une "' 02"" ere1n 1t *s e/ *s foos:
O++e ha'e on re&ord the trade and order logs from hi&h it has !een "ointed out
!y the learned &ounsel for the res"ondent 0oard that the a""ellant had e/e&uted
self trades i+e+ trades in hi&h he as !oth the !uyer and seller+ Su&h trades are,
admittedly, fi&titious and &reate artifi&ial 'olumes in the traded s&ri"+O
3.3.7 I f1n/ t*t te A? of %r1 Cet*n Dor* *s inter alia f0rter *so s0
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
58/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page > of 76
*I. "):6()@ R
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
59/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page of 76
%.No Ent1t
Net
1p*ct
of tr*/es
1t 2P
6*r1*t1on
(?s.)
(CF)
%0 of
Ne !1
Pr1ce
(N!P)
D1fference
No. of
tr*/es
1t
6e
2P
(A)
M to
tot*
tr*/es
1t
6e 2P
(")
Ip*ct
of
tr*/es
1t
6e 2P
(?s.)
(C)
No. of
tr*/es
1t
6e
2P
(D)
M to
tot*
tr*/es
1t
6e 2P
(E)
Ip*ct
of
tr*/es
1t
6e 2P
(?s.)
(F)
# %r1 V1=*
Vor* 35$ 43.3&M 4'&.3 ##9# #'.&$M
'$3.&5 #777.5 #&.7
+s. !1n* Vor* 5 '.''M 37&.45 3#3 4.M
#$.$5 #5#.' &.
3 %r1 Cet*n
Dor* 9# #.#M ##7.# 5' &.7'M 7.95 $9.#5 $
4 Cet*n Dor*
!>F 5# &.'$M 7. 44 &.59M 34.5 37.95 #.3
5 +s. +1not1
D**n 4 &.5'M '.75 9' #.3&M 49.55 #3. 3.
' %r1
+*no=F
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
60/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 6* of 76
t*t tr*/es of %r1 Cet*n Dor* est*F est*
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
61/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 61 of 76
4()() 1nter *1* pro1
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
62/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 62 of 76
*-eo6er ?e0*t1ons #997 re*/ 1t ?e0*t1on 35() of *-eo6er ?e0*t1ons
#.
. It *s o
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
63/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 63 of 76
(in .)
C1ent 3#.#.&&$ 3#.3.&&9 3&.'.&&9 3&.9.&&9 3#.#.&&9 3#.3.& 3&.'.&
%r1 V1=* Vor* 4.&3 #.4
'.
0s fro te *
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
64/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 64 of 76
$. D0r1n 1n6est1*t1on 61/e etter /*te/ Dece
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
65/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 6 of 76
%E"I (Appe* No. #77 of &&9 *n/ Or/er /*te/ Apr1 &$ &) te !onH
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
66/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 66 of 76
(*) S'() *)+ *(
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
67/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 67 of 76
5. Fro te *F *n/ %r1 +*no=
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
68/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 6> of 76
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
69/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 6 of 76
*n/ so/ 37999 s*res to er *n/ te /1fference fro te *st tr*/e/ pr1ce *s 1n
te r*ne fro #.74M to '.5M. 0s I note t*t tere ere re6ers* tr*/es
eec0te/ F est*
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
70/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 7* of 76
#3. It 1s o
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
71/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 71 of 76
%r1 Cet*n Dor* to /e* 1t te *tter. !oe6er te or11n* of te *0tor1t
etter *s ne6er rece16e/. Desp1te te s*e te %CN *s sent to te *0tor1e/
represent*t16e (A?) +,s. A Assoc1*tes *s /es1re/. ere*fter te A? +,s. A
Assoc1*tes f1e/ * rep /*te/ 8*n0*r 4 1n te *tter on F. A e*r1n *s *so sce/0e/ for 8*n0*r #&
F ere ret0rne/
0n/e16ere/ fro te *//ress of %r1 Cet*n Dor*, +,s. Cet*n Dor* !>F to0
te rep fro te A? +,s. A Assoc1*tes *so ent1one/ te s*e *//ress.
F0rter no rep *s rece16e/ fro te A? +,s. A Assoc1*tes *s e to0 te
not1ces ere sent to 1s *//ress too. e %CN s0ppeent*r %CN *n/ !e*r1n
Not1ces ere tere*fter *ff1e/ *t te *//ress of %r1 Cet*n Dor*, +,s. Cet*n
Dor* !>F. !oe6er te Not1cee /1/ not *ppe*r for te e*r1ns nor sent *n rep
to te s0ppeent*r %CN 1ss0e/. e *fores*1/ sos t*t te Not1cees 61. %r1
V1=* Vor* +s. !1n* Vor* %r1 Cet*n Dor* *n/ +,s. Cet*n Dor* !>F *6e
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
72/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 72 of 76
of *
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
73/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 73 of 76
scr1p *re en te pr1ce of te scr1p */ f*en
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
74/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 74 of 76
te 1n6est1*t1on per1o/. 1s
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
75/76
_____________________________________________________________________________________
In the matter of Sky Industries Ltd . Page 7 of 76
ORDER
. After t*-1n 1nto cons1/er*t1on * te f*cts *n/ c1rc0st*nces of te c*se I 1pose
te foo1n pen*t on te Not1cees 1c 1
8/9/2019 Adjudication Order in respect of Shri Vijay Jamnadas Vora, Ms. Hina Vijaykumar Vora, Shri Chetan Dogra, M/s. Chetan Dogra HUF, Ms. Minoti Dhawan and Shri…
76/76
4. In ters of r0e ' of te ?0es cop1es of t1s or/er *re sent to te Not1cees *n/ *so
to te %ec0r1t1es *n/ Ec*ne "o*r/ of In/1*.
D*te: %(:' 12, 2015 A)6 K3(
P*ce: %4) A+4):6)7 O):(