TMI Blog2011 (8) TMI 1289X X X X Extracts X X X X X X X X Extracts X X X X ..... raz Rustomjee, Advocate with Mr. Mihir Mody, Advocate Per : Justice N.K. Sodhi, Presiding Officer (Oral) This order will dispose of a group of seven Appeals no. 113 to 119 of 2011 all of which raise common questions of law and are directed against similar but separate orders passed by the adjudicating officer imposing monetary penalties on the appellants. The common charge that has been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and that there have not been many trades thereafter. We also find from the record that during the period when the appellants traded, they were the only ones trading in the scrip in the market and that there were no other traders. As already observed, the seven appellants had a common broker and, therefore, the trades executed by them were cross deals. Cross deals per se are not illegal but the co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the buy and sell orders had been placed on the specific instructions of the clients who were the appellants. Having regard to the trading pattern of the appellants and the manner in which the trades had been matched, we are satisfied that the trades executed by them were non genuine which were meant to create artificial volumes in the market. We are also satisfied that the appellants have vio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... easons which are not very clear, he goes on to increase the penalty amount in the cases of Concrete Credit Limited, Morgan Financial Services Private Limited and Astrols Dealcom Private Limited, the appellants in Appeal no. 116, 118 and 119 of 2011. The adjudicating officer has referred to some offer made by these three appellants offering their shares in an open offer which fact has been seriousl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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