TMI Blog2013 (11) TMI 852X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by Crystal, through its broker - Held that:- No ground to interfere with the impugned order that the Appellants were guilty of violating the FUTP Regulations - However, in consideration to facts and circumstances of case penalty imposed on the appellants is reduced to 50% - Decided partly in favour of appellant. - 228 of 2012 - - - Dated:- 26-6-2013 - JOG SINGH AND A.S. LAMBA, JJ. For t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respect of trading in the shares of "PEML" during the period from February 9, 2009 to February 24, 2009. Investigations revealed that Appellants' trading through sub-broker Crystal Finstock Pvt. Ltd. of broker Mehta Equities Ltd. had executed trades among themselves. It was observed that the Appellants were related to each other and having one common address. It was also observed that prior to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the alleged violations. On a consideration of the documents available on record, oral and written submissions made by the Appellants, the Adjudicating Officer came to the conclusion that the Appellants were guilty of violating the FUTP Regulations. This is how a consolidated penalty of Rs. 8,50,000/- came to be imposed on the Appellants by the impugned order dated October 25, 2012. It is again ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... off-market dealing. Lastly, it is submitted by the Appellants that the violation in question was committed by the Appellants merely due to inadvertence and without any intention of manipulating the price in the scrip in question and would not be repeated in future. 5. On the other hand, learned counsel for the Respondent Mr. Mihir Mody submits that the Appellants are family members and they hav ..... X X X X Extracts X X X X X X X X Extracts X X X X
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