TMI Blog2021 (1) TMI 188X X X X Extracts X X X X X X X X Extracts X X X X ..... purpose of manipulating the price is not applicable in so far as the appellant is concerned. The finding that other notices were taking turns on different trading days with a premeditated motive to raise the LTP of the scrip is not applicable in the appellant's case as he had only executed one trade whereas the other 13 entities were executing several trades on various days in a premeditated manner. Thus, clubbing the single trade of the appellant with the trades executed by other 13 noticees on the ground that he is connected to them is per se erroneous and baseless. No finding to the effect that the appellant was trading either on the buy side or on the sell side with the other noticees. Thus, having common email or address with s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent appeal has been filed against the order dated 30th July, 2020 passed by the Whole Time Member restraining the appellant from accessing the securities market for a period of six months. By the same order, the securities of the appellant in its demat account has also been frozen for the same period. 2. The facts leading to the filing of the appeal is, that an investigation was conducted in the scrip of Aadhaar Ventures India Ltd, (hereinafter referred to as 'AVIL') for the period from 1st January, 2009 to 24th April, 2015. It was noticed that the price was artificially raised fraudulently through a trading pattern which was manipulative. The Whole Time Member (WTM) after considering the evidence found that 983 trades were execu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr. Anubhav Ghosh, Advocate with Mr. Ravishekhar Pandey, Advocate for the Respondent through video conference. 5. The learned counsel for the appellant contended that no notice was ever served upon the appellant and, therefore, on this short ground the impugned order is liable to be set aside. In this regard, we find that the summons were served through affixation. This aspect has not been denied, namely, that there was no affixation or that the summons was affixed at the wrong address. We also find that at the time when the affixation was made the appellant was doing business from the same place and subsequently shifted to another place. In the light of the aforesaid, we are of the opinion that the appellant was duly served but chose n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uted by other 13 noticees on the ground that he is connected to them is per se erroneous and baseless. 9. We find that there is no finding to the effect that the appellant was trading either on the buy side or on the sell side with the other noticees. Thus, having common email or address with some of them is redundant in the absence of any trades being executed between them. 10. We also find that there is no finding that the appellant had any connection with the buyer, namely, Gajpal. In the absence of any connection, no collusion could be proved with regard to price manipulation or artificially increasing the price or its volume. 11. We are also of the opinion that the analogy drawn by the WTM from the decision of the Supreme Cour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... manipulate the price is patently erroneous. The WTM has misapplied the decision of the Supreme Court in Ajmera's case in so far as the appellant is concerned. 13. In the light of the aforesaid, the impugned order cannot be sustained and is quashed in so far as it relates to the appellant. The appeal is allowed. In the circumstances there shall be no order as to costs. Misc. Application nos.335 and 249 of 2020 are disposed of. 14. The present matter was heard through video conference due to Covid-19 pandemic. At this stage it is not possible to sign a copy of this order nor a certified copy of this order could be issued by the registry. In these circumstances, this order will be digitally signed by the Presiding Officer on behalf o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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