Sebi collects a fine of Rs 22 lakh on the promoters of P.M. Telelinnks, another 6 for fraudulent exchange of shares
New Delhi, November 1 () The market regulator, Sebi, imposed a total fine of Rs 22 lakh on the promoters of P.M. Telelinnks and six other people for executing fraudulent operations in the company code.
Of the total fine imposed by Sebi, Rs 10 lakh was in the promoters (G P Surana, Ravi Surana and Dipin Surana) to pay for them jointly and severally. Others face a fine of Rs 2 lakh each.
The order was followed by an investigation carried out by Sebi between January 2012 and September 2012, on the observation of unusual price movements in the script of P.M. Telelinnks in EEB.
Sebi said that the individuals had caused an artificial price increase in the company's scrip by setting a new high price and executing operations at a price higher than the last negotiated price.
In addition, the promoters were paying funds and shares of the company to certain suspicious entities in order to inflate the price of the scrip.
The notices treated the PM Tele script in a coordinated manner to artificially inflate the price of the script, prompting credulous investors to negotiate the PM Tele script, Sebi said.
With respect to the promoters, the regulator pointed out that they had a key role in all manipulation, since they facilitated fraudulent activities by providing other notices with funds and values. In addition, he said that being the promoters, they had a greater responsibility to avoid any misuse of the actions of PM Tele. SRS HRS