SEBI issues 394-page final order in market manipulation case involving 226 entities

This is a final order by SEBI regarding alleged market manipulation in the stocks of Mauria Udyog Ltd. and four other companies (Vishal Fabrics Ltd., 7NR Retail Limited, GBL Industries Ltd., and Darjeeling Ropeway Company Ltd.). SEBI examined the trading patterns and the roles of 226 individuals and entities in these schemes.

The order concerns 226 entities, including Hanif Shekh, Kasambhai Shekh, Robert Resources Ltd., Econo Trade India Ltd., Mauria Udyog Ltd., Vee Em Infocenter Ltd., and numerous other individuals and firms listed in the notice.

• SEBI issued a Final Order under Sections 11(1), 11(4), 11(4A), 11B(1), and 11B(2) of the SEBI Act, 1992.
• The order addresses allegations of market manipulation in the scrips of Mauria Udyog Ltd., Vishal Fabrics Ltd., 7NR Retail Limited, GBL Industries Ltd., and Darjeeling Ropeway Company Ltd.
• The document includes sections for 'Disgorgement of Unlawful Gains' and 'Monetary Penalty and Other Directions' against the noticees.
• The order reviews preliminary issues such as the issuance of interim orders, impounding directions, and delays in issuing the Show Cause Notice (SCN).
• The text indicates that the order contains findings on the merits regarding the role of Hanif Shekh and other entities in circulating buy recommendations and trading patterns.

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