Jog Singh, Member - (1.) IN this bunch of nine appeals, the appellants have challenged same impugned order dated March 6, 2013 by which the respondent has imposed a penalty of Rs. 25 lac on the appellant in appeal no. 189 of 2013 namely, Scope Vyapar Pvt. Ltd. and penalty of Rs. 3 lac on each of the remaining appellants for violation of various provisions of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003, hereinafter referred to as FUTP Regulations, read with the relevant provisions of SEBI Act, 1992. Appeal Nos. 189, 190, 191, 192, 193 and 194 of 2013 have been filed on October 28, 2013 i.e. after expiry of the statutory period of 45 days. Accordingly, six miscellaneous applications no. 123, 124, 125, 126, 127 and 128 of 2013 have been moved by these six appellants for condonation of the delay in approaching this Tribunal. We have heard the learned counsel for the parties on the question of delay and gone through the grounds taken by the appellants in each miscellaneous application for condonation of delay. We are inclined to allow the miscellaneous applications and we order accordingly.
(2.) BRIEFLY stated the facts of the case are that SEBI conducted an investigation into certain irregularities in the trading in the shares of Rich Universe Networking Ltd. ("RUNL") for possible violations of the provisions of SEBI Act, 1992 and FUTP Regulations, 2003 for the period from February 1, 2010 to September 24, 2010. It was noticed that during the investigation period the price of the scrip rose from Rs. 56.75 to Rs. 119.90 with high fluctuations in the volume. A group of 21 entities was found to be connected with each other and these entities entered into off -market transactions of the scrip of RUNL in large quantities on one hand and executed reversal/circular/synchronized trades among themselves in the market. This led to creation of artificial volume and misleading appearance of trading in the said scrip. They were found to have executed synchronized trades at incrementally higher prices to create higher price rise in the shares of RUNL. These 21 entities are as under: - 1. Scope Vyapar Pvt. Ltd. 2. Signet Vinimay Pvt. Ltd. Sankalp Vicom Pvt. Ltd.
(3.) RUNICHA Mercahnts Pvt. Ltd.;