Financial Daily from THE HINDU group of publications
Thursday, Oct 16, 2003
Financial Daily from THE HINDU group of publications Thursday, Oct 16, 2003 |
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Regulatory Bodies & Rulings Markets - Economic Offences SEBI bars former Tata Finance Director from market for 5 years Our Bureau
Mumbai , Oct. 15 SEBI has found Mr Jaivant Esvonta Talaulicar, former Director of Tata Finance, guilty of insider trading in the shares of Tata Finance Ltd and debarred him from the securities market for 5 years. Mr T.M. Nagarajan, whole-time Member, SEBI, in an order said that based on study of the facts and circumstances of the case and the argument put forward by Mr Talaulicar, I have reached the conclusion that Mr Talaulicar was an insider and that he dealt in the equity shares of TFL on the basis of unpublished price sensitive information. The order said with the fiduciary responsibility cast upon him, he should have abstained from dealing in the equity shares of TFL, before disclosing the price sensitive information to the public. "I note that Mr Talaulicar had in fact caused transfer of one lakh shares of TFL held by him and his family to the account of JIP and in turn he and his family had received from JIP on April 4, 2001, a sum of Rs 69 lakh, representing the sale consideration. The transaction was not denied by Mr Talaulicar. It has been submitted that Mr Talaulicar was informed by Mr Dilip Pendse, former Managing Director of TFL, in May 2001 that the shares in fact had not been sold in March-April 2001 but would now be sold at the ruling market price and that he refunded Rs 34.21 per share being the difference between the price received and the ruling market price," the order stated. "This act of Mr Talaulicar, though ostensibly appropriate, was obviously an after thought and, as circumstances indicate was intended to make it appear that the trading in the shares of TFL was really done after the price sensitive information became public."
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