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SEBI bars Stocknet International from trading in markets

Last Updated: Wednesday, July 29, 2009 - 23:25

Mumbai: Market regulator Sebi has barred
software development firm Stocknet International and its
directors-- Ashutosh Bajpaye and Saumil Patel--from dealing in
securities market for six months for allegedly making
misleading announcements.

"SEBI...restraining Stocknet International, Saumil Patel
and Ashutosh Bajpaye from accessing the securities market and
also prohibiting them from buying, selling and otherwise
dealing in the securities market, either directly or
indirectly, for a period of six months," the market regulator
said in a statement.

The company allegedly made false announcements on July
5,2001 that it has entered into a strategic tie up with
US-based Artiligence Inc and that the joint venture between
the two would enable them to work better in fields of optical
networking, software development.

Besides, it has allegedly made false statement of interim
dividend declaration of 20 per cent on July 19, 2001 and
withdraw the same on September 7, 2001.

Subsequent to the said announcement, it was noticed that
there was an increase in the traded volumes and share price of
the company at Bombay Stock Exchange.

"From the foregoing, it would lead to the interference
that the company had indulged in the act (making misleading
announcements/statements)...which would attract the investors
into investing in the shares of the company," SEBI said.

Bureau Report

First Published: Wednesday, July 29, 2009 - 23:25

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