WTM/RKA/ISD/33/2016

SECURITIES AND EXCHANGE BOARD OF INDIA

ORDER
UNDER SECTION 11(1), 11(4) AND 11B OF THE SECURITIES AND EXCHANGE
BOARD OF INDIA ACT, 1992 IN THE MATTER OF MORYO INDUSTRIES
LIMITED
IN RESPECT OF:
Sl. No.
1
2
3
4
5
6
7

Name
Ms. Deepti Lalwani
Garth Mercantile Private Limited
Romy Realty Private Limited
Surface Finance Pvt Ltd
Olympia Multitrading Private Limited
Isairis Trading Private Limited
Samskara Sales Agency Private Limited

PAN
AFUPL5641K
AAECG9026D
AADCR6342Q
AABCS1202L
AABCO7262J
AADCI0407P
AATCS7717A

Category
Director
Moryo Group
Moryo Group
Moryo Group
Moryo Group
Moryo Group
Moryo Group

8 Gulmohar Dealcom Private Limited

9 Mr. Saurabh Surendra Jadhav
10 Mr. Deepak Suryakant Chavan

AADCG9091K Moryo Group

ANGPJ6430Q Moryo Group
AJAPC0258P
Moryo Group

11
12
13
14

ANDPC7557J
AACCH4303G
AANCS5873M
AADCD5959M

Mr. Suryakant Chanpur

Helpful Investment Advisory Private Limited
Sadakirti Dealer Pvt Ltd
Dharti Developers And Constructions Pvt Ltd

Moryo Group
Moryo Group
Moryo Group
Moryo Group

15 Mr. Ganesh Eknath Chandanshive

ARWPC4266D Moryo Group
16 Goodpoint Impex Private Limited
AAFCG0606G Moryo Group
17 Shivsathi Mercantile Private Limited
AASCS6284R
Moryo Group
18 Shallot Dealtrade Private Limited
AARCS4827R
Moryo Group
19 Limestone Properties Pvt Ltd
AACCL0133G Moryo Group
20 Mahasvin Trading Pvt Ltd
AAJCM1338F
Moryo Group
_________________________________________________________________________
1. SEBI, vide an ad interim ex-parte order dated December 04, 2014 (hereinafter referred to as
interim order), restrained 99 entities, including the aforesaid 20 entities (hereinafter referred
to as "noticees"), from accessing the securities market and further prohibited them from
buying, selling or dealing in securities in any manner whatsoever, till further directions.
2. The facts and circumstances leading to the passing of the said interim order have been discussed
therein and I do not deem it necessary to repeat the same and burden this order with
repetition. The modus operandi as described in the said interim order was that Moryo Industries

Order in the matter of Moryo Industries Limited

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Ltd (Moryo), its directors/promoters, preferential allottees, and entities connected to Moryo or its
directors/promoters (Moryo Group) employed a device wherein the company in nexus with the
preferential allottees made a facade of preferential allotment. After the expiry of the lock-in
period, the Moryo Group entities purchased shares from preferential allottees at artificially
increased prices. In the whole process, entities of the Moryo Group provided a hugely
profitable exit to the preferential allottees. Hence, the preferential allottees with the aid of the entities
of the Moryo Group misused the stock exchange mechanism to exit at a high price in order to
book illegitimate gains with no payment of taxes as long term capital gain (LTCG) is tax
exempt.
3. At paragraph 34 of the interim order, the noticees have been advised that they may file their
objections, if any, within twenty one days from the date of this interim order and, if they so
desire, may avail themselves of an opportunity of personal hearing before SEBI, on a date and
time to be fixed on a specific request, received from them. I note that though a copy of the
interim order was served on all the noticees, they have failed to submit their reply till date and
they have also failed to avail the opportunities of personal hearings provided to them on
several dates despite service of hearing notices upon them. In view of these facts and
circumstances, I am of the view that the noticees are deliberately keeping away from these
proceedings and are not willing to cooperate. I, therefore, proceed to decide the matter at this
stage on the basis of the material available on record.
4. I note that investigation in the matter is in progress and appropriate decision, in accordance
with law, would be taken after completion thereof. As prima facie found in the interim order,
Moryo, its promoters/directors, the preferential allottees and the Moryo Group entities have acted in
connivance for implementation of dubious plan, device and artifice that has led to the misuse
of stock exchange mechanism to artificially increase price and volume of the scrips to provide
illegitimate gains to the preferential allottees in order to claim LTCG benefits that has not
only eroded the market integrity but has also been detrimental to the interests of investors
who might have been lured to invest in the scrips due to such manipulative and fraudulent
trading in the scrips and price movement. I find that the noticees have failed to make out a
prima facie case for revocation or modification of the interim order and the material available on
record justifies the continuation of the directions passed against them under the ad interim exparte order dated December 04, 2014.
5. I, therefore, in exercise of the powers conferred upon me under section 19 of the SEBI Act,
read with sections 11(1), 11(4) and 11B thereof, hereby confirm the directions issued vide the
ad interim ex-parte order dated December 04, 2014 against the following entities:
Sl. No.
Name
1 Ms. Deepti Lalwani
2 Garth Mercantile Private Limited
Order in the matter of Moryo Industries Limited

PAN
AFUPL5641K
AAECG9026D

Category
Director
Moryo Group
Page 2 of 3

3
4
5
6
7

Romy Realty Private Limited

Surface Finance Pvt Ltd
Olympia Multitrading Private Limited
Isairis Trading Private Limited
Samskara Sales Agency Private Limited

AADCR6342Q
AABCS1202L
AABCO7262J
AADCI0407P
AATCS7717A

Moryo Group
Moryo Group
Moryo Group
Moryo Group
Moryo Group

8 Gulmohar Dealcom Private Limited

9 Mr. Saurabh Surendra Jadhav
10 Mr. Deepak Suryakant Chavan

AADCG9091K Moryo Group

ANGPJ6430Q Moryo Group
AJAPC0258P
Moryo Group

11
12
13
14

Mr. Suryakant Chanpur

Helpful Investment Advisory Private Limited
Sadakirti Dealer Pvt. Ltd.
Dharti Developers and Constructions Pvt. Ltd.

ANDPC7557J
AACCH4303G
AANCS5873M
AADCD5959M

Moryo Group
Moryo Group
Moryo Group
Moryo Group

15
16
17
18
19
20

Mr. Ganesh Eknath Chandanshive

Goodpoint Impex Private Limited
Shivsathi Mercantile Private Limited
Shallot Dealtrade Private Limited
Limestone Properties Pvt. Ltd.
Mahasvin Trading Pvt. Ltd.

ARWPC4266D
AAFCG0606G
AASCS6284R
AARCS4827R
AACCL0133G
AAJCM1338F

Moryo Group
Moryo Group
Moryo Group
Moryo Group
Moryo Group
Moryo Group

6. Accordingly, the directions issued vide para 32 of the interim order dated December 04, 2014
shall remain in force till further directions.
7. A copy of this order shall be served on all recognized stock exchanges and depositories to
ensure compliance with above directions.

Sd/-

DATE: MARCH 18th, 2016

PLACE: MUMBAI

Order in the matter of Moryo Industries Limited

RAJEEV KUMAR AGARWAL

WHOLE TIME MEMBER
SECURITIES AND EXCHANGE BOARD OF INDIA

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