SEBI v. Anukaran Commercial Enterprise Limited and others (round-tripped preferential allotment, 2022)

Judgment entered

Checked against the primary document on October 9, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, in a single reading of the order; an independent second reading of 60 SEBI records agreed on every field for 56, the four misses being penalty amounts; a later sample of 50 of the SEBI records added on 9 October agreed on every field for 46. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

Report an error in this record (sebi-61359-market-abuse-2022) by email

In July 2022 a SEBI adjudicating officer imposed a joint and several Rs 30,00,000 penalty on the company, its allottees and conduit firms in the Anukaran Commercial Enterprises case, plus Rs 1,00,000 each on two people for disclosure lapses. The order finds that money paid out by the company came back as subscription money for a 2012 preferential issue.

The record

Structured fields for this action, as recorded in our case library.
Agency	SEBI (India)
Date filed	2022-07-29
Date resolved	2022-07-29
Court	SEBI adjudicating officer
Status	judgment
Asset class	equities
Instruments	Anukaran Commercial Enterprises Limited shares (March 2012 preferential allotment)
Venue	BSE
Criminal parallel	No
Defendants	Anukaran Commercial Enterprise Limited (entity) ; Kushal Shah (individual) ; Paresh Vora HUF (entity) ; Jiten Vora HUF (entity) ; Varsha Vora (individual) ; Kankuben Vora (individual) ; Arpita Vora (individual) ; Paresh Vora (individual) ; Jiten Vora (individual) ; Vaibhav Enterprise (entity) ; Rajdeep Enterprise (entity) ; Raj Radhika Property Limited (entity)
Techniques

What was ordered

Civil penalty: —
Disgorgement: —
Prejudgment interest: —
Total relief: —
Alleged gain: —
Penalty as published: 3.2m INR

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars. This regulator states penalties in INR. The figure is recorded as published and is not converted, so it does not appear in the USD totals or medians used elsewhere on this site.

What is alleged to have happened

The order of 29 July 2022 follows references from the income tax department alleging price manipulation in Anukaran Commercial Enterprises Limited, listed on BSE, and the use of the exchange to produce bogus long-term capital gains. SEBI investigated from January 2012 to January 2015 and the adjudication covered 19 noticees, including the company, members of the Vora family and their proprietary firms, and several other persons.

SEBI alleged that on 2 March 2012 the company allotted 50,00,000 shares at Rs 30 each to 47 non-promoter entities, and that it had first paid Rs 3.03 crore, Rs 3.20 crore and Rs 4.24 crore to three Vora proprietary firms under purported tender-bidding agreements. Those firms passed money on, after receiving funds from another company, to the Vora family members and HUFs, who sent it back to the company as the allotment proceeds, with the sums returned in March 2013.

The adjudicating officer found that this circular movement gave a false impression of capital infusion and breached section 12A of the SEBI Act and Regulations 3(a) to (d) and 4(1) of the PFUTP Regulations, and held fifteen of the noticees liable. He also found that Kushal Shah and Parag Mehta failed to make required insider-trading disclosures. Three of the noticees, numbers 3, 9 and 12, do not appear in the payment directions.

The penalty under section 15HA is Rs 30,00,000 payable jointly and severally by the fifteen noticees, and Mr Shah and Mr Mehta each pay Rs 1,00,000 under section 15A(b), which makes Rs 32,00,000 in all. No market restriction is imposed.

The record does not show why three noticees are excluded from payment, whether the penalties were paid or appealed, or whether any tax proceedings followed from the income tax department's referral.

This library tags the matter as no specific technique, because the finding is a round-tripped preferential allotment rather than one of the library's trading methods. The tagging is ours, not the regulator's.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the order.

Timeline

2022-07-29 SEBI adjudication order (29 July 2022)

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Record added October 8, 2026. submit a correction.