SEBI v. Nirmal Kumar Mangalchand Mittal and others (United Polyfab Gujarat, 2023)

Dismissed

✓ Checked against the primary document on October 8, 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.

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On 31 October 2023 a SEBI adjudicating officer gave seven noticees the benefit of the doubt and imposed no penalty over alleged price-lowering sales in United Polyfab Gujarat shares in early 2018. SEBI had said the sellers pushed the price down so that the promoters could buy cheaply.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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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.

What is alleged to have happened

A SEBI adjudicating officer decided this matter on 31 October 2023. The seven noticees fall into two groups: Nirmal Kumar Mittal, Gagan Mittal, a Mittal family undivided family and Amay Spincot, described as promoters or a related entity of United Polyfab Gujarat Limited, and Amrapali Industries with Yashwant and Chirag Thakkar, the alleged sellers. The shares were listed on NSE's SME platform, and the period examined was February to April 2018.

SEBI alleged that the Amrapali group bought about 6,84,000 shares at an average Rs 34.40, then sold in small lots below the last traded price so that the price fell from Rs 33.95 to Rs 17.50 by 22 March 2018. SEBI said the promoter group then bought 5,85,000 shares at an average Rs 19.41, raising their stake, and that the sellers had thereby manipulated price and volume and aided the buyers, breaching section 12A and Regulations 3 and 4 of the PFUTP Regulations.

The officer found no proven link between the two groups. There was no fund transfer between them, no synchronised, reversal or circular trading pattern, a loose link through a common lead manager and a common director that did not show a relationship, and about a quarter of the promoter group's purchases came from someone not named in the notice. The officer therefore found no evidence of a meeting of minds and gave the noticees the benefit of doubt.

The charges were held not established, and the proceedings were disposed of with no monetary penalty.

The record does not show whether SEBI appealed. The order mentions no criminal case, and no money was ordered.

This library tags the matter as price manipulation. 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.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Price manipulation — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2023-10-31 SEBI order

Primary documents

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

• SEBI order

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

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added October 8, 2026. submit a correction.