IN RE: ROBINSON WORLDWIDE TRADE LIMITED Vs. STATE

JUDGEMENT

(1.) SECURITIES and Exchange Board of India (hereinafter referred to as "SEBI") conducted investigation in the scrip of Robinson Worldwide Limited, now known as Sun and Shine Worldwide Limited (hereinafter referred to as 'Noticee'/'Robinson') whose shares witnessed abnormal increase in the price and volume traded during the period October 1, 2004 to June 15, 2005 at the Bombay Stock Exchange Limited (hereinafter referred to as "BSE").

(2.) Pursuant to the investigations, SEBI issued a show cause notice dated June 23, 2009 (hereinafter referred to as "the SCN") to Robinson alleging that that Robinson by making premature news/announcement, lured the gullible investors to invest in its scrip and violated provisions of section 12A of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as "SEBI Act") and regulation 4(1), 4(2)(e) and (r) of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as "PFUTP Regulations"). The Noticee was called upon to show cause as to why the suitable directions including direction of restraining it from accessing the securities market for a specified period should not be passed against it under sections 11,11(4)(b), and 11B of the SEBI Act read with regulation 11 of the PFUTP Regulations, 2003.

(3.) THE aforesaid allegations and charges were made against the Noticee in view of the following facts and circumstances as described in the SCN -