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Vijay Rupani denies getting SEBI notice

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Gandhinagar, Nov 9 (IANS) Gujarat Chief Minister Vijay Rupani on Thursday defended himself over reports that the Securities and Exchange Board of India (SEBI) had penalized 22 corporate firms, including Rupani’s Hindu Undivided
Family (HUF), for allegedly manipulative trading through a listed firm called Sarang Chemicals and financial penalty of Rs 15 lakh.

He stated that the SEBI order had been overruled by the appellate tribunal and that there were no financial irregularities carried out by him in any manner.

There were reports suggesting that the capital markets regulator SEBI had imposed a combined penalty of Rs 6.9 crore on 22 entities, which during their investigation had revealed to be “connected or related”. The SEBI had also issued a common show cause notice to all the 22 firms in May 2016 for what it called violation of SEBI Prohibition of
Fraudulent and Unfair Trade Practices (PFUTP). Rupani had taken over as Chief Minister on August 7, 2016.

In an order dated October 27, SEBI said that the violations by the companies and the two brokers have been established and has hence imposed monetary penalty on each. The notice has been for two categories – one for price manipulation and the other for misleading appearance and creating fake volumes in the shares of Sarang Chemicals. The SEBI directed Rupani’s HUF to pay Rs 15 lakh, while three other individuals had been asked to deposit Rs 70 lakh each or more.

“I have not received any SEBI notice. The said SEBI order was one-sided and incorrect. One of the persons named in the list had approached the Securities Appellate Tribunal (SAT), which is a body above SEBI. The SAT has ruled that the SEBI ruling was incorrect,” Rupani told the media. “There is not an illegality equivalent to even the tip of a safety pin in these transactions.”

SEBI in its order on its website posted on October 27, had alleged manipulative transactions by Rupani between January and June, 2011. Following this there were reports in the media stating SEBI as saying that Rupani’s HUF and 17 other entities “had indulged in artificial volume rise/creating misleading appearance of market/getting unlawful or unfair gain”, and Rupani had been asked to pay the penalty within 45 days.

However, when checked, the page was not available on the SEBI website. Instead, it carried the message of “Error 404”.

Later in the evening there were some clarifications sent from the Chief Minister’s Office regarding the matter.

The statement reads, ‘The SAT had cancelled the SEBI order on penalty regarding the transaction of Sarang Chemicals shares. Moreover, the transactions carried out by Vijay Rupani in the HUF account in Sarang Chemicals amounts to a mere 0.1 percent of the total transactions of the company, so there was no undue profiteering from the
transactions.”

The statement says, “Vijay Rupani bought shares valued at Rs 63,000 in 2009 and in 2011 he sold them at Rs 35,000 at a
loss of Rs 28,000. He has not committed any violation of SEBI’s guidelines nor carried out any kind of illegal financial transactions.

–IANS
amc/rn

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Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok

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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.

The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.

Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.

Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.

For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.

During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.

Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.

Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .

Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.

In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.

During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.

In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.

He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.

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