Background
- Securities and Exchange Board of India (‘SEBI’), being alerted by its surveillance systems, on July 26, 2012, noticed a downward movement in the prices of four scrips namely Pipavav Defence and Offshore Eng. Limited, Parsvnath Developers Limited, Tulip Telecom Limited and Glodyne Technoserve Limited (‘Glodyne’) as compared to their closing prices on July 25, 2012 at the National Stock Exchange of India (‘NSE’) and Bombay Stock Exchange Limited (‘BSE’). It was also observed that the prices of the said four scrips had seen a sharp downward movement within the time from 09:15 to 09:49 on July 26, 2012. During 15 days prior to July 26, 2012, no corporate announcements/price sensitive information was disclosed to the stock exchanges by the aforesaid companies which could have impacted prices of their shares negatively.
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