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In this case, SEBI conducted investigations into the management, conduct and other affairs of the Alliance Capital Asset Management (I) Pvt. Ltd. (ACAML). Samir Arora was the fund manager of the company. Knowing that the company was inviting
bids for takeover of the same, he made special arrangement with Henderson Global Investors. For helping this company takeover his present company, he purchased shares and when the price rose sold off the shares to get a considerable profit.
The Authority found him guilty and directed him not to buy, sell or deal in securities, in any manner, directly or indirectly, for a period of five years.
The charges slapped by SEBI on Mr Arora were:
Causing losses to investors of the fund by scuttling the plan of Alliance Capital, US, to sell its stake in the Indian operations.Indulging in insider trading in the stock of Digital Equipment, ahead of the announcement of the swap ratio for its merger with HP-ISO. Taking positions in Mastek, Balaji Telefilms, United Phosphorus, Digital Equipment and Hinduja TMT on the basis of unpublished, price-sensitive information obtained from company sources. And misleading the market by not
conforming to disclosure requirements of the Takeover Code.
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