SEBI Charges Directors of Gujarat Arth Ltd with Fraud

SEBI Vs Shivkumar Agarwal & Anr. (SEBI Special Court) In the case of SEBI vs. Shivkumar Agarwal & Anr., the accused, directors of Gujarat Arth Limited (GAL), were charged with violating the SEBI Act, 1992. The Securities and Exchange Board of India (SEBI) investigated the company after the Bombay Stock Exchange (BSE) noticed unusual trading activities in GAL’s shares, particularly from October 2003 to January 2004. GAL’s share prices increased dramatically after it declared unaudited quarterly results showing significant financial improvement. SEBI found that GAL’s tr...