While the Acme Craft P Ltd (ACPL) has been restrained for eight years, including the five years already covered, the directors, Jigar Jagdish Pandya and Akash Ganachari, have been barred for three years.

They were found to have manipulated trading in the scrips of Temptation Foods, Bang Overseas, Confidence Petroleum India and Cals Refineries.

In its order, the watchdog has restrained Acme Craft from accessing the capital market, directly or indirectly, for a period of eight years.

"The period of prohibition already undergone by Acme Craft pursuant to the SEBI's ad interim ex parte order dated June 4, 2009 shall be taken into account for the purpose of computing the eight years of prohibition imposed in this order," it added.

Pandya and Ganachari have been barred from the securities market for three years. The two individuals were not covered in SEBI's interim order issued in June 2009.

"... it can be concluded that the dealings of ACPL in the scrips of Temptation, Bang, Confidence and Cals, by entering into synchronized, circular and reversed trades with the connected entities with no intention of transfer of beneficial ownership in these scrips, were fraudulent and manipulative in nature and created artificial volumes in the said scrips.
"Such activities seriously affect the normal price discovery mechanism of securities market and disturbs the market equilibrium," the order said.
According to SEBI, Pandya and Ganachari, who were the directors in charge of and responsible for the conduct of business of ACPL during the period of investigation – are liable and responsible for all the acts of the company.

Through its interim order in June 2009, SEBI had restrained a group of 26 entities including Acme Craft from the securities market as they were prima facie found to be instrumental in manipulating the trading in the scrips of the four companies.

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