Justice N.K. Sodhi, Presiding Officer. - The precise charge levelled against the appellants in these two Appeal Nos. 49 and 50 of 2011 is that they made a false/misleading corporate announcement relating to an export order which led to increase in the price and volumes of the scrip of M/s. Vijay Textiles Limited (‘the company’) and when the price went up the promoters of the company off-loaded a substantial part of their holdings thereby making huge profits. It is on this basis that both the appellants have been charged with violating the provisions of Regulations 4(1), 4(2)(e) and (r) of the Securities and Exchange Board of India (Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (‘the Regulations’). Since common questions of law and fact arise in these two appeals, they are being disposed of by this order.

2. The shares of the company are listed on the Bombay Stock Exchange Limited (BSE) and the Hyderabad Stock Exchange. The Securities and Exchange Board of India (for short the Board) carried out investigations in the scrip for the period from 1-11-2004 to 11-3-2005 and it was observed that on BSE the price and volumes had witnessed a huge