Transfer of shares from promoter’s account not an immoral act of circular trade or creating false vo

CL : Where appellant purchased shares of a company in an auction by making direct payment to bank with which those shares were pledged and, thereupon, he did not transfer those shares to second level entities or to any other person, in such circumstances mere fact that shares were transferred to appellant from account of one of promoters would not result in drawing a conclusion that he was guilty of circular trading or creating false volume in scrip