June 15, 2004
PR No. 125/2004

Preferential allotees and associated entities prohibited from dealing in the shares of Aastha Broadcasting Network Ltd.

The following Preferential allotees and associated entities have been prohibited from dealing in the shares of Aastha Broadcasting Network Ltd. (formerly known as CMM Broadcasting Network Ltd.) till further orders. The shares of Aastha held by them and lying in the demat accounts have also been frozen till further orders. 

 

1. Bratiti Finlease Pvt. Ltd.
    
2. Prarekha Exim
    
3. Smitasha Impex
    
4. Cheneena Impex
    
5. Cee-An Impex
    
6. Bhairav Tradelink Pvt Ltd.
    
7. Divya Dealers Pvt. Ltd.
    
8. Deepmala Dealers Pvt Ltd.
    
9. Gurupath Merchandise Pvt. Ltd.
    
10. Jeet Vanijya Pvt. Ltd.
     
11. Navltex Marketing Pvt. Ltd.
     
12. Saltlake Merchants Pvt. Ltd.
     
13. Savera Traders Pvt. Ltd.
     
14. Bicharsil Traders Pvt. Ltd.
     
15. Ajit Satyaprakash Gupta
     
16. Arihant Jain
     
17. Dilip Mohan Kejriwal
     
18. Gunjan Jain
     
19. Lalita Jain
     
20. Martanda Finlease P Ltd.
     
21. Meera Jain
     
22. Natun Finlease P Ltd.
     
23. Network Power P Ltd.
     
24. Pradeep Joshi
     
25. Pramod Joshi
     
26. Sonal Jain
     
27. Surendra Kumar Jain
     
28. Veena Dilip Kejriwal
     
29. CMM Ltd
     
30. Neena Mehta

The order was passed by Shri T. M. Nagarajan, Whole Time Member, SEBI on June 15, 2004. 
 
This order confirmed an earlier interim order dated January 15, 2004 passed by the Member in respect of the matter involving preferential allotment of 93 lakhs shares by the company. SEBI investigation brought out that the company had not received complete consideration in respect of the allotment and funds were re-circulated between the company and preferential allotee / associated entities. This resulted in violation of SEBI (Disclosure and Investor Protection) Guidelines, 2000 and the SEBI Act. 
 
This order shall come into force with immediate effect.