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September 09, 2005
PR No. 115/2005
Aastha Broadcasting Network Limited and 39 other entities debarred from dealing in securities and accessing the capital market
Securities and Exchange Board of India (SEBI) vide order dated September 06, 2005 has debarred Aastha Broadcasting Network Limited (Aastha) and 39 other entities, including ATN Telefilms Ltd., CMM Ltd., etc., from dealing in securities and accessing the capital market till January 14, 2007. These entities were associated with the irregular preferential allotment of shares made by Aastha in August 2000. Further, the shares allotted in the preferential allotment and lying in the demat accounts of 17 entities forming part of the 39 entities specified above, which were frozen by an earlier interim order of SEBI dated January 15, 2004 and confirmed by an interim order dated June 15, 2004, has been continued till January 14, 2007.
Aastha has been charged with violating the provisions of Clause 13.5A and 13.3 of the SEBI (Disclosure and Investor Protection) Guidelines, 2000 and Aastha alongwith the 39 other entities has been charged with violating the provision of Regulation 5(1) and 6(a) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities market) Regulations, 1995.
SEBI has observed the following relating to the Aastha and the nature of its conduct in the context of the preferential allotment made by it:
�Aastha has in a clever subterfuge, put in place a chain of entities for engineering a web of transfers and retransfers among them in a bid to create a make-believe of fund-rolling the preferential allotment, when there was actually no infusion of funds for the large part of the allotment.�
�The entire exercise of circulating the same funds to impart a seeming verisimilitude to otherwise a process of punk financial engineering is part of colorable devise and �it will be difficult for judicial process to accord its approval to it�.�
�Aastha is one such case wherein an irregular preferential allotment was noticed. But for the freezing of shares issued vide preferential allotment by an order of SEBI, there was every possibility of the same to have been off-loaded into the market, further contaminating it.�
Mumbai
September 09, 2005
For full copy of order against AASTHA BROADCASTING NETWORK LTD., click here.
For full copy of order against ALKON TRADING, click here.
For full copy of order against AMINEX PROJECTS, click here.
For full copy of order against ARIHANT LTD., click here.
For full copy of order against ATN INTERNATIONAL LTD., click here.
For full copy of order against ATN TELEFILM LTD., click here.
For full copy of order against AVON MERCANTILE LTD., click here.
For full copy of order against BHAIRAV TRADELINK LTD., click here.
For full copy of order against BICHARSHIL TRADERS LTD., click here.
For full copy of order against BRATITI FINLEASE PVT.LTD., click here.
For full copy of order against CEE-AN IMPEX PVT.LTD., click here.
For full copy of order against CELESTE MERCHANDISE PVT.LTD., click here.
For full copy of order against CHNEENA IMPEX PVT.LTD., click here.
For full copy of order against CMM LTD., click here.
For full copy of order against CMS INFOTECH LTD., click here.
For full copy of order against DEEPMALA DEALERS PVT.LTD., click here.
For full copy of order against DIVYA DEALERS LTD., click here.
For full copy of order against GURUPATH MERCHANDISE PVT.LTD., click here.
For full copy of order against HERALD COMMERCE LTD., click here.
For full copy of order against INDO INVEST VISION LTD., click here.
For full copy of order against JEET VANIJYA PVT.LTD., click here.
For full copy of order against MANGALAM INDIA LTD., click here.
For full copy of order against MODERN POWER PVT.LTD., click here.
For full copy of order against NAVLTEX MARKETING PVT.LTD., click here.
For full copy of order against NEENA MEHTA, click here.
For full copy of order against NETWORK POWER PVT.LTD., click here.
For full copy of order against NIHARIKA INDIA LTD., click here.
For full copy of order against NOBLE POWER PVT.LTD., click here.
For full copy of order against PRAREKHA EXIM PVT.LTD., click here.
For full copy of order against PRATIMA COMMODITIES, click here.
For full copy of order against RANGBARSHI PROJECTS PVT.LTD., click here.
For full copy of order against RICON TIE-UP PVT.LTD., click here.
For full copy of order against SALTLAKE MERCHANTS PVT.LTD., click here.
For full copy of order against SAVERA TRADERS PVT.LTD., click here.
For full copy of order against SHEETAL FARMS LTD., click here.
For full copy of order against SMITASHA IMPEX PVT.LTD., click here.
For full copy of order against SUNNY DEALERS, click here.
For full copy of order against SUNRISE MOVIES PVT.LTD., click here.
For full copy of order against VIKAS POWER PVT.LTD., click here.
For full copy of order against WELDORF TRADE LINKS, click here.
For full copy of order against WHITELINE BARTER, click here.
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