May 11, 2009
PR No. 156/2009
Order against Mr. Netanand Bhambu, Netanand Surajram Bhambu-HUF, Anand Netanand Choudhary-HUF, Ms. Vinita Choudhary and Ms. Sarvani Choudhary in the matter of IPO irregularities
In the matter of Initial Public Offering (IPO) irregularities, Shri M.S.Sahoo, Whole Time Member, SEBI, has passed final order on May 7, 2009, against Netanand Bhambu, Netanand Surajram Bhambu-HUF, Anand Netanand Choudhary-HUF, Ms. Vinita Choudhary and Ms. Sarvani Choudhary. The directions passed against these entities are as follows:
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Mr. Netanand Bhambu, Netanand Surajram Bhambu-HUF, Anand Netanand Choudhary-HUF, Ms. Sarvani Choudhary and Ms. Vinita A. Choudhary be restrained from buying, selling or dealing in the securities market in any manner whatsoever or accessing the securities market, directly or indirectly, for a period of 1 (one) year from the date of the order; and
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Mr. Netanand Bhambu, Netanand Surajram Bhambu-HUF, Anand Netanand Choudhary-HUF Ms. Sarvani Choudhary and Ms. Vinita A. Choudhary shall disgorge the unlawful gain of Rs.9,58,950/- (Rupees nine lakh fifty eight thousand nine hundred and fifty only). They shall also pay the interest on this unlawful gain at the rate of 10% (ten percent) per annum from the date of listing of the IPOs of Nandan and FCS, till the date of payment. They shall disgorge the amount within 45 (forty five) days from the date of the order by way of crossed demand draft drawn in favor of �Securities and Exchange Board of India�, payable at Mumbai. In case the aforesaid amount is not paid within the specified time, the entities shall be restrained from buying, selling or dealing in securities market in any manner whatsoever or accessing the securities market, directly or indirectly, for a further period of five years, without prejudice to SEBI�s right to enforce disgorgement.
Mumbai
May 11, 2009
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For full copy of order against Mr. Netanand Bhambu,
Netanand Surajram Bhambu,
Anand Netanand Choudhary,
Ms. Sarvani Choudhary,
Ms. Vinita A. Choudhary click here.
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