April
07, 2010
PR No. 089/2010
SEBI passes final Order in matter of IPO irregularities �
M/s. Amadhi Investments Limited
In the matter of Initial Public Offering (IPO) irregularities, Shri M. S. Sahoo, Whole Time Member, SEBI, has passed final order on April 06, 2010 in the matter of �irregularities in the IPOs � against Amadhi Investments Limited who acted as a financier to a key operator (KO namely, Sugandh Estate and Investments Private Ltd. (SEIPL) in the IPOs of IDFC Ltd., Sasken and FCS. The directions passed against noticee are as follows:
The noticee (M/s. Amadhi Investments Limited) shall not buy, sell or deal in the securities market in any manner whatsoever or access the securities market, directly or indirectly, for a period of one year from the date of the Order.
Amadhi Investments Limited shall disgorge the unlawful gain of Rs.77,81,946 (Rupees seventy seven lakh eighty one thousand nine hundred and forty six only).
It shall also pay the interest on this unlawful gain at the rate of 6% (six percent) per annum for 4 � years (September 2005 � March 2010, i.e. from the date of listing of the IPOs of Sasken and FCS till this Order), amounting to Rs.21,01,125/-. It shall thus disgorge a total amount of Rs. 98,83,071/- within 45 (forty five) days from the date of this Order by way of crossed demand draft drawn in favour of �Securities and Exchange Board of India�, payable at Mumbai.
In case the aforesaid amount is not paid within the specified time, it 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 seven years, without prejudice to SEBI�s right to enforce disgorgement.
Mumbai
April 07, 2010
|