PRESS RELEASE - SEBI

 May 12, 2010
PR No. 116/2010

Order against Mr. Chandrakant Amratlal Parekh 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 10, 2010, against Mr. Chandrakant Amratlal Parekh. The directions passed against the entity are as follows:

a)

Chandrakant Amratlal Parekh 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 one year from the date of the Order; and 
 

b)

Chandrakant Amratlal Parekh shall disgorge the unlawful gain of Rs.24,29,340/- (Rupees twenty four lakh twenty nine thousand three hundred and forty only). He shall also pay the interest on this unlawful gain at the rate of 6% (six percent) per annum for 4 � years (October 2005 � April 2010, i.e. from the date of listing of the IPO of Suzlon till the Order), amounting to Rs.6,55,922/-. He shall thus disgorge a total amount of Rs.30,85,262/- within 45 (forty five) days from the date of the 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, he 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 along with further interest till actual payment is made.

The order has come into force with immediate effect.

Mumbai

May 12, 2010


 

For full copy of order against MR. CHANDRAKANT AMRATLAL PAREKH click here.