September 25, 1997
PR No. 105/1997



Indo French Bio-tech Enterprises Ltd. (herein after referred to as "the company") came out with a public issue of 8029300 equity shares of Rs. 10 each during September 1994. It had come to the notice of SEBI that certain irregularities were committed by the company and the promoters in the issue of non-transferable shares, some of which were subsequently pledged with State Bank of India for securing certain advances. Based on the report of an inspection of the records of the transfer agent and after considering the submissions of the company and the promoters it has been found that the company and the promoters have acted without integrity and in an unprofessional manner. 
Therefore, in exercise of powers vested by Section 11 B of the SEBI Act, 1992, in the interest of investors and orderly development of securities market, Chairman, SEBI has ordered that Indo-French Biotech Enterprises Ltd. and its promoter Mr. K C Bodiwala, be directed not to access the capital market through a rights issue or public issue for a period of 2 years (two years) from September 16, 1997.
Chairman, SEBI has also directed that a copy of the order be forwarded to all the merchant bankers in Category I, AMBI and stock exchanges in order to ensure that the said order is complied with.