M/s. Loggar Finance & Trading Ltd.
 
Investigation, Enforcement and Surveillance Division

M/s. Loggar Finance & Trading Limited came out with its maiden public issue for 60,00,000 equity shares of Rs.10/- each during January 1997. Investigation was conducted by SEBI into the affairs of M/s.Loggar Finance & Trading Ltd as complaint was received regarding irregularities in the public issue. Investigations prima facie revealed that the promoters did not genuinely bring in their contributions and the same was brought in by means of transfer entries. Further, an illusion was created by promoters regarding subscription in the public issue of the company by way of financing arrangements. The company has already refunded the subscription amount received from the public. Pursuant to investigation a show cause notice was issued to M/s. Loggar Finance & Trading Ltd and its promoters Shri. Kumar Shah and Shri Kirtibhai Shah. An opportunity for personal hearing was also granted. Based on oral submissions, documents and evidence on record, SEBI has issued directions against the aforesaid entities debarring them from accessing the capital market for a period of one year.