July 26, 2004
PR No. 172/2004

Order against Navrangpura Branch (Ahmedabad) of Punjab National Bank

The Securities and Exchange Board of India (SEBI) has debarred the Navrangpura Branch (Ahmedabad) of Punjab National Bank from carrying out the activities of Bankers to the Issue for a period of one month. The order shall come into effect on expiry of 21 days from the date of the order. The order has been passed by Shri A K Batra, Whole Time Member, SEBI, on July 21, 2004.
 
Navrangpura Branch had acted as Bankers to the Issue for the public issue of M/s. Growmore Solvents Ltd. (GSL) during 1994. The said branch committed irregularities in the issuance of stock invest which enabled GSL to claim receipt of minimum subscription of 90% in its public issue and enabled an otherwise ineligible issue to get listed at the stock exchange.