April 4, 2008
PR No. 094/2008
Order against M/s. Bellary Steels and Alloys Ltd. and Others
Dr. T.C.Nair, Whole Time Member, SEBI, has passed an order dated March 28, 2008 against M/s. Bellary Steels and Alloys Ltd. (BSAL) and its Directors viz., S/Shri S Madhav, S Parvati, and Ram Narain Pandey, M/s. S.N. Finance Ltd. and its Directors, viz., S/Shri G H Patil, V R Gundannavar, P S Murali and S Harikrishna, M/s. Kodiganti Investments Ltd. and its Directors, viz., S/Shri R Ranganathan and K C Kondaiah, M/s. Panchaloha Hotels Pvt. Ltd. and its Directors viz., S/Shri S Madhav and Parvathi S Madhav and Smt. K. Meenakshi, wife of Shri K C Kondaiah in the matter of Bellary Steels and Alloys Ltd., restraining the above mentioned entities from accessing the securities market and further prohibiting them from associating with securities market to buy, sell or deal in securities either directly or indirectly for a period of five (5) years. It has also been directed that the period of debarment already undergone by the above said entities vide the ex-parte interim order dated February 01, 2006 shall be set off.
Further, BSAL has been directed to take steps in co-ordination with NSDL and its Share Transfer Agent (STA) M/s. Karvy Computershare Pvt. Ltd. to rectify its register of members in accordance with the provisions of the Companies Act after canceling the duplicate shares of BSAL lying in the demat account of M/s. Panchaloha. BSAL has also been directed that appropriate steps be taken to recognize the valid shares pledged with M/s. Karnataka State Financial Corporation in the books of the company/STA/Depository.
Further, it was directed that the Show Cause Notice dated March 11, 2008 issued to the nominee Director of BSAL,, Shri G J Prasad, in the matter stands disposed of without any directions.
The order comes into force with immediate effect.
Mumbai
April 04, 2008
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