June 05, 2008
PR No. 118/2008
SEBI passes its first set of Consent Orders in IPO cases
In accordance with SEBI Guidelines dated April 20, 2007 for consent orders, SEBI has passed its first batch of consent orders on June 5, 2008 in the matter of �irregularities in IPOs� on applications submitted by the following persons :
1. Neha Narendra Dadia, 2. Dhaval Narendra Dadia, 3. Kiran D Dadia, 4. Jasmina J Dadia, 5. Pratik Pulp Pvt. Ltd., 6. Sonal S Dadia, 7. Narendra Harilal Dadia, 8. Dadia Finvest Ltd., 9. Jayesh N Dadia, 10. Kashmira Narendra Dadia, 11. Deepak N Dadia and 12. Natvarlal N Dadia.
SEBI had passed an ad interim ex-parte order on April 27, 2006 in the matter of �irregularities in IPOs�, wherein the above applicants were alleged to be the financiers in the case. The above applicants had applied for consent without admission or denial of guilt.
Pursuant to SEBI�s ex-parte order, the above persons have already undergone prohibition from buying, selling and dealing in securities. The applicants have remitted a total sum of Rs.71,75,000/- (Rupees Seventy One Lakh Seventy Five Thousand only) towards the terms of consent in the matter. The consent amount includes Rs.59,75,000/- towards disgorgement of the amount of alleged ill-gotten gains and Rs.12,00,000/- towards settlement charges.
Mumbai
June 05, 2008
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