October 31, 2008
PR No. 242/2008
SEBI passes Consent Orders in the matter of IPO irregularities
A Panel consisting of Whole Time Members, Dr. T.C.Nair and Shri M.S.Sahoo, has passed consent orders on October 20, 2008 in the matter of �irregularities in the Initial Public Offerings (IPOs)� on applications submitted by the following persons :
1. Bansilal C.Mehta 2. Chimanlal G.Shah
In the matter of �irregularities in IPOs�, SEBI passed ad interim ex-parte order on April 27, 2006, prohibiting Bansilal C Mehta and Chimanlal G Shah from buying, selling and dealings in securities either directly or indirectly till further orders. These entities were alleged to have acted as financiers to key operators for cornering of shares in IPO of IDFC Ltd. These entities have undergone prohibition, since passing of ex-parte order.
Shri Chimanlal G.Shah remitted a total sum of Rs.4,00,000/- (Rupees four lakh only), towards the terms of consent in the matter. The consent amount includes Rs.3,50,000/- (Rupees three lakh fifty thousand only) towards disgorgement of the amount of alleged ill-gotten gains and Rs.50,000/- (Rupees fifty thousand only) towards settlement charges.
Shri Bansilal C.Mehta remitted a total sum of Rs.26,561/- (Rupees twenty six thousand five hundred sixty one only), towards the terms of consent in the matter. The consent amount includes Rs.22,061/- (Rupees twenty two thousand sixty one only) towards disgorgement of the amount of alleged ill-gotten gains and Rs.4,500/- (Rupees four thousand five hundred only) towards settlement charges.
Mumbai
October 31, 2008
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