December 02, 2008
PR No. 281/2008
SEBI passes three confirmatory orders in case of IPO Irregularities � Amadhi Investments Ltd., Rajesh Kumar Patel and Welvet Financial Advisors Pvt. Ltd.
In the matter of �irregularities in IPOs�, SEBI passed ad interim ex-parte order on April 27, 2006 against various entities including Amadhi Investment Ltd, Rajesh Kumar Patel and Welvet Financial Advisors Pvt. Ltd., prohibiting them from buying, selling and dealings in securities either directly or indirectly till further orders. It was alleged that they acted as financiers to key operators for cornering of shares in various IPOs and thereafter sold the shares in the market immediately after the day of listing and made ill-gotten gains.
Shri M.S.Sahoo, Whole Time Member, SEBI has passed orders on December 01, 2008 against aforesaid entities, confirming the directions passed ad interim ex-parte Order dated April 27, 2006.
Mumbai
December 02, 2008
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