PRESS RELEASE - SEBI

 February 24, 2009
PR No. 095/2009

Consent order in respect of Shri Vijay Kumar Gupta

in the matter of Initial Public Offer of Atlanta Ltd.

A Panel comprising of Whole Time Members, SEBI, Shri M. S. Sahoo and Dr. K.M. Abraham has passed consent order dated February 17, 2009 on an application submitted by Shri Vijay Kumar Gupta (applicant) in accordance with SEBI circular dated April 20, 2007 for consent orders.
 
SEBI had initiated proceedings under Sections 11 B of SEBI Act, 1992 and adjudication proceeding under Chapter VI A of SEBI Act, 1992 against the applicant, among others, who was found to have fraudulently cornered the shares of Atlanta Ltd. reserved under employee quota in IPO issue of Atlanta Ltd. It was found that the applicant had provided funds to the employee of the company for subscribing in the IPO shares on his behalf, which upon allotment were transferred by the employee to him by way of off´┐Ż-market transfers at the issue price, though the market price was substantially higher. The above applicant had applied for settlement of above proceedings through a consent order.
 
Shri Vijay Kumar Gupta has remitted Rs.4,00,000/- (Rupees four lakh only) towards settlement charges as consent terms in the case.
  

Mumbai

February 24, 2009

 


For full copy of order against VIJAY KUMAR GUPTA, click here.