PRESS RELEASE - SEBI

 March 20, 2009
PR No. 106/2009

Consent order in respect of Shri Rajesh Navinchandra Doshi

In the matter 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 March 19, 2009 on application submitted by Shri Rajesh Navinchandra Doshi 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 Rajesh Navinchandra Doshi has remitted Rs.35,000/-(Rupees Thirty Five thousand only) towards settlement charges as consent terms in the case.
  

Mumbai

March 20, 2009

 


For full copy of order against RAJESH NAVINCHANDRA DOSHI, click here.