July
02, 2009
PR No. 216/2009
Consent Order on the application submitted by Shri Gautam N.Jhaveri
in matter of IPO irregularities
A Panel consisting of Whole Time Members, Shri M.S. Sahoo and Dr. K.M Abraham, has passed a consent order on June 25, 2009 in the matter of �irregularities in the Initial Public Offerings (IPOs)� on an application submitted by Shri Gautam N. Jhaveri, a financier.
SEBI had passed an ad interim ex-parte order on April 27, 2006 in the matter of �irregularities in IPOs�, It was found that Shri Gautam N. Jhaveri was alleged to be a financier for cornering of shares in IPO�s of Tata Consultancy Services Ltd., Shopper Stop Ltd., Nectar Lifesciences Ltd., SPL Industries Ltd., IL&FS during the period 2004-2005. Since SEBI�s ex-parte order, Shri Gautam N. Jhaveri has undergone prohibition from buying, selling and dealing in securities.
Shri Gautam N. Jhaveri remitted a total sum of Rs.2,70,14,978/- (Rupees two crore seventy lakh fourteen thousand nine hundred and seventy eight only), towards the terms of consent in the matter. The consent amount includes Rs. 2,36,49,980/- (Rupees two crore thirty six lakh forty nine thousand nine hundred and eighty only) towards disgorgement of the amount of alleged ill-gotten gains, Rs.23,64,998/- (Rupees twenty three lakh sixty four thousand nine hundred and ninety eight only) towards settlement charges, Rs.9,00,000/- (Rupees nine lakh only) towards Compounding charges and Rs.1,00,000/- (Rupees one lakh only) towards Legal charges.
Mumbai
July 02, 2009
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