December
10, 2009
PR No. 389/2009
Consent Order on the application submitted by Manoj Dev Seksaria in the matter of IPO irregularities
A Panel consisting of Whole Time Members, SEBI, Shri M.S. Sahoo and Dr K.M. Abraham and has passed a consent order on December 07, 2009 in the matter of "irregularities in the IPOs" on an application submitted by Manoj Dev Seksaria.
Manoj Dev Seksaria a key operator cornered the shares meant for retail investors in the IPO of Sasken Communication Technologies Ltd., IDFC Ltd. and Suzlon Energy Ltd. Therefore, SEBI initiated proceedings under section 11B of SEBI Act, 1992, and also initiated adjudication proceedings against the applicant.
The applicant without admitting or denying the charges has remitted a sum of Rs.2,05,18,968/- (Rupees two crore five lakh eighteen thousand nine hundred and sixty eight only) being the unjust profits made by him towards disgorgement money and also paid a sum of Rs.20,51,897/- (Rupees twenty lakh fifty one thousand eight hundred and ninety seven only) towards settlement charges.
Mumbai
December 10, 2009
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