April 27, 2010
PR No. 104/2010
Final Order against Zenet Software Ltd. and others in the matter of IPO irregularities
In the matter of Initial Public Offering (IPO) irregularities, Shri M. S. Sahoo, Whole Time Member, SEBI, has passed final order on April 23, 2010 against Zenet Software Ltd. � post amalgamated entity of Sujal Leasing and Finance Private Ltd., Excel Multitech Ltd., Seer Finlease Pvt. Ltd., Tauras Infosys Ltd. and Zenet Software Ltd. - who were identified as financiers to Key Operators namely Ms. Roopalben Panchal and M/s. Sugandh Estates and Investment Pvt. Ltd. (SEIPL). The directions passed against Zenet Software Ltd. are as follows:
a. Zenet Software Ltd. shall not buy, sell or deal in the securities market in any manner whatsoever or access the securities market, directly or indirectly, for a period of one year from the date of the order; and
b. Zenet Software Ltd. shall disgorge the unlawful gain of Rs.22,05,86,584/-.
c. Zenet Software Ltd. shall also pay Rs.8,82,34,634/-, being the simple interest at the rate of 8% per annum for 5 years (2005-09) on the unlawful gain of Rs. 22,05,86,584/-.
d. Zenet Software Ltd. shall pay the above amount of Rs.30,88,21,218/- (Rupees thirty crore eighty eight lakh twenty one thousand two hundred and eighteen only) within 45 (forty five) days from the date of the order by way of crossed demand draft drawn in favour of �Securities and Exchange Board of India�, payable at Mumbai.
e. In case the aforesaid amount Rs.30,88,21,218/- is not paid within the specified time, the Zenet Software Ltd. shall be restrained from buying, selling or dealing in securities market in any manner whatsoever or accessing the securities market, directly or indirectly, for a further period of nine years, without prejudice to SEBI�s right to enforce disgorgement.
The order shall come into force with immediate effect.
April 27, 2010