The Securities and Exchange Board of India (Sebi) has imposed a total penalty of R1 crore on the promoter-director of Empower Industries India (EIIL) for allegedly indulging in fraudulent trading practices and violating disclosure norms related to companys shares. Sebi said it is imposing a consolidated penalty of R1 crore on EIILs promoter-director Devang D Master. In its order, the regulator said it has found that Master was instrumental in issuing a misleading corporate announcement in March 2005 of preferential/rights issue. The issue did not materialise and had lured investors, leading to creation of artificial volumes in the scrip of EIIL, it said. Sebi also said Master made off market transfers to various entities and received shares in off-market for which he had not made disclosures and open offer. Sebi imposed a penalty of R75 lakh on Master for his failure to make open offer, another R20 lakh for fraudulent trading practices and R5 lakh for failure to make requisite disclosures.
RIL reclaims most-valued co status, topples ONGC
Reliance Industries (RIL) on Friday reclaimed the status of countrys most-valued company, replacing state-run energy major ONGC from the top position. ONGCs reign at the top place proved to be short-lived as RIL overtook the company in the domestic market capitalisation (m-cap) chart. ONGC had on Thursday surpassed RIL to become the countrys most-valued entity. At the end of trade on Friday, RIL commanded an m-cap of R2,89,078 crore, while ONGC had a market value of R2,84,427 crore.
Sai Silks files RHP, eyes R89 crore via open offer
Retail firm Sai Silks (Kalamandir) on Friday said it has filed initial papers with Sebi to raise R89 crore through an initial public offering (IPO). Sai Silks (Kalamandir) has filed a red herring prospectus (RHP) with Sebi/ROC for an IPO to raise R89 crore," the company said in a statement. Ashika Capital and Vivro Financial Services are the bookrunning lead managers to the issue. The shares of the company are proposed to be listed on the BSE and the NSE.