Market regulator Sebi on Thursday disposed of a case against Prakash Industries related to non-compliance with disclosures norms, saying there was absence of concrete evidence against the company. Prakash Industries, had submitted to Sebi receipts of its disclosures to the National Stock Exchange (NSE) and BSE where it is listed. Sebi observed the receipts produced by the company showed the contact numbers of the stock exchanges. Further, Sebi said no adverse comments have been received from the exchanges with respect to the evidential value of the documents presented by the noticee. Hence, in absence of any concrete evidence casting doubts on the evidence produced by the noticee that noticee has not made any disclosure to the exchanges during the investigation period I am left with no choice but to hold the document before me as proof of compliance of the noticee with the regulations, Sebis adjudicating officer Barnali Mukherjee said in the order. Sebi had conducted a probe in trading in the shares of Prakash Industries between January 1 and January 31, 2007. The regulator found that Prakash Industries the managing director Vikram Agarwal had bought or sold shares of the company. In this regard Agarwal had made the necessary disclosures to the company. The firm as per the norms was required to disclose the information by Vikram Agarwal to the stock exchanges (BSE and NSE) where it is listed. However, when verified with the stock exchanges it was noted that no such disclosure was made by the firm and no such disclosures were available on BSE and NSE websites.
Unilazer invests R53 cr in Valyoo Technologies
Ronnie Screwvala promoted Unilazer Ventures invested Rs 53 crore in Series B funding in Valyoo Technologies. PE firm IDG had invested $4 million in the start-up in October 2011. Valyoo has franchisees like LensKart.com, WatchKart.com, BagsKart.com and JewelsKart.com. The firm's strength lies in product design and merchandising - more than 50% of the products that the company sells are private labels. Valyoo also has offline franchisees and sells it eyewear products to other retailers as well.
Sai Silk (Kalamandir) IPO opens on Feb 11
Retailer of mens, womens and kids wear, Sai Silk (Kalamandir) has proposed to enter the capital market with an initial public offering of R89 crore. The issue opens on February 11 and closes on February 13. The price band is fixed at R70 and R75 based on the one-year forward P/E (price-to-earnings ratio) of 11.7 times on the lower end and 12 times on the higher end. The company intends to plans to use to set-up four additional retail outlets, meet working capital requirement (R60 crore), brand promotion (R8.9 crore) and repay its term loan of R91 lakh. The minimum lot size is 1,000 shares.