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Mumbai, Feb 22 : The Securities and Exchange Board of India (Sebi) has asked the promoter group comprising 16 entities of Atlanta Ltd, and entities/persons associated with them (14 entities) not to deal in the stock of the company.
Sebi stated that the decision to this effect has been taken in the view of the fact that the company, its promoters and entities connected with them have abused the stock exchange mechanism, the listing agreement and regulations related to preferential issue of security to unfairly maximise their wealth at the cost of the lay investor.
The Atlanta Ltd stock has surged from by 536% or Rs 910, from Rs 172 on September 25, 2006 to Rs 1,080.75 on February 22, 2007, just in a span of little over five months.
Sebi has launched an formal investigation and all the directions issued will come into force with immediate effect. Sebi has also asked exchanges not to approve the listing of convertible warrants and listing of shares issued on conversion till further orders.
Sebi has also aksed the depositories not to de-materialise the convertible warrants and shares issue upon conversion and not to give effect to the stock split.
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