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Sebi
bars 2 firms, directors from capital market
Our Markets Bureau
Mumbai, Nov 27: The Securities and Exchange Board of
India (Sebi) has barred two South India-based companies Novel
Finance (I) Ltd, formerly known as PK Vaduvammal Finance Ltd
and Sunrise Oleo Chemicals Ltd and its four directors including
G Ramesh, from entering the capital market for a period of
five years.
| Charge sheet
against Johri brothers filed |
| New Delhi, Nov 27: The Central
Bureau of Investigation (CBI) has filed a charge sheet
against two Johri brothers, their father and directors
of two private companies for allegedly cheating the Bank
of India to the tune of Rs 2.8 crore by diversion and
misappropriation of funds sanctioned as lease finance.
The CBI filed the charge sheet against Cyberspace Ltd,
its directors Arvind Mohan Johri, Anand Krishan Johri,
Gyanendra Nath Johri, Inmac computers and its director,
Kamal Infosys Ltd and its directors and others in the
designated court at Mumbai on Tuesday, CBI spokesman said
here. |
The action from the regulator comes in the
wake of complaints filed by various investors in relation
to vanishing companies which were not complying with the listing
agreement and not physically traceable at the registered office
address mentioned in the offer document.
Sebi has directed these two companies and their directors
to dissociates from the capital market related activities
and not to deal in securities and to access the capital market.
More specifically they will not be associated with any of
the intermediaries in the capital market for a period of five
years. Earlier, the regulator had received reports of non-compliance
with the legal and statutory requirements by certain companies
after making public
issues.
The order will come into force after a month from the date
of issue, a Sebi release said.
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