Ranbaxy Promoters Face Sebi Ire On Delayed Stake Buy Data

New Delhi, November 27: | Updated: Nov 28 2002, 05:30am hrs
Sebi has decided to initiate action against promoter entities of Ranbaxy for not informing Sebi of their acquisition of 7.01 equity of the company during January and October 1999.

While recommending adjudication proceeding under Regulation 15A (a) of SEBI Act, Sebi said that promoters were required to inform the regulatory body under Regulations 3 (4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. Sebi has disclosed these details in its final report to the JPC.

Sebi has also referred to RBI for their action against Centurion Bank Ltd for dealing in Ranbaxy shares by way of arbitrage/trading transactions through stock brokers connected/associated with Ketan Parekh entities in violation of RBI guidelines. In its concluding remarks, Sebi has stated that DCA is also conducting inspections and investigations into the affairs of Ranbaxy Labs. Sebi has stated it will initiate appropriate action against the company, if required under Sebi Act and rules, once DCA forwards its findings to the regulatory body.

Sebi has initiated enquiry against 41 stock brokers of different stock exchanges for violation of Sebi regulations and bye-laws of stock exchanges. These brokers include Credit Suisse First Boston, KNP Securities, VN Parekh Securities, Triumph Securities, Triump International Finance, NH Securities, Khandwala Integrated Financial Services, The First Custodian Fund (India), Mahesh Kumar Damani, Dinesh Kumar Singhania & Co, Ashok Kumar Poddar, Prema Poddar, Sanjay Khemani, Shruti Mohta, Kamal Kumar Dugar, BLB Share & Stock Brokers, Naresh Chand Chandak, Somani Stock Broking and Tackel Stock Broking.