• Rajasthan

    Cong 102
    BJP 72
    RLM 0
    OTH 25
  • Madhya Pradesh

    Cong 115
    BJP 105
    BSP 4
    OTH 6
  • Chhattisgarh

    Cong 68
    BJP 12
    JCC 9
    OTH 1
  • Telangana

    TRS-AIMIM 84
    TDP-Cong 24
    BJP 3
    OTH 8
  • Mizoram

    MNF 26
    Cong 5
    BJP 1
    OTH 8

* Total Tally Reflects Leads + Wins

Sebi fines individual Rs 5 lakh in Ravi Kumar Distilleries IPO case

By: | Published: July 20, 2018 11:47 PM

Sebi today imposed a fine of Rs 5 lakh on an individual for failing to provide requisite information sought by the regulator in a case related to alleged irregularities in the initial public offering (IPO) of Ravi Kumar Distilleries.

Sebi, Ravi Kumar Distilleries, IPO case, IPOSebi today imposed a fine of Rs 5 lakh on an individual for failing to provide requisite information sought by the regulator in a case related to alleged irregularities in the initial public offering (IPO) of Ravi Kumar Distilleries.

Sebi today imposed a fine of Rs 5 lakh on an individual for failing to provide requisite information sought by the regulator in a case related to alleged irregularities in the initial public offering (IPO) of Ravi Kumar Distilleries. In an order, Sebi said Laxminarayana Veeramallu Doosa failed to provide the requisite information to the regulator’s investigating authority (IA) as sought by it through summons issued in January and June 2014 and also failed to appear before it.

The information was sought regarding the alleged receipt of Rs 40 lakh by Doosa into his account from a firm — S5 Trading — and the subsequent transfer of the same amount to the account of his stock broker for trading in shares of Ravi Kumar Distilleries Ltd (RKDL) on the first day of the listing of the company. Sebi said that the allegation made in the investigation report that RKDL along with other firms and the associated entities, including Doosa, have siphoned of the IPO proceeds of RKDL to the tune of Rs 33.83 crores is “serious in nature”.

“The said information sought from the noticee (Doosa)… was very relevant and important in unearthing the truth to protect the interest of the investors and punish the manipulators associated with the IPO of RKDL”, the Securities and Exchange Board of India (Sebi) said. The failure of Doosa to comply with the two summons issued by the IA has “clearly hampered” the investigation process, the regulator said. Noting that Doosa “has failed to comply with the summons on two occasions” and the violation is repetitive in nature, Sebi imposed penalty of Rs 5 lakh on him.

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