The Securities and Exchange Board of India (SEBI) has barred four individuals, including Yashovardhan Birla, the Chairman of Yash Birla, from the markets in relation to manipulation in the issuance of global depository receipts (GDR) by Birla Costyn (India) way back in 2010.
Birla Cotsyn (India) Ltd (BCIL) is currently undergoing liquidation proceedings under the Insolvency and Bankruptcy Code (IBC). The other individuals that are restrained from the market are P.V.R. Murthy, Y.P. Murthy, and Mohandas Adige.
In an order issued on Tuesday (29, September 2020) SEBI restrained Yashovardhan Birla from acceding the securities market and further prohibited from buying, selling, or otherwise dealing in securities, including units of mutual funds, directly or indirectly, or being associated with the securities market in any manner, whatsoever, for a period of two years from the date of this order. Besides, Murthy has been barred for three years while Y.P. Trivedi and Adige have been restrained for a year. The regulator has sent a show-cause notice to the four and BCIL, alleging that BCIL issued 9.69 million GDRs, amounting to $24.99 million on March 15, 2010, equivalent to 96.89 crore equity shares of Rs 1 each and Vintag FZE was the only entity to have subscribed to them and the subscription amount was paid by obtaining a loan from EURAM Bank. The SEBI order said, “During the period of restraint, the existing holding of securities including units of mutual funds of the said notice shall also remain frozen”. Last year, UCO Bank declared Yashovardhan Birla, also the Director of Birla Surya Ltd, as a wilful defaulter after the company failed to repay loans of Rs 67.65 crore.
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Executive
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Parul Singhal
(
Editor: Ekta Joshi
)
4 Shares
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Business
Nov 21, 2020
Atharwa Gauraha
(
Editor: Ekta Joshi
)
10 Shares
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