Global Infratech, Its Directors, And 12 Others Are Barred From The Securities Market By Sebi

Global Infratech, Its Directors, And 12 Others Are Barred From The Securities Market By Sebi
Global Infratech SEBI

Markets regulator Sebi has restrained Global Infratech and Finance Ltd, its administrators and 12 different people from the securities marketplace for their roles in a fraudulent scheme of buying and selling within the agency’s shares.

The firm and its administrators — Pravin Sawant and Jagdish Chander Sharma — have been banned from the securities marketplace for two years, whereas others have been restrained for six months, as per an order handed by Sebi on July 16.

During their respective interval of restraint, they’re additionally restrained from associating themselves with any listed public firm and any public firm which intends to lift cash from the general public or any middleman registered with Sebi.

The investigation was carried out between June 2012 – September 2014.

The agency had made two preferential allotments in January 2012 and June 2012 and transferred some of its preferential allotment proceeds to a few entities.

Besides, sure linked preferential allottees, who have been linked to Global Infratech, and thereby linked to the people concerned in value manipulation, offered their shares on the manipulated excessive value. The shares have been offered on the inflated/manipulated value for profit.

Sebi stated that Global Infratech and its administrators have been additionally half of a scheme to govern the worth of the shares to profit linked preferential allottees.

Therefore, the entities have been barred from the securities marketplace for violation of Prohibition of Fraudulent and Unfair Trade Practices norms.

In a separate order handed on Monday, Sebi levied a complete nice of Rs 7 lakh on three promoters of Geodesic Ltd in a matter pertaining to disclosure lapses.

It was noticed that Prashant Mulekar didn’t intimate the small print of the shares encumbered by him on 9 events and likewise didn’t intimate the small print of the invocation/launch of encumbered shares on 10 events, in violation of market norms.

Also, he was beneath obligation to make disclosures for a number of transactions completed by him throughout the investigation interval, however failed to take action.

The investigation interval was April 2012 – March 2013.

It was additional noticed that Prashant Mulekar, Jayashree Mulekar and Paramodini Mulekar have been promoters and members of the promoter group of the corporate and have been due to this fact individuals deemed to be appearing in live performance with one another.

They didn’t make requisite disclosures, as mandated beneath market norms, on account of change of their shareholding.

Sebi levied a nice of Rs 5 lakh on Prashant Mulekar whereas others are going through a nice of Rs 1 lakh every.

  • TAGS
  • ban on market trading
  • Global Infratech
  • Global infratech directors
  • market trading
  • Sebi
  • Securities market
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