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SEBI issues consent orders for IPO scamsters

Posted on 9:53 AM No Comments
The Securities and Exchange Board of India (SEBI) on Wednesday passed its first set of ‘consent orders’ in Initial Public Offering (IPO) scam cases, concerned with 12 entities.

“In accordance with SEBI guidelines dated April 20, 2007, for consent orders, SEBI has passed its first batch of consent orders on June 5, 2008, in the matter of ‘irregularities in IPOs’ on applications submitted by Neha Narendra Dadia, Dhaval Narendra Dadia, Kiran D. Dadia, Jasmina J. Dadia, Pratik Pulp Pvt. Ltd., Sonal S. Dadia, Narendra Harilal Dadia, Dadia Finvest, Jayesh N. Dadia, Kashmira Narendra Dadia, Deepak N Dadia and Natvarlal N Dadia,” SEBI stated on Wednesday.SEBI had passed an ad interim ex-parte order on April 27, 2006, in the matter of ‘irregularities in IPOs’, wherein these applicants were alleged to be the financiers in the case.

Ex-parte order

“These applicants had applied for consent without admission or denial of guilt,” SEBI stated.

Pursuant to SEBI’s ex-parte order, these persons have already undergone prohibition from buying, selling and dealing in securities.

Settlement charges

The applicants have remitted a total sum of Rs. 71.75 lakh towards the terms of consent in the matter. The consent amount includes Rs. 59.75 lakh towards disgorgement of the amount of alleged ill-gotten gains and Rs. 12 lakh towards settlement charges.


Source:The Hindu

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