Recent SEBI circulars from stockinvest.in
PR No.174/2008
PGF Ltd. restrained from securities market for 10 years M/s. PGF Ltd. (PGFL), a public limited company having its registered office at SCO 1042-43, Sector-22 B, Chandigarh-160022 has been involved in operating Collective Investment Schemes (CIS) without seeking registration with SEBI. PGFL has mobilised huge amount of funds from thousands of innocent investors under its schemes. In this context, Dr. T.C. Nair, Whole Time Member, SEBI, has vide order dated September 17, 2008, restrained PGFL, its promoters, its directors and its persons-in-charge of the business (the names of whom are collectively described in the Annexure 1 of the order) of all its schemes from accessing the securities market either directly or indirectly. They have also been prohibited from buying, selling or otherwise dealing in securities, in any manner whatsoever, for a period of 10 years. Earlier vide order dated December 6, 2002, Chairman, SEBI had inter-alia directed PGFL neither to collect any money from investors nor to launch any new schemes. The company was further directed to refund the money collected under the scheme(s) with returns due to investors as per the terms of the offer failing which actions under the SEBI Act, 1992 and the SEBI (Collective Investment Scheme) Regulations, 1999 as deemed fit were to be initiated against it. Since the company failed to comply with the aforesaid directions dated December 6, 2002 and its conduct was found to detrimental to the interest of investors at large, the instant order dated September 17, 2008 has been passed. The full text of the Order is available on the website www.sebi.gov.in Mumbai September 17, 2008
Source: SEBI Date: 2008-09-18
PR No.173/2008
Five more Self Certified Syndicate Banks (SCSBs) included under Applications Supported by Blocked Amount (ASBA) process bringing the total of such banks to 10 SEBI, vide circular dated July 30, 2008, introduced a new mode of payment in public issues wherein the application money remains in the bank account till allotment in the public issue. The application forms for this payment mode are to be submitted to banks whose names appear in the list of Self Certified Syndicate Banks (SCSBs) on the SEBI website. Five banks had been earlier included in the ASBA process as SCSBs. Five more banks have now been included in the list of SCSBs after receipt of self certification from them. These five new SCSBs are, (i) Axis Bank, (ii) IDBI Bank, (iii) Kotak Mahindra Bank, (iv) State Bank of Bikaner & Jaipur and (v) Bank of Baroda. Five banks which were already included in the list of SCSBs and which have participated in the recent public issue of 20 Microns Ltd. are (i) State Bank of India (ii) ICICI Bank (iii) Corporation Bank (iv) HDFC Bank and (v) Union Bank of India. Thus, as on date, SEBI has received the self certification from 10 banks. Names of these banks are in the list of SCSBs available on the website www.sebi.gov.in. Details of the branches of these banks where the public issue application forms can be accepted and the date from which these banks are eligible to act as SCSB are also available on the website: www.sebi.gov.in Mumbai September 12, 2008
Source: SEBI Date: 2008-09-15
PR No.169/2008
Grant of exemption to Mr. Narender Surana & others in the matter of proposed acquisition of voting rights of Surana Telecom & Power Limited (Target Company) Dr. T.C.Nair, Whole Time Member, SEBI, has passed an order dated September 05, 2008, granting exemption to Mr. Narender Surana, Shri G Mangilal Surana, Shri Devendra Surana, Manish Surana, Smt. Namrata Surana, Smt. Sunita Surana, Smt. Chand Kanwar, Smt. Nivriti Surana, Smt. Vinita Surana, Shri Rahul Surana, Shri Shresha Surana, Smt. Mitali Surana, Surana Infocom Limited and Bhagyanagar India Limited from making an open offer under SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997, with regard to proposed increase in their voting rights from 54.66% to 59.39% pursuant to Buy Back of equity shares of Target Company. Pursuant to the said increase in voting rights, there would not be any change in control of the target company. The application seeking exemption was forwarded by SEBI to the Takeover Panel. The Panel recommended for exemption to the acquirers from making an open offer. The full text of the order is available on the website: www.sebi.gov.in Mumbai September 10, 2008
Source: SEBI Date: 2008-09-11
PR No.171/2008
Order against Shri Dushyant Natwarlal Dalal and Smt. Puloma Dushyant Dalal in the matter of IPO investigations Dr. T.C.Nair, Whole Time Member, SEBI has passed an order dated September 09, 2008, in the matter of IPO Investigations against Shri Dushyant Natwarlal Dalal and Smt. Puloma Dushyant Dalal. Pursuant to the ex-parte ad interim order passed by Whole Time Member, SEBI on April 27, 2006 in the matter of IPO investigations and after considering the submissions made by Shri Dushyant Natwarlal Dalal and Smt. Puloma Dushyant Dalal, the following directions were issued: �After carefully perusing the facts and evidences, I consider it appropriate to confirm the interim directions against Shri Dushyant Natwarlal Dalal and Smt. Puloma Dushyant Dalal. As Rasila Natwarlal and Natwarlal Thakordas have expired, there are no directions against them. Considering the fact that Late Smt. Rasila Natwarlal Thakordas and Late Shri Natwarlal Thakordas have their demat accounts (IN30247040033318 and IN30247040033326) jointly held with Shri Dushyant Dalal, these would remain frozen till the passing of final order in this case.� The full text of the order is available on the website: www.sebi.gov.in Mumbai September 10, 2008
Source: SEBI Date: 2008-09-11
PR No.170/2008
Rejection of exemption application of Shri Vithaldas Patel and others for the proposed acquisition of shares in M/s. Shilp Gravures Ltd. Dr. K.M.Abraham, Whole Time Member, SEBI, has passed an order dated September 08, 2008, rejecting the application of Shri Vithaldas Patel and others (acquirers and PACs belonging to the promoter group) seeking exemption from applicability of Regulation 11(1) and 11(2) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997, in respect of their proposed increase in voting rights from 52.44% to 60.04% pursuant to the proposed acquisition of 12,90,323 equity warrants convertible into equivalent equity shares aggregating to 7.60% of the expanded capital of the company. The application seeking exemption was forwarded by SEBI to the Takeover Panel. The Panel did not recommend grant of exemption to the acquirers from making an open offer. The full text of the order is available on the website: www.sebi.gov.in Mumbai September 10, 2008
Source: SEBI Date: 2008-09-11
For detailed stock market analysis and trends stockinvest.in
PR No.174/2008
PGF Ltd. restrained from securities market for 10 years M/s. PGF Ltd. (PGFL), a public limited company having its registered office at SCO 1042-43, Sector-22 B, Chandigarh-160022 has been involved in operating Collective Investment Schemes (CIS) without seeking registration with SEBI. PGFL has mobilised huge amount of funds from thousands of innocent investors under its schemes. In this context, Dr. T.C. Nair, Whole Time Member, SEBI, has vide order dated September 17, 2008, restrained PGFL, its promoters, its directors and its persons-in-charge of the business (the names of whom are collectively described in the Annexure 1 of the order) of all its schemes from accessing the securities market either directly or indirectly. They have also been prohibited from buying, selling or otherwise dealing in securities, in any manner whatsoever, for a period of 10 years. Earlier vide order dated December 6, 2002, Chairman, SEBI had inter-alia directed PGFL neither to collect any money from investors nor to launch any new schemes. The company was further directed to refund the money collected under the scheme(s) with returns due to investors as per the terms of the offer failing which actions under the SEBI Act, 1992 and the SEBI (Collective Investment Scheme) Regulations, 1999 as deemed fit were to be initiated against it. Since the company failed to comply with the aforesaid directions dated December 6, 2002 and its conduct was found to detrimental to the interest of investors at large, the instant order dated September 17, 2008 has been passed. The full text of the Order is available on the website www.sebi.gov.in Mumbai September 17, 2008
Source: SEBI Date: 2008-09-18
PR No.173/2008
Five more Self Certified Syndicate Banks (SCSBs) included under Applications Supported by Blocked Amount (ASBA) process bringing the total of such banks to 10 SEBI, vide circular dated July 30, 2008, introduced a new mode of payment in public issues wherein the application money remains in the bank account till allotment in the public issue. The application forms for this payment mode are to be submitted to banks whose names appear in the list of Self Certified Syndicate Banks (SCSBs) on the SEBI website. Five banks had been earlier included in the ASBA process as SCSBs. Five more banks have now been included in the list of SCSBs after receipt of self certification from them. These five new SCSBs are, (i) Axis Bank, (ii) IDBI Bank, (iii) Kotak Mahindra Bank, (iv) State Bank of Bikaner & Jaipur and (v) Bank of Baroda. Five banks which were already included in the list of SCSBs and which have participated in the recent public issue of 20 Microns Ltd. are (i) State Bank of India (ii) ICICI Bank (iii) Corporation Bank (iv) HDFC Bank and (v) Union Bank of India. Thus, as on date, SEBI has received the self certification from 10 banks. Names of these banks are in the list of SCSBs available on the website www.sebi.gov.in. Details of the branches of these banks where the public issue application forms can be accepted and the date from which these banks are eligible to act as SCSB are also available on the website: www.sebi.gov.in Mumbai September 12, 2008
Source: SEBI Date: 2008-09-15
PR No.169/2008
Grant of exemption to Mr. Narender Surana & others in the matter of proposed acquisition of voting rights of Surana Telecom & Power Limited (Target Company) Dr. T.C.Nair, Whole Time Member, SEBI, has passed an order dated September 05, 2008, granting exemption to Mr. Narender Surana, Shri G Mangilal Surana, Shri Devendra Surana, Manish Surana, Smt. Namrata Surana, Smt. Sunita Surana, Smt. Chand Kanwar, Smt. Nivriti Surana, Smt. Vinita Surana, Shri Rahul Surana, Shri Shresha Surana, Smt. Mitali Surana, Surana Infocom Limited and Bhagyanagar India Limited from making an open offer under SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997, with regard to proposed increase in their voting rights from 54.66% to 59.39% pursuant to Buy Back of equity shares of Target Company. Pursuant to the said increase in voting rights, there would not be any change in control of the target company. The application seeking exemption was forwarded by SEBI to the Takeover Panel. The Panel recommended for exemption to the acquirers from making an open offer. The full text of the order is available on the website: www.sebi.gov.in Mumbai September 10, 2008
Source: SEBI Date: 2008-09-11
PR No.171/2008
Order against Shri Dushyant Natwarlal Dalal and Smt. Puloma Dushyant Dalal in the matter of IPO investigations Dr. T.C.Nair, Whole Time Member, SEBI has passed an order dated September 09, 2008, in the matter of IPO Investigations against Shri Dushyant Natwarlal Dalal and Smt. Puloma Dushyant Dalal. Pursuant to the ex-parte ad interim order passed by Whole Time Member, SEBI on April 27, 2006 in the matter of IPO investigations and after considering the submissions made by Shri Dushyant Natwarlal Dalal and Smt. Puloma Dushyant Dalal, the following directions were issued: �After carefully perusing the facts and evidences, I consider it appropriate to confirm the interim directions against Shri Dushyant Natwarlal Dalal and Smt. Puloma Dushyant Dalal. As Rasila Natwarlal and Natwarlal Thakordas have expired, there are no directions against them. Considering the fact that Late Smt. Rasila Natwarlal Thakordas and Late Shri Natwarlal Thakordas have their demat accounts (IN30247040033318 and IN30247040033326) jointly held with Shri Dushyant Dalal, these would remain frozen till the passing of final order in this case.� The full text of the order is available on the website: www.sebi.gov.in Mumbai September 10, 2008
Source: SEBI Date: 2008-09-11
PR No.170/2008
Rejection of exemption application of Shri Vithaldas Patel and others for the proposed acquisition of shares in M/s. Shilp Gravures Ltd. Dr. K.M.Abraham, Whole Time Member, SEBI, has passed an order dated September 08, 2008, rejecting the application of Shri Vithaldas Patel and others (acquirers and PACs belonging to the promoter group) seeking exemption from applicability of Regulation 11(1) and 11(2) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997, in respect of their proposed increase in voting rights from 52.44% to 60.04% pursuant to the proposed acquisition of 12,90,323 equity warrants convertible into equivalent equity shares aggregating to 7.60% of the expanded capital of the company. The application seeking exemption was forwarded by SEBI to the Takeover Panel. The Panel did not recommend grant of exemption to the acquirers from making an open offer. The full text of the order is available on the website: www.sebi.gov.in Mumbai September 10, 2008
Source: SEBI Date: 2008-09-11
For detailed stock market analysis and trends stockinvest.in
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