August
14, 2008
PR No. 152/2008
SEBI passes Consent Orders in case of IPO irregularities
In accordance with SEBI Guidelines dated April 20, 2007 for consent orders, SEBI has passed consent orders on August 12, 2008 in the matter of �irregularities in IPOs� on applications submitted by the following persons :
1. Bakul Desai 2. Chirag Desai 3.Hemlata Desai, 4. Nimisha Kadakia 5. Shah Kantilal Jitmal
SEBI had passed an ad interim ex-parte order on April 27, 2006 in the matter of �irregularities in IPOs�, wherein the above applicants were alleged to be the financiers in the case. The above applicants had applied for consent without admission or denial of guilt.
Pursuant to SEBI�s ex-parte order, the above persons have already undergone prohibition from buying, selling and dealing in securities. Bakul Desai, Chirag Desai and Hemlata Desai have remitted a total sum of Rs.90,000/- (Rupees Ninety Thousand only), Nimisha Kadakia remitted a total sum of Rs.4,00,000 (Rupees Four lakhs only) and Shah Kantilal Jitmal remitted a total sum of Rs.10,000/- (Rupees Ten Thousand only) towards the terms of consent in the matter. The consent amount includes Rs.77,460/- (Bakul Desai, Chirag Desai and Hemlata Desai), Rs.2,65,790/- (Nimisha Kadakia) and Rs.5,000/- (Shah Kantilla Jitmal) towards disgorgement.
Mumbai
August 14, 2008
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