November 25, 2008
PR No. 273/2008
SEBI passes consent order against Shri Hasmukhlal N. Vora
in the matter of IPO irregularities
A Panel consisting of Whole Time Members, SEBI, Dr. T.C.Nair and Shri M.S.Sahoo, has passed consent order dated November 24, 2008 in the matter of �irregularities in the Initial Public Offerings (IPOs)� on an application submitted by Shri Hashmukhlal N. Vora.
In the matter of �irregularities in IPOs�, SEBI passed ad interim ex-parte order on April 27, 2006, prohibiting Shri Hashmukhlal N. Vora from buying, selling and dealings in securities either directly or indirectly till further orders. He was alleged to have acted as financier to key operators for cornering of shares in IPOs of IDFC, IL&FS and Nectar Life Sciences Ltd. and FCS Ltd. Shri Hashmukhlal N. Vora has undergone prohibition, since passing of ex-parte order.
Shri Hashmukhlal N Vora remitted a total sum of Rs.2,53,00,000/- (Rupees two crore fifty three lakh only), towards the terms of consent in the matter. The consent amount includes Rs.2,20,76,842/- (Rupees two crore twenty lakh seventy six thousand eight hundred and forty two only) towards disgorgement of the amount of alleged ill-gotten gains, Rs.22,23,158/- (Rupees twenty two lakh twenty three thousand one hundred and fifty eight only) towards settlement charges and Rs.9,00,000/- (Rupees nine lakh only) towards compounding charges and Rs.1,00,000/- (Rupees one lakh only) towards legal expenses.
In the case of IPO irregularities, SEBI has till date recovered a total amount of Rs.8,97,81,412/- from 40 entities, including amount received from Shri Haskhmuklal N. Vora.
Mumbai
November 25, 2008
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