December
07, 2009
PR No. 382/2009
SEBI passes Consent Order in the matter of IPO irregularities –
Masat Texturising & Twisting Pvt. Ltd.
A Panel consisting of Whole Time Members, SEBI, Shri M.S. Sahoo and Dr. K.M. Abraham has passed consent order on December 03, 2009 in the matter of “irregularities in the IPOs" on an application submitted by Masat Texturising & Twisting Pvt. Ltd.
Masat Texturising & Twisting Pvt. Ltd. cornered the shares meant for retail individual investors in the IPO of FCS Software. SEBI also initiated adjudication proceedings against the applicant and a show cause notice dated June 15, 2006 was issued by the Adjudicating Officer.
The applicant without admitting or denying the charges has remitted a total sum of Rs. 75,92,872/- (Rupees seventy five lakh ninety two thousand eight hundred and seventy two only) comprising Rs. 58,40,671/- (Rupees fifty eight lakh forty thousand six hundred and seventy one only) towards disgorgement and Rs.17,52,201/- (Rupees seventeen lakh fifty two thousand two hundred and one only) towards settlement charges.
Mumbai
December 07, 2009
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