February 24, 2010
PR No. 051/2010
Consent Order on the application submitted by Vinod Modha (HUF) in the matter of IPO irregularities
A Panel consisting of Whole Time Members, Dr. K.M. Abraham and Shri Prashant Saran has passed consent order on February 22, 2010 in the matter of “irregularities in the IPOs" on an application submitted by Vinod Modha (HUF).
Vinod Modha (HUF) cornered the shares meant for retail individual investors in the IPOs of Infrastructure Leasing & Financial Services Ltd. and Infrastructure Development Finance Co. Ltd. Based on the findings SEBI had passed ad interim ex parte order dated April 27, 2006 directing applicant not to buy, sell or deal in securities market, including IPO’s, directly or indirectly till further directions. Show cause notice issued on December 2, 2008 under Section 11B of the SEBI Act, 1992. SEBI also initiated adjudication proceedings against the applicant and a show cause notice dated June 16, 2006 was issued by the Adjudicating Officer.
The applicant without admitting or denying the charges has remitted a total sum of Rs.35,00,000/- (Rupees thirty five lakh only) comprising Rs.25,16,427/- (Rupees twenty five lakh sixteen thousand four hundred and twenty seven only) towards disgorgement and Rs.9,83,573/- (Rupees nine lakh eighty three thousand five hundred and seventy three only) towards settlement charges.
Mumbai
February 24, 2010
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