Join us on Whatsapp: +91 7977614821 OR Click here to directly join now!

Wednesday, January 18, 2012

SEBI has been on a roll with crackdowns on IPOs. Now, as part of a crackdown by the Securities & Exchange Board of India (SEBI) on manipulation of public offerings, Taksheel Solutions Limited (TSL), its directors, key executives and its merchant banker, PNB Investment Services (PNB) are among those barred from accessing the capital markets

Investigations into the matter revealed that Taksheel Solutions had deliberately concealed material facts from the public issue. It had also misled investors to thinking that the company has pan-global presence. Besides the company misused the IPO proceeds toward paying off Inter-Corporate Deposits to the tune of Rs.32 crore, a fact which was not disclosed to the general public

The company had supposedly earmarked roughly Rs24 crore towards ‘general corporate purposes’ to be used for ‘strategic initiatives’ and such, but instead used this as a guise to pay off concealed instruments, namely the ICDs


Post a Comment

Indian IPO Blog Feed Subscribers

Enter your email address:

Delivered by FeedBurner

- Disclaimer / Terms of Use
- Privacy Policy

Subscribe via email

Enter your email address:

Delivered by FeedBurner

By visiting or accessing this Blog and any/all of its subdomains, you solemnly declare that you have read, understood and agree to - Disclaimer / Terms of Service
View our - Privacy Policy

Trending IPO News

Blog Archive

Feed Subscribers