SEBI bars Aditya Global Industries from raising funds from public

SEBI found that Aditya Global Industries had mopped up over Rs92 lakh from nearly 1,100 investors through issuance of redeemable preference shares


Market regulator Securities and Exchange Board of India (SEBI) has restrained Aditya Global Industries Ltd (AGIL) from raising funds from investors and barred the company and its directors from the securities market.
SEBI found that AGIL had mopped up over Rs92 lakh from nearly 1,100 investors through issuance of redeemable preference shares and had "prima facie" violated various norms.
Market regulator observed that AGIL's issue was made to more than 50 people which, under the rules, made it a public issue of debt securities requiring compulsory listing on a recognised stock exchange. It was also required to file a prospectus, which it failed to do so.
"I am of the view that AGIL is prima facie engaged in fund mobilising activity from the public, through the offer of RPS and as a result of such activity has violated the provisions of the Companies Act," SEBI Whole Time Member S Raman said in an interim order.
Accordingly, SEBI has asked AGIL to "not mobilise funds from investors through the offer of RPS or through the issuance of equity shares or any other securities, to the public and/or invite subscription, in any manner whatsoever, either directly or indirectly, till further directions."
Further, the company and its directors - Arunava Bose Munshi, Anup Kumar Munsi and Amitava Bose Munshi -- are barred from issuing any offer document or advertisement for soliciting money from the public for the issue of securities.
The company and its directors are restrained from accessing the securities market.
SEBI has also asked the entities not to dispose any of the properties or assets acquired by the company through the issue of redeemable preference shares, without prior permission from the regulator as well as not to divert the funds raised from public.
While asking AGIL to provide a full inventory of all its assets and properties, SEBI has also asked the company to submit all relevant and necessary particulars sought by the watchdog within 21 days from the date of receipt of the order.
These directions shall take "effect immediately and shall be in force until further orders."
According to SEBI, the company had allotted preference shares to a total of 1,070 investors and mobilised funds amounting to about Rs92.42 lakh during the financial year 2009-10.


Infosys falls 5% after founder families offload shares

Families of Narayana Murthy, Nilekani, K Dinesh and SD Shibulal have offloaded their shares resulting Infosys to tumble 5% to Rs1,968 on Monday


Infosys Ltd's four founder families including NR Narayana Murthy, Nandan Nilekani, Dinesh Krishnaswamy and SD Shibulal have sold some of their shares in the company. The selling comes after the recent bonus issue of shares in the ratio of 1:1 by the company. Following the news of stake sale by founders and founder families, Infosys on Monday fell about 5% to Rs1958.5 before recovering marginally.
In a regulatory filing, Infosys, said, Narayana Murthy and Nandan Nilekani family have sold 12 million shares each worth of Rs4,771 crore, while Dinesh Krishnaswamy and his family sold 6.2 million shares amounting of Rs1,232 crore and Kumari Shibulal sold 2.4 million shares of Rs477 crore.
Rohini Nilekani, Nandan M Nilekani and Akshata Murthy sold 6 million shares, while Sudha Murthy sold 5.6 million and Asha Dinesh sold 4 million shares, data shows. Deeksha Dinesh sold 7.50 lakh shares reducing her stake in Infosys to 0.174% from 0.239%.
Promoters' holding at the end of September 2014 quarter was 15.92%. Foreign institutional investors (FIIs) accounted for the single majority shareholding in Infosys with 42.67% stake, while domestic institutional investors (DIIs) held 14.48% stake.  Others, including retail investors, hold 26.93% stake in Infosys, according to data from BSE.
Following the share sale by promoters, Infosys closed Monday almost 5% down to Rs1968.6 on the BSE, while the benchmark Sensex ended the day 1.2% down at 28,119.




3 years ago

INfosys share holding of promoters steadily decling in the last few years shows either the company future prospects are not bright or the present value is highly over valued. And the promoter or so called founders wnts to exit shows it is headed down once moneylife also mentioneed Infosys is not a value buy. Iadvice investors to switch either TCS TECHMAHINDRA OR hcl technologies in IT SPACE.IT is a matter of time FII also realize.

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