SEBI bars Kaleidoscope Films from dealing in stocks

The SEBI has charged Kaleidoscope Films and its directors for providing 'incorrect information' with regard to complaints filed by investors

The Securities and Exchange Board of India (SEBI) has barred Kaleidoscope Films from dealing in stock market for its failure to redress investor grievances and misleading the regulator by filing false information.

The grievances were mainly regarding delay in transfer and dematerialisation of shares of the company.

The SEBI has charged the company and its directors for providing 'incorrect information' with regard to complaints filed by investors.

"It is also surprising to note that in some cases, the redressal date given by the company was prior to the complaint date itself," the regulator said in its order.

"It would be against the interests of the investors to permit such a company and its directors to continue to access or deal in the securities market," it added.

SEBI, on account of the above reasons, barred the company and its directors, namely Prakash B Debar, Smita Mahendra Pandya and Sarju Jayantilal Parikh from accessing the securities market.

It also prohibited them from buying selling or otherwise dealing in securities, directly or indirectly, till all pending investor grievances are resolved and same is confirmed by SEBI.

The market regulator had on 32 March 2011 imposed a penalty of Rs17 lakh on the company for failure to redressal investor grievances and respond to the notices send by SEBI. The company, it added, even failed to pay the penalty till date.

As many as 191 investor complaints are pending against the Gujarat-based Kaleidoscope Films as on 16 May 2011, the order said.

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COMMENTS

K A PRASANNA

6 years ago

The company has reported a turn over of Rs 55cr for the 9 months period ending Dec2010. Out of this, the debtors outstanding are Rs 37cr. The figures for the corresponding period are Rs 51cr and Rs 19cr respectively. It appears that the turn over for the latest period is ‘manufactured’ in view of the IPO envisaged. The company has not made any provisions for taxes, for the latest period. The hidden object of the issue it appears is to provide an exit route to the early investors. The company, post issue will have equity of Rs 14.75cr. It will be difficult to service the equity, with the kind of margins and the business model pursued.

AVOID THE ISSUE.

FIRST CHOICE IPO.

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