SEBI bans seven companies from issuing IPOs
29 December 2011
The Securities and Exchange Board of India (SEBI) has banned seven companies that had recently listed after Initial Public Offerings (IPO), from raising further funds and also prohibited directors of these firms from trading in securities.
PG Electroplast, Brooks Laboratories, RDB Rasayans, Taksheel Solutions, Tijaria Polypipes, Onelife Capital Advisors and Bharatiya Global Infomedia are the companies banned, SEBI said in various notices posted on its website.
These entities have also been directed to bring back the funds diverted through various routes and deposit them in a commercial bank.
The regulator has barred merchant bankers involved in these issues, including Almondz Global and PNB Investments, the investment.
banking arm of state-run Punjab National Bank, from taking any new assignments.
D&A Financial, Artherstone Capital, Chartered Capital and Onelife Capital Advisors have also been barred.