SEBI passes consent order on Irregularities in IPO

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Mumbai, Nov 25 (UNI) Securities and Exchange Board of India has so far recovered an amount of Rs.8.97 crore from 40 entities in the case of irregularities in Initial public Offerings.

SEBI Panel of members T C Nair and M S Sahoo yesterday passed a consent order on one such case and recovered Rs.2.53 crore from Mr Hashmukhlal N Vora.

In the matter of "irregularities in IPOs", SEBI passed ad interim ex-parte order on April 27, 2006, prohibiting Mr Vora from buying, selling and dealings in securities either directly or indirectly till further orders. He was alleged to have acted as financier to key operators for cornering of shares in IPOs of IDFC, IL &FS and Nectar Life Sciences Ltd. and FCS Ltd. Mr Vora has undergone prohibition, since passing of ex-parte order.

He has remitted a total sum of Rs.2.53 crore towards the terms of consent in the matter. The consent amount includes Rs.2.20 crore towards disgorgement of the amount of alleged ill-gotten gains, Rs.22.23 lakh towards settlement charges and Rs.9 lakh towards compounding charges and Rs one lakh towards legal expenses.

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