Business Daily from THE HINDU group of publications
Saturday, Sep 02, 2006
Business Daily from THE HINDU group of publications Saturday, Sep 02, 2006 |
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Markets
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Economic Offences Our Bureau
Mumbai , Sept. 1 SEBI has slapped a penalty of Rs 1 crore on Top Cassettes Ltd (now Top Telemedia Ltd) for failing to appear before the investigating officer on a summons issued by the regulator. SEBI had summoned Top Cassettes Ltd (TCL) to investigate into certain irregularities committed by Prakash Fotran Softech Ltd (PFS). PFS, earlier Prakash Touchwood Ltd, had come out with a public issue in December 1995 and its shares were subsequently listed on three stock exchanges, including the BSE. The company later `diversified' into software business and in March 1999 changed its name to Prakash Fotran Softech. In September 1999, PFS announced an "exaggerated" financial performance for the quarter ending June 1999, along with a dividend of 10 per cent, which was withdrawn in March 2000. Share prices of the company rose from Rs 23.25 (August 1999) to Rs 46.50 (November 1999). "Predictably enough, Pivotal Stoxare Ltd and Coverage & Consultants, that offloaded shares during this `boom' phase were entities connected to PFS, which also included TCL," said the SEBI order. "I am of the view that this is a fit case for imposition of maximum penalty as prescribed under the SEBI Act," said the Adjudicating Officer, Mr Amit Pradhan, in his order.
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