The Hindu Business Line : SEBI restrains Ojas Tech’s ex-directors

The SEBI has restrained former directors of Ojas Technochem Products Ltd (OTPL) – Jayendra K Shukla, Alap Shukla, Vinod Shukla and Suresh Shukla – from accessing the securities market and also prohibited from buying, selling or dealing in securities for a period of two years.

The market regulator on noticing substantial increase in the volume and price of the shares of Ojas Technochem Products on the BSE during the period November 1999 to February 2000, conducted an inquiry for the same.

Preferential Allotment

The SEBI has ruled after conducting the necessary investigation that there was manipulation in respect of the price and volume of shares through dubious preferential allotment without consideration and during that period there was a sharp rise in the price and volume of the shares of OTPL. In another order, the SEBI has allowed Atlanta Ltd to go ahead with any restructuring of its capital for its expansion plans, but the earlier ban on promoters and other investors prohibiting them from trading in the company’s stocks still holds good.

Stock Split

In an earlier order, the SEBI had banned the construction company from issuing fresh shares or any other instruments convertible into shares and had also directed the stock exchanges to disallow the stock split.

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