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Our Bureau

Mumbai , Oct. 4

The Securities and Exchange Board of India (SEBI) has debarred Pentamedia Graphics and its directors from accessing capital market for issuing fake shares.

It has also directed the company not to alter the share capital of the company in any manner till further directions, a SEBI release said today.

The recent order of SEBI is a confirmation of the interim order passed in May 2005.

SEBI took the action after an investigation, which was initiated on the complaints of Oriental Bank of Commerce (erstwhile Global Trust Bank). SEBI's enquiry revealed that PMGL had issued fake shares to avail itself credit facilities through the help of Vijay Advertising (VAPL), its preferential allottee.

SEBI has also directed to impound sale proceeds accruing to VAPL from this dubious deal. VAPL's directors have also been debarred from dealing in securities market in any manner, directly or indirectly.

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